Sidian Bank Launches Virtual Bid Bond Platform

Sidian Bank has launched an application that allows customers to generate bid bonds from anywhere, anytime and on any device.

Sidian Credible is a web-based application that responds to customers’ needs for convenience, efficiency and quick turnaround time which are critical in tendering.  Sidian Bank entered the trade finance space five years ago, making it one of its core areas.

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 authorized signatories of the bank.

Head of Corporate Banking & Trade Finance, Ms Beatrice Kamiri, said that through trade finance solutions, the bank has seen many of its customers’ unlock their business potential, leading to timely application of bid bonds and saving costs. “The Sidian Credible platform aims to offer customers choice and convenience,” she said.

The solution is a departure from the manual process of securing bid bonds. In addition to responding to customer 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 provision.

Sidian Bank Chief Commercial Officer, Tim Gitonga, said the product marks a new dawn and experience for Sidian Bank customers. “This has been as a result of fundamental rethinking and radical redesign of the current processes, placing the customer need for efficiency and timely solutions first,” said Gitonga.

 The solution is in line with the bank’s shift to reduce physical contact as part of Covid-19 control measures.

Sidian Bank Chief Executive Officer, Mr Chege Thumbi, said  Sidian Credible is a milestone that sets it apart in the trade finance business. “The product, therefore, goes a long way to affirm this position and to demonstrate our commitment to sustain this growth trajectory as we grow together with our customer businesses,” he said.

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