Jamii Bora to offer customers commissions on referrals

Jamii Bora Bank earlier today introduced a rewards scheme that will see its customers and workers share revenue derived from selling of its products.

The scheme dubbed ‘Jiinue na Marafiki Milele’ will allow a Jamii Bora Bank customer or a staff member to earn commissions per month for every new client they introduce to the bank.

Speaking at the launch, CEO of Jamii Bora Bank, Sam Kimani said that the commissions would range from 5 to 10 percent of the transaction charges. While those introducing customers who deposit over Sh5 million would earn both commissions on the deposits and from transaction fees paid.

The bank, which currently has 10 branches with 2 others to be opened later in the year, aims to increase its customer base from the present 230,000 to 300,000 customers by December.

Jamii Bora becomes the first bank in the world to introduce a profit-sharing scheme with customers and staff.   

After major transformations, the bank has reported a profit of Sh9 million in the first quarter compared to the losses of Sh37 million in 2011 and a loss of Sh77 million in 2010.