Sidian Bank has launched a self-service bid bond application platform that caters to the convenience needs of business owners.
Business owners can now apply for up to $15 million in offer bonds from the comfort of their offices or residences.
This comes on the heels of the launch of a self-service bid bond application platform that caters to the needs of business owners for ease, quality, and fast turnaround time, both of which are crucial in the tendering phase.
The latest application replaces the manual method of obtaining bid bonds with one that embraces technology as the next big thing.
The platform is supervised by Kenya’s Central Bank through Sidian Bank, a SME-focused bank and the country’s leader in Trade Finance.
Kenya’s small and medium enterprises (SMEs) have been hailed as the country’s economic growth driver. They are at the heart of entrepreneurship development, the source of the majority of new jobs and sustainable investment, and the foundation for growth and poverty reduction.
Despite their economic potential, SMEs face significant challenges in gaining access to capital, financing, and services, as well as procedural barriers, which is why the digital transformational product enables any entrepreneur in the country to register for the platform and onboard their company (ies). In just a few simple measures, you can apply for a bid bond from anywhere, at any time, and on any device. The bid bond is for any supplier or contractor who needs help winning a tender and can give unsecured bid bonds of up to Sh15 million.
A QR code embedded in the guarantee verifies the authenticity of the bid bonds generated. Furthermore, the bid bonds are auto-signed by the Bank’s Approved Signatories. Customers and prospective customers will also use the platform. The machine is capable of self-onboarding and generating a bid bond for the latter.
For non-Sidian customers, the self-onboarding procedure involves an automated and instant verification of keyed in customer information against reputable sources made available to the banking industry by the Kenyan government.