PRODUCT OFFERING TO THE SME SEGMENT
Trade Finance offering
- Bid bonds: The bank supports our customers in the tendering process from beginning to end with unsecured bid bonds to the tune of KES. 50 million in 1 hour to obtaining performance bonds and advance payment guarantees and post-import financing if and when required.
- The bank prides itself in provision of these instruments through customer centric terms and fast turn-around time and flexible security structures.
- Invoice Discounting Solutions: As part of our trade finance offering, we also offer invoice financing to our customers against unpaid invoices.
- Supply chain financing: The bank supports its suppliers through supply chain financing by assisting suppliers optimize cash flow through guarantees to your providers assuring them of early payment in the event of cash flow constraints in the middle of your supply chain.
- Bank guarantees
- Letters of Credit
African Guarantee Fund (AGF)
The bank has partnered with African Guarantee Fund (AGF) to support the growth of SMEs through provision of guarantees.
The guarantees are a solution for SME’s who have a collateral shortfall to secure their facilities.
What facilities are covered under AGF?
Trade finance facilities (Guarantees, LCs, Post-Import Finance Facilities, Pre-shipment Finance, LPO Financing, Invoice Discounting), Term loans, Overdraft Facilities, Asset Finance).
AGF offers security for transactions up to KES. 50 Million.
Medical Credit Fund (MCF) Partnership
Sidian Bank and MCF (Medical Credit Fund), the lending arm of PharmAccess Foundation, have been in partnership for over 10 years providing funding specifically for private healthcare providers, and the value chain.
The partnership offers the full range of solutions for healthcare providers; working capital finance, medical equipment finance, construction finance, insurance, retail solutions, trade finance, e.t.c.
Digital Banking Solutions
Our robust digital banking solutions offer efficient and convenient banking solutions to our customers.
- Internet banking
The bank offers our customers corporate internet banking solution.
Through our corporate internet banking solution, our customers get access to salary processing system to pay your employees, iTax payments, eCitizen payments, bulk payments through Account to account and Account to M-Pesa payments, PesaLink transfers among other services.
- Lipa na M-Pesa service
The bank offers customers paybill and till number services that is directly linked to the customer’s account to enable easy real-time settlement of payments made to your business. Funds paid and immediately settled into the customer’s account.
You can acquire a paybill and/or till number for your business in just 48 hours.
- Corporate Credit Cards
As part of our digital banking solutions, we offer corporate credit cards to our customers. Our customers can now apply for corporate credit cards which can be used internationally. The customer decides who in the company will access the corporate credit card. You can access the card immediately you open a corporate account.
- Personal Banking (Internet banking, SidianVIBE (Mobile Banking) and Credit/Debit Cards
For our individual customers who operate individual accounts, we offer individual digital banking solutions; internet banking, mobile banking (SidianVIBE) that we have recently launched together with Q-Loan (mobile loans), credit and debit cards.
- Insurance Services
Through Sidian Insurance Agency, we offer our customers comprehensive insurance covers for various aspects of your business to ensure that we are a one-stop shop for all your financial requirements. This will be coupled with the solutions that we will offer you:
- Trade Insurance
- Marine insurance
- Medical cover
- Travel insurance
- Domestic Package
- Motor Insurance (PSV, Commercial, Private)
- WIBA (Work injury benefits act)
- Asset Financing
The bank offers asset financing to our customers in form of equipment financing (hospital equipment), commercial and private motor vehicles.
The customer to bank ratio:
The bank finances 70-80% dependent on type of equipment: That is: specialized or non-specialized brand new or used.
- Treasury Services
We offer foreign exchange solutions with the best competitive rates in the market with a stable correspondent relationship for international money transfer.
Our products and services:
- Outward and inward forex remittances
- Cash transactions/Bureau de change
- FX denominated deposits and loans
- Foreign exchange demand drafts
- Forward exchange contracts for specified customers
- Current accounts in foreign currency (USD, GBP, EURO)
- Customer Training Programs
The success of our customer’s builds onto our success as a bank and therefore, we are constantly on the lookout for training programs that can refine our customers’ business skills in order to ensure sustained business growth of the enterprises.
We currently have two such partnerships with Strathmore Business School and Kenya National Chamber of Commerce (KNCCI)
a) ISBI Institute Advanced Entrepreneurship Program
The bank has partnered with ISBI Institute at Strathmore Business School to provide a 12-week training program for SMEs and Entrepreneurs that is designed to help entrepreneurs detect execution gaps and explore optimization potential of their businesses.
The bank sponsors KES. 32,000 of the total fees which is KES. 144,000.
b) KNCCI SME Hub
Together with Kenya National Chamber of Commerce (KNCCI), we are setting up SME Hubs that will be geared towards empowering the growth of SMEs. KNCCI and Sidian Bank will hold forums where entrepreneurs will get financial advisory and business expertise.