Sidian Bank Launches Virtual Bid Bond Platform

Sidian Bank on Tuesday reported a consolidated net profit of KSh 275 million in the six months to June mainly due to a rise in interest and non-interest income.

From left Dominic Thotho- Senior Manager Trade Finance, Beatrice Kamiri- Head of Corporate & Trade Finance,Douglas Mwangi Director Finance & Strategy, Timothy Gitonga Chief Commercial Officer.

Sidian Bank, a leading commercial bank in Trade finance, has launched ‘Sidian Credible’, a safe and secure web-based application that allows existing and potential customers to generate bid bonds from anywhere, anytime, and on any device. 

The solution is a self-service platform that responds to customers’ needs for convenience, efficiency, and quick turn-around time which are critical in any tendering process. 

Sidian Bank entered the Trade Finance space five years ago, making it one of the Bank’s focus areas. 

“Through Trade Finance tailor-made solutions, the Bank has seen many of its customers’ unlock their business potential leading to timely application of bid bonds and saving costs leading to tremendous growth in profitability while others have spread wings across the African region,” Beatrice Kamiri, Head- Corporate Banking & Trade Finance said.

The solution is a departure from the manual process of securing bid bonds and it embraces technology as the next big frontier. In addition to responding to customers’ needs, the application aims at aligning with the Government’s initiative and vision of e-procurement. 

The Bank’s vision has been to be the preferred partner in realizing the entrepreneurial potential in the country and to enable entrepreneurs to create wealth through the provision of transformational financial solutions targeting the micro, small and medium enterprise (MSME) sector by providing an array of banking services and solutions. 

Attending the launch, the Bank’s Chief Commercial Officer, Tim Gitonga said “This has been as a result of fundamental re-thinking and radical redesign of the current processes, placing the customer need for efficiency and timely solutions first. The solution also is in line with the Bank’s rethink to reduce physical contact in line with Covid 19 control measures.” 

Reflecting on the growth of the bank’s Trade Finance solutions, Sidian Bank Chief Executive Officer, Mr. Chege Thumbi said Sidian Credible goes a long way to demonstrate their commitment to sustain its growth trajectory as they grow together with their customer businesses.

The authenticity of the bid bonds generated is validated by a QR code embedded in the guarantee. 

Laiza is a seasoned and experienced freelance editor and copywriter, who's passionate about authentic content that drives sales.

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