Credit Bank has rolled out a digital platform that cuts the time it takes for businesses to secure bid bonds to just five minutes.
The new solution dubbed Online Bid Bonds, replaces the traditional paper-based process with a fully digital end-to-end solution.
Credit Bank Chief Digital and IT Officer Onesmus Kingola,says the milestone that is part of Credit Bank’s broader digital transformation strategy targeting to make banking more accessible and integrated into everyday business operations
Designed in line with Kenya’s electronic government procurement requirements, the platform incorporates secure QR code verification for real-time validation, helping to enhance transparency and trust.
It also offers clear pricing, convenient payment through M-Pesa, and the capacity to issue bid bonds of up to KES 20 million, making it suitable for a wide range of business needs.
“Businesses should not miss out on opportunities because of slow and manual processes. With Online Bid Bonds, we are giving our customers a faster and more reliable way to access bid bonds. This allows them to compete more effectively and focus on growing their businesses,” said Onesmus Kingola, Chief Digital and IT Officer, Credit Bank Plc.
The solution simplifies what has traditionally been a slow and manual process, significantly reducing turnaround times and improving access for businesses of all sizes.
For small and medium-sized enterprises (SMEs), this makes it easier to get bid bonds and saves time and cost when applying for tenders.
Corporate clients gain faster processing, better efficiency, and the ability to handle multiple tenders smoothly while growing businesses and traders can plan their cash flow more easily, thanks to clear pricing and convenient payment options like mobile money.
“By combining banking services with digital infrastructure, the Bank is increasingly playing the role of a partner to businesses, helping them operate more efficiently, innovate faster and adapt to changing market demands,” added Onesmus.
According to Banking Sector Innovation Survey 2024 by the Central Bank of Kenya (CBK), while 79 per cent of financial institutions have introduced innovative products, key areas such as credit processes remain among the least digitised, with 35 per cent of institutions identifying this as a gap.
