Nic Bank

Company name
Nic Bank
Nkrumah Road Branch, NSSF Building, Nkrumah Rd, P.O. Box 99793-80107, Mombasa, Kenya
View Map
Phone Number
+254 202228397
Mobile phone
+254 720017290
+254 202223535



0 Reviews
Write a Review
This Company has no reviews. Be the first to share your experiences!

Questions & Answers

Ask a Question
Have questions? Get answers from Nic Bank or users. Visitors haven’t asked any questions yet.

Company Details

Location map
Nkrumah Road Branch, NSSF Building, Nkrumah Rd, P.O. Box 99793-80107, Mombasa, Kenya Get Directions
NIC Bank (formerly National Industrial Credit Bank Limited) was incorporated in Kenya on 29th September 1959 as a joint venture between Mercantile Credit Limited and Standard Bank. NIC Bank was among the first non-bank financial institutions to provide hire purchase and instalment credit finance facilities in Kenya.

NIC Bank went public by listing on the Nairobi Securities Exchange (NSE) in 1971. Barclays Bank of Kenya Limited (BBK) acquired 51% of NIC Bank’s total shares through the acquisition of Mercantile Credit Limited in the 1970s and thereafter, Standard Bank’s shareholding in the 1980s. Between 1993 and 1996, BBK divested all of its shares in NIC Bank by selling them (i) 38% to the public through the NSE and, (ii) 20% to First Chartered Securities Limited.

In order to effectively diversify into mainstream commercial banking, NIC Bank merged with African Mercantile Bank Limited (AMBank) in November 1997, through a share swap. Although the Company’s name was originally National Industrial Credit Limited, and later National Industrial Credit Bank Limited, all through its history it was known by its initials – NIC - and to reflect this, the Bank’s name was in 2005 officially changed to the present NIC Bank Limited.

In 2008, NIC Bank broadened its services to customers by providing investment banking products and services through NIC Capital Limited. Thereafter, it acquired a stock broking business (Solid Investment Securities Limited, later renamed NIC Securities Limited), and also secured a license to sell Bancassurance products through NIC Insurance Agents Limited. This effectively positioned the Bank as a ‘one-stop shop’ financial services solution provider in the market.

In 2009, NIC Bank acquired 51% of Savings and Finance Commercial Bank and in 2010, rebranded it to NIC Bank Tanzania Limited. As at December 2014, it holds 70% of NIC Bank Tanzania. In 2012, the Group established NC Bank Uganda as a wholly owned green-field subsidiary, which began operations on 1st June 2012. Later in 2012, the Group implemented the Temenos (T24) core banking system.

In 2014, the Group announced a strategic shift towards a new way of banking – branded NOW banking, in answer to the emerging “NOW” generation that demands everything at their fingertips, now. Through the MOVE to NOW initiative the Bank focuses on developing innovative products and services that can be delivered in a fast and efficient manner such as the NIC NOW Mobile application, online account opening and online cheque deposit.

Mid 2014, NIC Bank received a long term credit rating of A+ from Global Credit Ratings. The rating was based on the solid track record of growth exhibited by the Bank over the years, as well as the experienced Executive and Senior management team. Later in the year, the bank concluded its successful Capital Raising Program, which saw it issue a bond and a Rights Issue. The successful conclusion of the Capital raising effort is viewed as a vote of confidence on the Bank’s long term growth strategy.

2015 marked the first year in our current Group strategic cycle, which called for a strategic shift in our business towards the SME and Retail Banking space. This shift aimed at rebalancing the business into a full scale universal Bank to ensure future sustainable growth and returns. The growth in 2015 was largely supported by the successful capital raising of over Ksh12 billion which NIC Bank undertook in 2014. In February 2015, the Group launched a new leasing subsidiary, NIC Leasing LLP, the first for a Kenyan bank. This fits into the banks long term strategic plan which is anchored on an aggressive growth strategy especially for Asset Finance, in which it is currently the market leader. The bank also signed a strategic partnership to become an agent for M-PESA, MoneyGram and Western Union in a bid to reach more Retail and SME customers across its branch network. As part of its ambitious expansion plan to reach more retail customers and grow its SME business, the Bank opened a branch in Machakos County, Lunga Lunga, Industrial Area and Sifa Towers in Kilimani area. NC Uganda, a subsidiary of the Group, also opened a second branch in Kampala, at the Village Mall, in July.

2016,The Bank opened six new branches in Kitengela, Kisii, KMA Centre in Upper Hill, CPA Centre in Ruaraka, Maasai Mall in Rongai and The Point in Buruburu. The six branches saw the branch network grow to 33 branches in Kenya and 40 across the region.
Working hours
Add hours

Verified Business

Nic Bank - company profile is confirmed by company owner / representative person / directory administrator.
Last update: December 2018 - View Status

Related Companies to Nic Bank

EHURO Consultancy

Tea House, Nyerere Avenue, Mombasa

Central Bank Of Kenya

Mombasa Office, Central Bank of Kenya - Mombasa, Nkrumah Rd, P.O. Box 86372-80100, Mombasa

Nic Bank

Harbour House Branch, Harbour House, Moi Avenue, Bamburi, P.O. Box 99797-80107, Mombasa

Nic Bank

Nyali Branch, Nakumatt Shopping Complex, Wajir Rd, Makupa, P.O. Box 99793-80107, Mombasa

Equity Bank Limited

MOMBASA UTC Building, UTC Building, Moi Avenue, P.O. Box 84618-80100, Mombasa

Equity Bank Limited

DIGO ROAD, Mercantile House, Koinange St, City Centre, P.O. Box 90016-80100, Mombasa

ABC Bank - African Banking Corporation

Mombasa Branch, Shariff Nassir Investment Building, Moi Avenue, P.O. Box 88827-80100, Mombasa

CBA - Commercial Bank of Africa Ltd

Mombasa Moi Ave Branch, CBA Bldg, Moi Avenue, Mombasa