Sidian Bank, one of the major SME and trade finance commercial banks in Kenya, recently launched Sidian Credible an online bid bond application platform that enables their customers to apply for bid bonds from the comfort of their offices (or homes).
The solution is a self-service platform that responds to our customers’ needs for convenience, efficiency and quick turn-around time which are critical in any tendering process. It is a departure from the manual process of securing bid bonds and it embraces technology as the next big frontier.
The customers are required to register for the platform, onboard their company(ies) and apply for the bid bond anywhere, anytime and from any device in just a few easy steps that targets any supplier or contractor that will need assistance to win a tender and can offer an unsecured bid bonds of up to Kshs 15 million.
The authenticity of the bid bonds generated is validated by a QR code embedded in the guarantee. In addition, the bid bonds are auto-signed by the Authorized Signatories of the Bank. The platform is accessible by both customers and potential customers. To the latter, the system has capability for self on-boarding and generation of a bid bond. The self- onboarding process for Non-Sidian Customers entails an automatic and instant verification of keyed in customer’s information against credible sources availed to the Banking industry by Government of Kenya.
Sidian Bank was named best in digital Bank 2020 during Think Business Banking awards and the Bank has an array of trade finance products that have contributed to the growth of their business.
Sidian Bank also emerged Second Runners Up-Best Bank in Trade Financing in Think Business Banking Awards 2020 which enabled the institution to leverage on the opportunity to grow the business by creating quicker, faster and twenty-four seven access to customers and non-customers audience. This is a huge milestone for us and as it sets us apart as Leaders/Frontiers in the Trade Finance space.