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Requirements to Open an Equity Bank Account in Kenya

Equity Bank provides a wide range of personal, business, corporate, chama, and diaspora accounts. Below is a detailed guide on the account types, features, and requirements.


1. Personal Accounts

(a) Equity Ordinary Account

  • Features:
    • No minimum operating balance or monthly charges.
    • Full access to mobile and internet banking.
    • Choice of prepaid, debit, or credit cards.
    • Cash and cheque deposits.
  • Requirements:
    • Individual: Original ID and KRA PIN.
    • Groups: Registration certificate, constitution, and minutes certified by the District Social Development Officer (DSDO).
    • Introduction letter from DSDO.

(b) Current Account

  • Features:
    • No minimum operating balance or monthly charges.
    • Chequebook and full access to mobile banking.
  • Requirements:
    • Individual: Original ID and KRA PIN.
    • Groups: Registration certificate, constitution, and minutes certified by the DSDO.
    • Introduction letter from DSDO.

(c) Investment Accounts

  • (i) CDSC Account: Holds shares and facilitates electronic transfer.
    • Requirements:
      • Equity Bank account.
      • Copy of ID/passport, passport-sized photo, and KRA PIN.
      • Completed CDS 1 form.
  • (ii) CBK CDS Account: For treasury bills and bonds.
    • Requirements:
      • Equity Bank account.
      • Copy of ID/passport, passport-sized photo, and KRA PIN.
      • Completed CDS 1 form.

2. SME/Small Business Accounts

(a) Equity Current Account

  • Features:
    • No minimum balance or monthly charges.
    • Access to mobile banking and chequebooks.
  • Requirements:
    • Individual: Original ID and KRA PIN.
    • Groups: Registration certificate, constitution, and DSDO-certified minutes.

(b) Social Institutions Account

  • Features:
    • No operating balance required.
    • No withdrawal charges.
    • Access to customized loans.
  • Requirements:
    • School registration certificate.
    • Letter signed by Deputy County Commissioner for education.
    • School board resolution.

3. Corporate Accounts

(a) Current Account

  • Features:
    • Flexible transactions, chequebook access.
    • No minimum operating balance.
  • Requirements:
    • Original ID and KRA PIN (individuals).
    • Registration certificate, constitution, and DSDO-certified minutes (groups).

(b) Social Institutions Account

  • Features:
    • Designed for non-profits, schools, and religious organizations.
    • Access to loans and secure multiple approvals.
  • Requirements:
    • School registration certificate.
    • Introduction letter and board resolution.

4. Chama/Group Accounts

(a) Group Account

  • Requirements:
    • Registration certificate, constitution.
    • Minutes signed by chairman and secretary certified by DSDO.
    • Introduction letter from DSDO.

(b) EazzyChama Account

  • Features:
    • Digital tracking of group contributions and transactions.
    • No need for paperwork.
  • Requirements: Same as the Group Account.

5. Diaspora Accounts

(a) Equity Ordinary Account

  • Features:
    • No minimum operating balance or monthly charges.
    • Access to mobile and internet banking.
  • Requirements:
    • Recent passport-sized photo.
    • Proof of address, copy of ID/passport, KRA PIN.
    • FATCA W-9 and confidentiality waiver forms (for U.S. citizens).

(b) Diaspora Business Account

  • Features:
    • Free to open with no minimum balance.
    • Access to internet banking and visa services.
  • Requirements:
    • Kenyan ID or valid passports of all directors.
    • Business registration documents and tax PINs.
    • Board resolution and CR forms.

Equity Bank Contacts

  • Head Office: 9th Floor, Equity Centre, Hospital Road, Upper Hill, Nairobi.
  • Phone: 0763 000 000.
  • Email: [email protected].

For more details, visit Equity Bank’s website or nearest branch.

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