There are several banks in Kenya today. In case you are looking for the best banks in Kenya, worry less as this article has it all. The Kenyan economy is growing and many banks are coming up in the industry. When looking for the best banks in Kenya, several factors are considered. First of all, you should pick a bank where your money is safe, the transaction cost is also important as far as deposit and withdrawal of money are concerned. There are more other factors such as loans, savings, finance, and more. The following are the best banks in Kenya.
1. KCB (Kenyan commercial bank)
Established in 2015, this is the best commercial bank in Kenya and it serves many customers across the country. The bank has a total of 168 branches with outstanding mobile services. The bank has the best loan services, it offers a flexible and affordable loan with enough repayment period of about thirty-six months. The bank is easily accessible on the mobile phone to all Safaricom users. The bank has spread to other countries in East Africa such as Tanzania, Ethiopia, Uganda, Rwanda, Burundi, and South Sudan.
2. EQUITY BANK
The bank was established in Kenya in 2014. the bank has grown very fast with several branches in the country thus easily accessible to many clients. The bank has the best rate of 13% interest annually. The bank is good at offering loans with affordable loan rates. Equity bank is also accessible through mobile phones in either the Eazzy pay mobile app or Equitel SIM cards. Hopefully, many customers are enjoying mobile service.
3. Standard Chartered Bank
The Standard Chartered bank was established in the year 1910 and it is the oldest bank in Kenya. The bank is a subsidiary of a British multinational financial group with its headquarters in Nairobi, Kenya. The bank has a total of 34 branches countrywide. This is the best bank in Kenya to start a savings account and they offer the best SME loans. The bank has an interest rate of 16% for loan borrowers. The bank introduced a mobile banking app to enable its client to access transactions through their phones.
4. Barclays Bank (ABSA)
The owners are the Absa Group Limited. The bank was established in 1916 and licensed to operate in Kenya. The bank is also among the oldest banks in Kenya. The bank has a wide range of services like loans, savings, credit cards, investments, and mortgages. The bank has a mobile service called Timiza and it’s free of charge to open an account. The bank has its offices in Nairobi, Kenya, and subsidiaries in some countries such as Rwanda, South Sudan, and Uganda.
5. Co-operative Bank
The bank was founded in the year 1965; the bank is among commercial banks with impressive performance. The bank is safe with enough cybersecurity. The bank has many customers and according to 2013 survey statistics, the bank was named as the second largest with 3.5 million active accounts. The bank has a huge profit of about 10.44b within six months. In 2010, the bank was named as the best bank in Kenya by the London Financial Times.
6. National Bank of Kenya
The bank was established in the year 1968 then spread to serve clients all over Kenya. The bank has a wide range of products and services, for example, savings, credit cards, loans, investments, debit cards, and more. The bank has an impressive performance that has made it won the trust of many Kenyans. The national bank has minimal requirements when it comes to opening an account. The client can own an account free of charge.
7. Family Bank
The bank is reliable and it’s among the few banks in Kenya to remain open on Sunday. The bank has a simple process when it comes to opening accounts. Moreover, there are no charges when opening an account. The bank has fixed transaction charges thus favors individuals who transact a large amount of money. The bank is secure thus you can be sure that your money is safe. The bank offers mobile services like pest pap to enable the clients to transact anywhere. Moreover, the bank has a website to enable its clients to find branches that are nearer to where they are situated.
8. CBA (Commercial Bank of Africa)
The bank founded in the year 1962 in Tanzania then spread to Uganda and Kenya. Today, the bank holds a record of being the largest private bank in Kenya. In 2018, there was a proposal that the NIC bank transfers its shareholding to CBA. If this could succeed, the bank would have been among the top three banks in Kenya. The bank is available to many people since it has partnered with Safaricom to offer the renowned M-shwari. It is easy to open an account in CBA; you will only require your ID to secure one. CBA bank has low charges in the transaction of money. The bank is secure and you can be sure that your money safe.
9. I & M Bank
The bank was founded in the year 1974 as a mortgage and an investment; however it was converted into a commercial bank in the year 1996. The bank has its headquarters in Nairobi, Kenya with subsidiaries in Tanzania, Mauritius, and Rwanda. The bank is celebrated as one of the best banks in terms of currency exchange. Moreover, the bank is renowned to carry transactions electronically.
10. NIC Bank
It one of the youngest banks in Kenya as it was founded in 2017. the bank started as a non-Bank financial institution and then licensed to operate as a bank. Surprisingly, the bank has grown very fast to be on the top list. In 2018, CBA bank proposed the merger but did not succeed. The bank provides different products and services which include loans, investments, savings, debit, and credit.
The banks named above are the best in Kenya. These banks are available in many parts of the country. You will also notice that some banks are easy to open an account such that you will only need your identity card. You can also start your account on your mobile phone. In case you don’t have an identity card, don’t panic since you can start a junior account. Well, the banks named above are the answers for the best banks in Kenya. However, these banks can change depending on their performance in a certain year.
