NIC Bank subsidiary, NIC Ventures has partnered with Masterpiece Fusion to unveil BeeDee, an online platform designed to offer NIC Bank customers and non-customers an easier, quicker and more efficient self-service process for requesting and receiving bid bonds.
Bid bonds are are debt secured by firms from banks, and are a requirement during the tendering process as financial security during the selection process by the tendering authority. They guarantee institutions of financial compensation from the bank should the bidder fail to honor the terms of its contract.
The platform is available on both the web and mobile devices, enabling NIC Ventures to interface seamlessly with their trade finance customers.
NIC Ventures General Manager, James Muigai, notes that BeeDee is set to offer companies and business entities convenient and fast access to bid bonds for various tenders they bid for since the online process takes few minutes, hence absorbing the delays experienced during the manual bidding process. He said, “The launch of BeeDee endeavors to offer end-to-end customer intuitive online system for bid bonds by digitizing the process and therefore offering unparalleled value proposition to bidders including easy payment mode, all round the clock accessibility, convenience and safety. With this service, no one should be disqualified for delayed or late submission of bid bond.”
Related article: Standard Chartered Bank opens fintech innovation hub in Kenya
The new system involves a one-off registration besides eliminating the need for an individual to belong to a bank or a network to access bid bonds. It also curtails delays due to unprocessed payments.
The system also simultaneously runs a detailed verification process including ID, phone number, company ownership among others hence ensuring instant approvals.
The list of procuring entities covered in the BeeDee portal include: all banks, insurance companies, government parastatals, Non-Government Organizations and selected private institutions.
NIC Ventures is a subsidiary of NIC Bank’s group as of September 1st 2017, that is tasked with driving the Group’s digital strategy partnerships, investing in or acquiring Fintechs.
BeeDee is the first CBK-approved online platform that allows users to quickly request for and receive an instant tender security also known as bid bond.
