Transactional Banking

TRANSACTION BANKING SERVICES – Payment Services

A payment solutions that helps reduce the overall processing costs for domestic and global payments, saving time and money while providing a value-added service to your suppliers.

Bank of Africa Kenya has tailored payment services to enhance your accounts payable process. This eliminates many manual tasks involved in making payments, allowing you and your staff to spend more time focusing on your core business needs.

The bank offers a full range of payment capabilities:

• International payments
  Swift Transfers, Cross border payments
• Domestic payments
  Local bank cheques, corporate cheques, direct credits, local bank transfers (RTGS) and book transfers (account transfer between BOA branches)
• Salary Processing and Supplier Payments
  Bbulk payment caters to different levels of customer payment sophistication, including simple online transaction via Internet banking (BOAWeb) as well as bulk file payment disbursement to Bank account number or Beneficiary Mobile number.
  Customers can upload bulk files for disbursement under different processing modes below:-
  • Bulk Account Disbursement
    Through this service we are able to receive a single file from our client’s Enterprise Resource Planning (ERP) system to facilitate staff or supplier payment to Beneficiary Bank Accounts held within BOA or externally in any other bank.  The management of this service eases the administrative burden involved with the salary/supplier payment preparation and approval.
  • Bulk Mpesa Disbursement- Beneficiary Mobile Number
    Through partnership with mobile telephony service providers, we have extended our mobile banking service to enable your organization disburse bulk payments such as salaries / wages, dividend payments, per diem allowances and pension dues to a beneficiary mobile number. We receive a single bulk payment via our Internet Banking (BOAWeb) platform and disburse the payments to the beneficiaries as per instructions.
• Payments system integration for Tax & Other Statutory Payments-Branch & Internet banking
  At BOA we have fully integrated the Bank systems with the Kenya Revenue Authority (KRA) and National Hospital Insurance Fund (NHIF) to make your statutory payments easy.
  The integration offers your organisation a convenient channel to make your KRA itax & Customs duty payments, NHIF statutory deductions and County of Nairobi licences/fees at any of our branches or at the comfort of your office through our Internet Banking System.

COLLECTION SERVICES – Receivables management solutions

We understand that operating and sustaining a profitable business can be extremely tough. The key business concerns could be:

• Receivables management – ensuring receivables are collected in an efficient and timely manner to optimise utilisation of funds
• Risk management – ensuring effective management of debtors to eliminate risk of returns and losses caused by defaulters and delayed payments
• Inventory management – ensuring efficient and quick turnaround of inventory to maximise returns
• Cost management – reducing interest costs through optimal utilisation of funds

BOA solution

Our collections solution leverages the Bank’s extensive regional knowledge and branch network to specially tailor solutions for collection needs. With this collections solution, we have flexibility to cater for your local needs, thus enabling you to meet your objectives of reducing costs, increasing efficiency and profitability through better receivables and risk management.

• Direct Banking (Collection) Via Bank of Africa
  At Bank of Africa, we have deployed a robust – Mobile Banking solution to support the provision of banking services. Through this platform, we are able to facilitate direct banking services for our client’s customers. Our mobile platform supports both Bank to Customer as well as Customer to Bank type of transactions.
  Through this platform we can facilitate collection via Mpesa and reconciliation of funds through a variety of options as listed below:-
  • Merchant Acquisition- Lipa na Mpesa (LNM)- Buy Goods
    Lipa na MPESA is a mobile money service by Safaricom that allows you to pay for goods and services easily through your phone. The service is available to ALL MPESA customers, and for use by all enterprises that accept payments for goods and services by their customers through MPESA.BOA is a Lipa Na Mpesa (LNM) Merchant Aggregator following a successful partnership with Safaricom. As a Merchant Aggregator, the Bank is now able to:-
    • Recruit its Account Holders as LNM Merchants upon collection of relevant Know Your Customer and Customer Due Diligence Documents.
    • Facilitate allocation of Business Numbers (Till numbers) and Paybill Numbers to applicants within 24hrs
    • Facilitate Real Time Settlement (RTS) of Funds from the clients Tills (Merchants) to their BOA bank Account & training where necessary.

    Through this service Bank customers can conveniently manage their collections through the M-PESA buy goods (Till number) functionality.

  • M-pesa Paybill (BOA Paybill 972901) with Account Number customized
    This service enables clients such as development organisations, insurance companies, Real Estate Agents, Educational institutions and Fast-Moving Consumer Goods (FMCG) companies to receive payments from both banked and unbanked individuals such as aid workers, policy holders, farmers, dealers, tenants and Fee payers through their mobile wallet. This significantly lowers the risks and costs in handling cash, while simplifying and accelerating the collection process and reconciliation. The service is facilitated through BOA Paybill no. 972901and offers two major benefits as follows:-
    • Remitter of funds to a BOA Enterprise/SME customer signed up for this service (payers of college/Schools/ universities fees, rentals, insurance premiums) are not be required to memorize the BOA account number which can be long and easy to make mistakes.
    • Service offers a unique opportunity for BOA Enterprise/SME customers to clearly know identify the source/purpose of funds paid via Mpesa into their Bank account without having to call the Bank.

  The remitter is only expected to input a Unique Account Code (provided to them by the BOA client signed up for the service) and transaction identification detail Account Number field. This model is suitable for support of collections such as Fees, rentals, insurance premiums and others the BOA client needs to identify source of funds deposited to their account.

• Direct Banking (Collection) Via Bank of Africa Branch Network
  System integration
  Our collections platform can be integrated with your account receivables system to enable auto reconciliation for your account receivables. You get fully reconciled receivables files with invoice details and amounts matched against receipts.
• Cash in Transit – Cash Counting and Banking
  At BOA we have partnered with Cash in Transit providers to securely remove cash from your premises. This minimizes your cash risk as Bank of Africa and/ or our CIT Company assumes the risk for the cash as soon as it is collected. Through this service we are able to give faster value to your account on cash collected as opposed to it remaining at your premises.
  Liquidity Management- Cash Concentration Sweep Solutions
  This facility facilitates moving funds, when and where you need on an automated basis in compliant with the regulatory requirements. We are able to automatically consolidate surplus funds into one account while funding any deficits internally when possible. Our automated investment options will then allow you to earn higher yield on surplus cash.