How to Set Up a Business Bank Account in Kenya
Setting up a business bank account in Kenya is an essential step for managing business finances, receiving payments and ensuring financial transparency.
Here’s a step-by-step guide to help you open a business account:
Step 1: Choose the Right Bank
Different banks in Kenya offer business accounts with varying features, fees, and benefits. Some of the most popular banks for business accounts include:
Equity Bank – Known for SME-friendly services
KCB Bank – Offers digital banking solutions
Cooperative Bank – Ideal for businesses in cooperative setups
ABSA Kenya – Suitable for corporate and large businesses
NCBA, Stanbic, I&M Bank, and DTB – Provide tailored business banking solutions.
When choosing a bank, consider:
- Account opening and maintenance fees
- Transaction charges
- Online and mobile banking options
- Loan and credit facilities for businesses
Step 2: Gather the Required Documents
Most banks require the following documents to open a business account:
For Sole Proprietorships:
Copy of your National ID/Passport
Business registration certificate (from eCitizen)
KRA PIN certificate (personal and business)
Business permit (some banks may require this)
For Partnerships:
Partnership deed/agreement
Copies of National IDs/Passports for all partners
Business registration certificate
KRA PIN certificate (business and partners)
Business permit (if applicable)
For Limited Companies:
Certificate of Incorporation
CR12 form (shows company shareholders and directors)
Copies of National IDs/Passports for directors
KRA PIN certificate (business and directors)
Company Memorandum and Articles of Association
Business permit (if applicable)
Step 3: Visit the Bank and Fill in the Application Form
Once you have gathered all required documents, visit your chosen bank and request a business account application form. Some banks may also allow online applications.
You’ll need to provide details such as:
- Business name and nature of business
- Business address and contact information
- Personal details of the account signatories
Step 4: Make the Initial Deposit
Most banks require an initial deposit to activate the account. The amount varies by bank and account type. Some banks may offer zero-balance accounts for startups.
Step 5: Activate Your Account and Set Up Online Banking
After your application is approved, the bank will provide you with:
- Account number
- Cheque book (if applicable)
- Debit card
- Online and mobile banking access
Ensure you activate mobile and internet banking to manage transactions conveniently.
Step 6: Link Your Account to Payment Systems
For businesses that accept online or mobile payments, link your business account to:
M-Pesa PayBill or Till Number for seamless transactions
E-commerce payment gateways like Pesapal, iPay or Flutterwave
Bank-to-bank transfers for corporate transactions.
Opening a business bank account in Kenya is a straightforward process if you have the necessary documents.
