Opening a bank account
Kenya, especially Nairobi, is the largest financial centre in East Africa. As a result, many banks can be found, including local and international companies. Expats are able to open bank accounts in Kenya, and will find it essential for receiving salaries and making local payments.
As there are so many banking options, it is helpful to research the major banks to find one that best meets your requirements. You may wish to consider options such as internet banking, the cost of international transfers, and any fees or requirements for minimum account balances. You may also research in advance if your local bank also has branches in Kenya, which can save you the trouble of opening a second account. Popular banks in Kenya include Equity Bank Kenya, Barclays Bank, Standard Chartered Bank Kenya, and the National Bank of Kenya.
Most major banks offer internet banking, and all banking transactions and banking websites are in English.
The process to open a new account is straightforward, however, expats must ensure they have all necessary documentation. This may vary slightly from bank to bank, but will generally include:
- Original copies of identification, including passport and Keyan residency card
- Proof of residency and address, such as rental agreement or utility bill
- Colour passport-sized photograph
- Minimum opening balance
- Recommendation letter from your employer, as a form of character reference
(To open a business banking account, additional documentation will be required.)
Good to know:
Banks are generally open from 9am-3pm. Some larger branches may also open on Saturdays.
