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.