NIC Bank will remain closed from Friday September 31st to 2nd September 2012. The bank which will be upgrading its systems will close doors for all over the counter transactions. The bank's ATM services will be functional through the period.

In an email to its customers, NIC Bank  said it is in the process of upgrading its core banking system to a new system in order to provide more efficient services. This change, says the statement, will subsequently affect the bank's online banking service (NIC Online) which needs to be aligned to the new core banking system T24. The NIC Online services will only be accessible until Friday 31^st August 2012 at 4:00pm.

The bank asks customers to;

1.      To ensure that all transactions through the NIC Online service are processed by Friday 31^st August 2012 at 4:00pm at the very latest.

 2.   That historical account transactional data (for instance statements, transactional listings etc) will not be available in the new system. Customers are recommended to log into the current system and download historical transactional data up until 30^th August 2012.

NIC Bank is having a Rights Issue where each eligible NIC shareholder has the right to buy 1 new NIC share for every 4 already held and will until 7th September have the option to freely trade their rights at the Nairobi Securities Exchange at a price set by the market. After 7^th September, holders of NIC rights will be eligible to buy a portion of the 98,724,391 new NIC Bank shares at a discount price of KES 21 compared to the 30 shilling range that they are currently trading at.