Automated Teller Machines
Sidian Bank

Sidian ATM withdrawal charges slashed by 40pc

Sidian Bank has slashed its cash withdrawal charges by 40 per cent in a bid to attract more of its customers to the Automated Teller Machines (ATMs).

Sidian’s ATM users will now pay Sh30 per withdrawal from Sh50, providing relief for the mid-tier lender’s customers.

The new charges took effect on Friday last week.

“(In order) to serve you better we have reduced withdrawal charges at our ATMs,” said the lender in a notice. “Effective May 18, withdrawal at Sidian Bank ATMs will be charged at Sh30 from the current Sh50.”

Most Kenyan banks charge between Sh30 and Sh50 for ATM withdrawals. Lenders have been on the spot for imposing high fees and charges on consumer products and transactions to boost their margins.

Early this year, the Centum #ticker:ICDC controlled Sidian signed a Sh307 million ($3 million) deal that would give it access to global tech giant IBM’s ‘cognitive computing’ technology to improve its efficiency and cut on operating costs.

Cognitive computing refers to technologies that use data, pattern recognition and natural language processing to learn and mimick how the human brain works.

The bank became the first local financial institution to take up IBM’s cloud and cognitive management tools.

Sidian reported a Sh274 million loss in the year ended September 2017 compared to a net profit of Sh220 million made in a similar period a year earlier.

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