When it comes to keeping your money safe, there are two types of banks in Kenya that you can choose from. One type of bank deals with regular deposits and withdrawals, while the other acts as an investment vehicle that you can use to get the most out of your money and make it grow over time. Which one of these two categories does your bank fall into? This guide will help you decide which one best suits your needs so you can start saving money today!
How Good are they?
To know how good a bank is, you have to look at their interest rates and then compare them with other banks. The best banks offer competitive interest rates that are low enough for you to benefit from while they are still high enough to be profitable for the bank. While other banks may have lower interest rates, it’s likely they will have higher charges. The key is finding an equilibrium between low interest rates and moderate charges that works best for your personal finances.
How Much Are They Investing In You?
Be wary about borrowing money from banks in Kenya. Banks often offer tempting interest rates and packages, but they come with hidden costs. Banks offer loans that are guaranteed by your monthly income or current assets. This sounds great, until you see what they invest in you - new clothes, gifts, dinners out - all their own interests at heart. The only one investing back into your business is you. So instead of borrowing from banks...save yourself some trouble and ask your friends for a loan instead!
What Makes Them Different?
If you’re interested in banking in Kenya, there are many factors that set banks apart from one another. To get a clear picture of what makes them unique, it’s important to know how they operate and how they compare with each other.
How Much Do They Charge?
Banks loans have an interest rate. How much interest you pay depends on how much money you borrow, and how long you borrow it for. As with other loan products, banks are incentivized to charge higher rates on longer-term loans, so try to get your loan for a shorter amount of time if possible.
LIST OF TOP BANKS IN KENYA
1, KCB Bank
The Kenyans are known for their great efficiency and love for a good deal. This is why KCB Bank is one of, if not THE most sought-after bank for mortgages in Kenya. They offer low interest loans with no hidden fees or charges. But you will have to do your research before taking out a loan from KCB bank. Go through several other banks first and look at their interest rates.
2, Equity Bank
To gain interest loans from Equity Bank, you must be a customer for at least three months. Once you meet these requirements, you’ll be eligible for a loan up to 70% of your current savings. To find out if you’re eligible, contact a loan officer or log into your account on their website.
3, Co-operative Bank
The Co-operative Bank is a reliable bank that boasts top-of-the-line financial products and services. The banks loans are interest free, meaning you’ll only pay back your loan principal. The bank also boasts an amazing credit card program that offers rewards points, money back on purchases and more. For example, with their credit card program, you can earn 2 points for every $1 spent on gas or groceries and 1 point for every $1 spent on anything else.
4, Standard Chartered Bank
The Standard Chartered Bank has been around for over 150 years, and they’re one of Africa’s largest financial institutions. Unlike many other banks, they don’t focus on one region—they operate across all five continents, meaning they’re highly invested in international money transfers. The bank also offers interest loans and many other products at low interest rates.
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5, ABSA Bank
Having been established for over 100 years, ABSA is one of the oldest banks in Africa. This is impressive because it shows that they are a trustworthy bank with a long-standing reputation.
6, I&M Bank
The bank’s current standing as one of Kenya’s most trusted banks can be attributed not only to its good performance but also to its determination for its customers and potential borrowers. It is one of a few banks that offer interest loans, putting it among those you should consider joining. They also have services like formal saving accounts, which make them stand out from other banks.
7 National Bank
Are you a Kenyan citizen with a decent income? If so, then you’re eligible for bank loans. National Bank offers great rates, even better than what you can get at other banks. Furthermore, they have many different loan products available—if you know what product is right for your budget and needs, it’s worth checking out.
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8, NCBA Bank
As with all banks, you can apply for a loan. The application process is fast and easy and involves completing a form that you can submit online or in person at any NCBA Bank branch. You will need to bring identification and proof of address with you when you come into an NCBA Bank location. At that time, they will get information about your financial standing and perform other screening so they can figure out if they are willing to offer you a loan.
9, Diamond Trust Bank of Kenya
Diamond Trust Bank (DTB) offers its customers a wide range of banking services, such as mobile and internet banking. DTB boasts an efficient customer service department that’s willing to take calls 24/7 and is always ready to serve you with a smile on their face. Their website is easy to navigate, allowing customers an easy way to open bank accounts and apply for loans or credit cards.
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10, Stanbic Bank
Although there are more than 20 banks operating in Kenya, Stanbic Bank is one of top ten largest. The bank is headquartered in New York City and is one of Africa’s most reputable banks. It offers a range of services including financial planning advice, loans, mortgages and deposit accounts. The bank even has its own investment brokerage firm that aims to grow clients’ wealth. It specializes in offering banking services tailored to customers who have high net worth as well as those looking for retirement planning guidance.
11, Commercial Bank of Africa
If you’re looking for an internationally-recognized, prestigious bank that offers great rates on loans, CBK is your best bet. In addition to being one of Kenya’s largest banks, CBK has foreign branches in New York City and London. But it still maintains a local feel with its many financial service centers throughout Kenya. The bank’s rates are competitive, and they offer loans (as well as savings accounts) for various needs.
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12, Family Bank
Although banks are typically seen as places where you store your money and nothing more, they can also be a great place to find funding for your business. Banks have loans that cater directly to startups, including small business loans, commercial real estate loans and even funds for starting up a franchise or chain. Many business owners decide against getting a loan due to their complicated application process and high interest rates; however, family bank has simplified financing for businesses by making it more accessible than ever before.
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13, Trans National Bank
T.N.B has been around for quite some time. It was established in 1974, just a few years after our country’s independence, and focuses on both domestic and international customers. In fact, their vision is for it to become one of Africa’s leading financial institutions, bridging the African continent with international opportunities through innovative banking services, technology and relationships.
14, Bank Of Africa Kenya
The Bank Of Africa (BOA) was formed through a merger of two leading Kenyan commercial banks that had a history going back as far as 1944. The bank has since grown into a diversified financial services group with subsidiaries in Benin, Burkina Faso, Democratic Republic Of Congo (DRC), Ivory Coast, Liberia and Nigeria. BOA operates through 12 branches located across major towns and cities in Kenya.
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15, Prime Bank
A growing bank with 24 different branches nationwide, Prime Bank offers a range of financial services including business banking, loans, mortgages and more. Through its subsidiaries such as Mpesha Insurance and HFC Insurance, it also offers insurance. The company is well known for its community outreach programs and has won multiple awards for these initiatives.
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Final Word
Above tips will help you choose good bank in kenya for you . promote this blog by giving us a share or drop comment ,..
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