Small and Medium Enterprises (SMEs) form the backbone of Kenya’s economy, contributing significantly to employment and economic growth. One crucial aspect of SME management is choosing the right business bank account. A suitable business bank account not only ensures the smooth day-to-day operations of your business but also provides the necessary financial tools for growth and sustainability. In this article, we will explore some of the best business bank accounts for SMEs in Kenya.
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Navigating Financial Success: The Best Business Bank Accounts for SMEs in Kenya
1. Equity Bank – Eazzy Business Account:
Equity Bank is a prominent financial institution in Kenya, known for its commitment to supporting SMEs. The Eazzy Business Account is tailored to meet the specific needs of small businesses. This account offers low transaction fees, free monthly statements, and easy access to mobile and internet banking services. Additionally, Equity Bank provides a range of financial products and services, including loans and overdraft facilities, to empower SMEs in their growth journey.
2. KCB Bank – Biashara Smart Account:
Boresha Biashara Loan is specially designed for micro businesses, giving you access to financing, up to Kes 1 Million, with eligibility to top up existing loans and flexible repayment periods of up to 36 months.
3. Cooperative Bank – SMEPesa Account:
Our MSME Current Account comes with packages that suit your business needs. We have solutions for all business needs in their growth life-cycle.
| FEATURES | BRONZE | SILVER | GOLD |
|---|---|---|---|
| Current Account | √ | √ | √ |
| Debit Card | √ | √ | √ |
| Mobile Banking | √ | √ | √ |
| Internet Banking – Free monthly access | Optional | √ | √ |
| Ledger Fees – Over the counter withdrawals,debit transactions | Ksh 50 per transaction | Ksh 35 per transaction | Ksh 25 per transaction |
| Minimum Opening Balance | Ksh 1,000 | Ksh 2,000 | Ksh 10,000 |
| Monthly Maintenance Fees | Ksh 100 per month | Ksh 1,000 per month | Ksh 2,000 per month |
| Minimum Operating Balance | Ksh 300 | _ | _ |
| Cheque Book | Optional | 1st cheque book free (100 leaves) | All cheque books are free |
| Insurance – (Under Group Cover) | Free Permanent and Total Disability Cover – Ksh 100,000 | Free Permanent and Total Disability Cover – Ksh 500,000 | Free Permanent and Total Disability Cover – Ksh 1,000,000 |
| Credit Card | Available on request | Eligible – up to Ksh 100,000 | Eligible – up to Ksh 500,000 |
| Cash Handling Fees | As per current tariff | As per current tariff | Free |
| Free PDQ Machine for Merchants | Optional | √ | √ |
| *LNM / M-Collections | Optional | √ | √ |
| Membership to Business Club – Ts&Cs Apply | √ | √ | √ |
| Access to Executive Lobby | Available on request | Available on request | Free Access to Executive Lobby |
| Dedicated RM | √ | √ | √ |
| Waive monthly A/C maintenance fees if minimum A/C balance across the month is: | Ksh 50,000 | Ksh 200,000 | Ksh 500,000 |
4. Absa Bank – One Biashara Account:
A pay-as-you-go Biashara account for non-registered business individuals. No maintenance fees and no minimum balance.
Benefits of this account
Are you a small business owner? If so, this is the perfect product for unregistered sole proprietors. Enjoy no monthly fees. Other benefits include:
- Access to Absa Mobi Tap to receive card payments on your mobile phone
- Chequebook
- Lipa na M-PESA Buy Goods and PayBill facilities with fast settlement
- Absa Business Debit Card with daily ATM withdrawal limit of KES100,000 and a monthly cashback when you use the debit card
- Secure digital banking with fingerprint biometric access
- Multi-currency prepaid card
- International money transfer services
- Business overdraft facility
- Unsecured business loans with higher limits and longer repayment periods
- Unsecured LPO financing of up to KES12 million and invoice discounting of up to KES50 million
- Discounted home loans and vehicle finance with insurance premium financing
- Financial experts to help you navigate your financial options
- Insurance solutions for you and your business
- Guaranteed cashback rewards when you take up additional products
5. Stanbic Bank – BizDirect Account:
Stanbic Bank’s BizDirect Account is designed to cater to the unique financial needs of SMEs. This account provides businesses with a range of benefits, including free monthly statements, low transaction fees, and access to various digital banking channels. Stanbic Bank also offers additional services such as business loans and trade finance solutions, supporting SMEs in their expansion plans.
A flexible account for businesses of all sizes that want more from a bank account than paying and receiving funds
6. NCBA Bank – Business Account:
NCBA Bank is a key player in the Kenyan banking landscape, and their Business Account is tailored to meet the financial needs of SMEs. This account offers businesses features such as low transaction fees, access to digital banking platforms, and additional services like business loans and trade finance. NCBA’s commitment to innovation and customer satisfaction makes them a strong contender for SMEs seeking a reliable banking partner.
Conclusion:
Choosing the right business bank account is a crucial decision for SMEs in Kenya. The banks mentioned in this article – Equity Bank, KCB Bank, Cooperative Bank, Absa Bank, Stanbic Bank, and NCBA Bank – stand out for their commitment to supporting SMEs, making them excellent choices for entrepreneurs looking to build and sustain successful businesses in Kenya. Before making a final decision, businesses are advised to carefully compare the features, fees, and additional services offered by each bank to ensure they find the best fit for their unique requirements.
