7 Best Banks for Business Accounts in Kenya

One of the most important decisions to make for your business is choosing where to open a business bank account. Business-specific bank accounts have special features regarding loan availability, interest rates, association fees, and more. 

Virtually all banks have tailor-made business accounts designed to cater to the needs of business owners. Each bank will have its features and requirements, which you must consider before opening an account. 

Choosing one from the dozens of banks offering business accounts in Kenya can be overwhelming, so we’ll help you narrow your search in this guide. 

The Best Banks for Business Accounts in Kenya

The following is a list of some of the best banks in Kenya for business, in no particular order. 

1. Standard Chartered Bank

Stanchart is one of the banks in Kenya that offers a wide range of business accounts made to suit different business profiles. 

The Standard Chartered Business Current account offers solutions for various cash management business needs. 

Benefits:

• Preferential pricing on transactional charges
• Convenient online banking
• Streamlined collection service
• Discounted tariffs for payroll services
• Access to expert advice

Requirements:

• Completed account opening form
• Company Memorandum of Articles of Association
• Certificate of Registration/Incorporation
• Financial statements for the previous financial year
• An initial deposit of Ksh 100,000

You can also explore the Safari Savings Business account, the ideal account for businesses with surplus funds. 

2. KCB Group

KCB is another bank that offers various business accounts and solutions. It’s considered one of the best banks for business because it provides different accounts depending on the customer's requirements. 

You can choose the SME Current Account, the Bankika Business Account, or the Entrepreneurs Account. 

SME Current Account

This account is ideal for growing businesses, especially if you make frequent transactions and multiple payments. 

Benefits:

• No minimum balance requirements
• Easy inter-account transfers
• Access to business loans, overdrafts and other credit facilities
• Free monthly statements for easier accounting

Requirements:

• Original Certificate of Registration/Incorporation
• KRA PIN Certificate
• Valid Trading License
• VAT Certificate
• Company Partnership Deed (where applicable)
• Board Resolution (where applicable)

Bankika Business Account

This account is designed to help startup businesses through services and solutions like loans with friendlier interest rates and full-time access to banking services. 

Benefits:

• You only pay for services you use
• Global access to the account
• Full-time access to banking services through mobile and online banking
• ATM deposits
• Access to business credit facilities

Requirements:

For sole proprietors:

• A valid Kenyan ID or passport
• Original and copy of KRA PIN certificate
• Passport photo

For partnerships:

• Original Kenyan ID or passport
• Each partner's KRA PIN certificate
• Good quality passport photos
• Partnership deed or partnership resolution

Entrepreneurs Account

This is another business account tailor-made for KCB business customers who are starting out. It’s an inexpensive account designed to help the account holder run their operations more efficiently. 

Benefits:

• Inexpensive (no maintenance fees, ledger fees, or minimum operating balance)
• Easy, flexible access to bank services through mobile and online banking
• Access to business credit of up to Ksh 1 million

Requirements:

Enterprise business:

• Original ID
• Registration certificate
• KRA PIN

Limited companies:

• Company PIN
• Certificate of incorporation
• Board resolution to open the account
• Director's ID & PIN

3. Co-operative Bank

Co-operative Bank is another banking partner you should consider when opening your business account. It is recognized in the country as one of the banks with the largest number of corporate and SME clients. 

The bank aims to increase banking access by providing differentiated products and solutions to customers. The following are some of the business accounts offered by the Co-operative bank:

MSME Current Account

This business account is designed to meet your needs at its current stage and even as it grows into different stages.

Benefits:

• Access to MSME asset solutions and daylight overdrafts
• Free monthly e-statements for easier accounting
• Access to trade finance services and non-financial service solutions
• Negotiated foreign exchange conversion rates

Requirements

• Valid Kenyan national ID
• KRA PIN copy
• Minimum opening balance of Ksh 550

Haba na Haba Account

This account is designed to help small business owners with the challenges of growing their businesses.

Benefits:

• Unlimited access to the account
• No minimum operating balance
• Access to business loans
• VISA Debit card is available for payments and withdrawals
• Transactional solutions to account holders
• Convenient internet and mobile banking

Requirements:

• Minimum opening balance of Ksh 550
• National ID Card copy
• KRA PIN copy

4. Absa Bank

Absa Bank offers various business accounts with features and benefits to help your business grow. The bank's products and solutions are meant for both small and medium-sized businesses. You can choose an account based on your business's specific needs. 

Absa One Biashara Account

If you're a non-registered individual operating your business in your own name, this is the ideal Absa account for you. 

Benefits:

• No monthly maintenance fees
• Absa business debit card
• Secure digital banking
• Prepaid card in multiple currencies
• Access to overdraft facilities
• Unsecured LPO financing of up to Ksh 12 million
• Insurance solutions for the proprietor and the business

Requirements:

• Valid Kenyan national ID or passport
• KRA PIN
• 1 Passport size photo
• Certificate of registration
• Residential address confirmation
• Personal return
• Company physical address confirmation (where applicable)
• Sealed and signed Absa account opening pack

ABSA Bank offers other innovative business banking accounts like the Business Club Account, suitable for businesses with higher turnover, the La Riba Business Current Account for people interested in Islamic products, and the She Business Account for women in business. 

5. Equity Bank

Equity Bank is one of the leading banks in the country and should be among your top choices when opening a business bank account. As one of the pioneers of mobile banking and SME development in Kenya, it has several products and features that greatly benefit your business. 

When opening a business account at Equity, you're given several options depending on factors like the size of your business and your specific needs.

Equity Bank offers the following bank account options for SMEs/small business owners:

Equity Current Account

This basic bank account is ideal for individuals, either singly or jointly, groups, and registered entities. You can receive money, make deposits, make payments, withdraw, and set up standing orders with this account. 

Benefits:

• Zero maintenance fees
• Cash and cheque deposits
• Zero ledger fees
• Unlimited access to the account from countries with Equity Bank branches
• The account can be operated in multiple currencies
• Mobile banking and online banking options
• Overdraft facilities

You can sign up for this account by visiting your nearest Equity branch and providing the required documents. 

Requirements:

• Original ID and KRA PIN for individuals (singly or jointly)
• Registration Certificate and Constitution for registered groups
• Introduction letter from the District Social Development Officer

Equity Bank also offers a Social Institutions Account for non-profit organizations and an Investment Account designed to manage shares traded in the Nairobi Securities Exchange (NSE). 

Another reason to consider Equity as your banking partner is that it offers innovative loans and solutions, like the EazzyBiz solution that gives SMEs and corporations cash and liquidity management solutions. 

6. I&M Bank

Your startup or growing business can also benefit from I&M banking solutions and products. Like most banks on this list, I&M offers tiered banking accounts that you can choose depending on your business's stage and needs.

Business Current Account

This is the basic business account offered by the bank, with features like no minimum balance and access to a chequebook.

Benefits:

• Convenient mobile and online banking
• Free e-commerce setup
• Trade finance
• Competitive foreign exchange rates
• Insurance solutions
• Access to unsecured loans
• Asset finance
• Convenient business payment collections

Requirements:

• Completed account opening forms
• Signed signature cards
• Valid ID/passport of all account signatories
• 1 Passport photo of all account signatories
• An introductory reference
• Financial statements for the prior financial year

The I&M Business Premier Account gives you access to the same features as the business account with the added advantage of dedicated relationship managers. It’s tailored for growing businesses looking to scale even higher. 

7. Family Bank

Family Bank is one of the best business banks in Kenya, especially for small businesses. Through solutions like the Jenga Bizna account and the Business Club, you can consistently grow your business with support from a reliable banking partner. 

Jenga Bizna Account

This is Family Bank's simplified banking for microentrepreneurs. It’s designed to help small-scale traders save and grow their businesses. It has features like access to micro-credit loans and easy access to funds for convenient business management. 

Benefits:

• No opening balance
• No ledger fees
• No withdrawal limits
• No minimum operating balance
• Simple opening requirements and procedure

Requirements:

• Valid Kenyan ID/passport
• Business registration certificate
• KYC documents like utility bills, bank statements, and introduction letter by bank customer

The Family Bank Business Current Account is another account you should consider for managing your day-to-day business finances.

Final Thoughts

The best banking partner for your business will depend on the stage of your business and its needs. Some banks offer better solutions for startups, while others are more geared towards growing businesses.

Take time to research your options before selecting a bank. This list of 7 best banks for businesses in Kenya should help you narrow your choices.