In a bid to empower businesses and provide them with enhanced financial control, NCBA Group has joined forces with Visa to launch an innovative online spend and expense management platform called Visa Spend Clarity. This platform is specifically designed for NCBA's commercial card clients, promising to be a game-changer for enterprises by offering improved expense visibility and management. As part of Visa Commercial Solutions’ suite of products and services, Visa Spend Clarity aims to assist businesses of all sizes in optimizing their resources and managing their cash flow more effectively.
Unveiling Visa Spend Clarity
Visa Spend Clarity represents a powerful financial tool that empowers businesses with the ability to oversee, manage, and streamline their expenses. It offers an array of functionalities, including detailed expense tracking and insightful reporting that provides clarity into a company's financial landscape. This comprehensive tool is accessible through a user-friendly Web UI or a dedicated mobile application available on Android and iOS platforms.
One of the standout features of Visa Spend Clarity is its high level of customization. The platform can be tailored to meet the specific needs of individual enterprises, creating access at various organizational levels. This enables different stakeholders within a company to access the platform and obtain relevant reports and data that are crucial for their roles. Furthermore, Visa Spend Clarity supports integration with Enterprise Resource Planning (ERP) systems and the extraction of data for upload into accounting platforms, making it a versatile solution for businesses of diverse backgrounds.
Streamlining Expense Management
Visa Spend Clarity incorporates robust expense management capabilities that facilitate the digitization of expense claim processes. It eliminates paper-based workflows by offering features such as Optical Character Recognition (OCR) and receipt uploads. These features are accompanied by multiple approval levels, ensuring that the expense management process is efficient, accountable, and transparent.
A Vision for Business Growth
Commenting on this transformative development, Mr. Tirus Mwithiga, Retail Director at NCBA Group, emphasized the institution's unwavering commitment to meeting the evolving needs of its customers. "At NCBA, we are continually working to ensure that our customers’ needs are met. Visa Spend Clarity is one way to do this as we help our corporate clients manage and track their expenses. I am excited for this new phase of NCBA’s journey that will undoubtedly grow our clients’ businesses," stated Mr. Mwithiga.
Eva Ngigi-Sarwari, the Country Manager of Visa Kenya, echoed the sentiment of empowerment and financial stewardship. She highlighted how Visa Spend Clarity empowers businesses to make well-informed decisions about their spending, ultimately assisting them in managing their finances more effectively. "This partnership with NCBA is part of our commitment to help businesses of all sizes digitize their processes by offering convenient, secure, and customizable tools," added Ngigi-Sarwari.
Elevating Digital Offerings
The introduction of Visa Spend Clarity aligns with NCBA's strategic objectives to bolster its digital portfolio. In 2022, the bank made significant strides, welcoming 146 new corporate customers into its fold. This substantial growth increased the gross loan book to KES 171 billion and deposits to KES 243 billion. The division's operating profit also recorded remarkable growth, surging by 87% to reach KES 10.5 billion. This demonstrates NCBA's commitment to providing innovative solutions that empower businesses and foster their growth.
Visa Spend Clarity emerges as a pivotal tool that promises to deliver financial empowerment and control to businesses, enabling them to navigate the complex financial landscape with confidence.