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Finance

List of Best Banks for Business Accounts in Kenya

Below are some of the best banks offering competitive business accounts and tailored solutions to meet various business needs:


1. Standard Chartered Bank

  • Business Accounts:
    • Safari Savings Business Account:
      • Interest-bearing with liquidity for surplus funds.
    • Business Foreign Currency Account:
      • Non-interest bearing; available in major foreign currencies.
    • Business Current Account:
      • Non-interest bearing; one-stop solution for transactions and cash management.
    • Requirements:
      • Initial deposit of Ksh 100,000.
      • Business registration documents (certificate of incorporation, financial statements, etc.).

2. KCB Bank

  • Business Products:
    • Current Account:
      • Zero minimum operating balance.
      • Free monthly statements and loans up to Ksh 3 million.
    • Requirements:
      • Certificate of registration/incorporation, VAT certificate, and trading license.
    • Fees:
      • Maintenance fee: Ksh 300.
      • Over-the-counter withdrawal: Ksh 200.

3. Absa Bank

  • Business Accounts:
    • Absa One Business Account:
      • Zero monthly fees and no minimum balance.
      • Benefits include unsecured loans, overdraft facilities, and cashback rewards.
    • Features:
      • Internet and mobile banking access.
      • Overdraft facilities and LPO financing.

4. Diamond Trust Bank (DTB)

  • DTB Current Account:
    • Transaction account with zero monthly fees and no minimum balance.
    • Free access to e-statements and mobile banking.
    • Requirements:
      • ID, KRA PIN, proof of physical address, and passport photos.

5. Credit Bank

  • Recognized for its innovation in SME banking, Credit Bank offers tailored business accounts with digital banking solutions and financing options for SMEs and corporates.

6. NCBA Bank

  • Business Accounts:
    • Business Collection Account:
      • Designed for businesses with high-volume transactions, such as schools and churches.
    • Business Current Account:
      • Flexible account for growing businesses.

7. SBM Bank

  • Offers a range of products including deposits, lending, trade finance, and asset management.
  • Provides tailored financial services for corporate and SMEs to facilitate growth and economic participation.

8. Equity Bank

  • Business Accounts:
    • Current Account:
      • No minimum operating balance.
      • Access to overdrafts and free standing order setup.
    • Charges:
      • Cheque book: Ksh 17.50 per leaf.
      • Free funds transfer to other Equity accounts.

Each bank provides unique features and benefits to cater to various business needs, from startups to established enterprises. Consider transaction fees, flexibility, and additional services like loans and overdraft facilities when choosing a bank for your business.

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