NIC banking, whose full meaning stands for National Industrial Credit bank, is a commercial bank founded in Kenya in 1959,it was licensed by the central bank of Kenya, and purely deals with financial services. Its financial headquarters is based in the country capital, Nairobi.
History Of NIC Bank
The bank was established in the year 1959 as Standard bank limited and Mercantile Credit Company, its headquarters was in South Africa and United Kingdom as at then. In 1971 the bank was listed on the public market of Nairobi stock exchange and where it still trades till date under the name NNIC.
In 1995, the central bank of Kenya required all non-bank financial institution in the country to convert to fully fledge commercial bank. which it applied for and was granted a license. In 1997, NIC bank merged with African Mercantile Bank Limited.
In 2011, press report revealed that NIC bank was opening a banking subsidiary in Uganda and in 2012 the NIC bank opened and started operation in Uganda, in 2016, the central bank of Kenya appoints NIC as a asset and liability consultant for Imperial bank limited; which lead to the company returning funds to failed bank’s deposit customers.
The arrangement also made NIC to acquire some of deposits, assets and liabilities of the Imperial bank .as at November 2017, NIC bank had over 36 branches in Kenya, the bank also partnered with the Kenya post office savings bank to enable for the provision of cash collection services for its customer through post bank network of 94 branches in Kenya.
NIC bank with its subsidiaries formed the NIC group which includes:
NIC bank: based in Nairobi, and which deals with retail banking
NIC capital: based in Nairobi and it deals with investment banking
NIC capital securities: based in Nairobi and deals with brokerage firm
NIC bank Tanzania: it deals with retail banking and has a 69%share of the bank
NIC bank Kampala: it deals with retail banking.
Mobile Banking Download
The NIC app is an online mobile banking application owned by the bank, it is available for download on Android and other smart phones. It benefit of the mobile app is that it is easy to use, fast and also convenient. to further enumerate it’s benefit; it can be downloaded and used by someone who is not a NIC customer.
The NIC app can be downloaded for android phone on goggle play store where it has a total review of 335 and 180 five star reviews; the estimated number of download on play store is 10,000-50,000. The app is listed on the business category of play store.
When on play store search for the name (NIC) under the business section, click on download to download it, after download the NIC banking icon will appear on your phone home screen simply click it to use.
Once the icon appears on your home’s screen, click on it to take you to the online portal, where you can register your personal details to enjoy the online banking service. On the right side you have the menu option, simply click on it to discover other added services, it services which includes easy payment of bills and other services.
This online banking platform provides easy, fast, and secure payment option and it is absolutely convenience.