How to Open a Business Bank Account in Kenya

To open a business bank account in Kenya, take your registration certificate, your KRA PIN and the ID of every person who will sign. A sole proprietor usually needs the certificate of registration plus the owner's ID and PIN. A limited company also needs its certificate of incorporation, the company KRA PIN, a board resolution naming the signatories, and its Memorandum and Articles or CR12.

I want you to get this done in one trip. Checklists change, so call the branch the day before you go.

Do I need a separate business account?

A limited company needs an account in its own name. A sole proprietor can legally trade through a personal account, but a separate one keeps business money apart from household money. That makes your books and tax returns far easier to prepare. If you have not registered yet, start with our guide to registering a company in Kenya.

What documents will the bank ask for?

From the banks' own pages. Bring originals and copies.

• Sole proprietor (one person trading under a registered business name): one big bank's starter business account asks for your ID or passport, KRA PIN certificate and a passport photo. Its SME current account, and a second bank's small business account, ask for the certificate of registration, your ID and your KRA PIN. The SME account also wants your latest audited books.
• Partnership: each partner's ID or passport and KRA PIN certificate, a passport photo, and a partnership deed or resolution naming the signatories and how they sign.
• Limited company: the certificate of incorporation, the company PIN, a board resolution to open the account, the Memorandum and Articles (or forms CR1, CR2, CR8 and the latest CR12), and each signatory's ID, KRA PIN and passport photo. One bank wants audited books if the company is more than a year old.

The second bank also charges a KES 1,000 legal search fee. The CR12 is the official record of your directors and shareholders, which you get through a company search on eCitizen. Make sure it matches the people standing at the counter. A brand-new company has no audited accounts, so ask whether the bank will waive them.

How do I choose a bank?

Fees differ even between two accounts at the same bank. One big bank's starter business account lists no monthly maintenance fee and no minimum operating balance. Its SME current account lists a ledger fee of KES 35 per transaction with a minimum of KES 350 a month, waived when the balance stays above KES 50,000, plus a KES 300 maintenance charge, all before tax. A second bank has three tiers, with minimum opening balances of KES 1,000, KES 2,000 and KES 10,000. Ask each bank these questions, then pick the account that is cheapest for the way you will use it:

• What is the monthly fee, and at what balance is it waived?
• What is the minimum opening and operating balance?
• What do withdrawals and transfers to other banks and to M-Pesa cost?
• Can customers pay into the account by M-Pesa on my tier?
• Can one person set up a payment online and another approve it?

How do I open the account, step by step?

1. Agree who signs, and whether larger payments need two signatures. For a company, put this in the board resolution.
2. Check your documents. Get a fresh CR12 if asked, and make sure names and ID numbers match everywhere.
3. Visit the branch with originals. The bank checks identities and your registration.
4. Fund the account and set up mobile and internet banking, with users and approval limits.

How will customer payments reach the account?

Most Kenyan customers will pay you by M-Pesa, through a Till or a Paybill, the two numbers a business uses to collect payments.

• Settling to the bank: Safaricom asks for your KRA PIN and proof of the account, such as a bank statement or a letter from the bank. A registered business's bank details must match its registration, though a sole proprietor may give the owner's bank details. Open the account first, then apply for the Till or Paybill.
• Moving money from a Till: use *234# under Merchant Services, set an automatic withdrawal, or use the web portal, where a withdrawal to the bank must be above KES 5,000.

If you want a second pair of eyes

Hackhouse is a builders' hub at 124 Manyani East Road, Nairobi, for anyone who is building. Come on a free tour, Monday to Friday between 10am and 4pm, and talk to founders at the house who have opened their business accounts already. If you need a desk for an afternoon of forms and calls, a day pass starts at KES 1,000. In our community, builders share what worked for them.

Frequently asked questions

Can I open a business bank account before registering my business?

Every business account we looked at asks for a certificate of registration or incorporation, so register first. Until then, Safaricom lets an unregistered individual apply for a Buy Goods Till in their own name.

Do I need a CR12 to open a company bank account?

One bank we checked lists it as one way to show who runs the company. Safaricom also wants a company search no older than 30 days for a company Till or Paybill, so get a fresh one.

How long does it take to open a business bank account?

The banks do not publish a turnaround. Ask the branch, and bring complete documents so a missing paper does not hold you up.

Sources

• Bankika Business, KCB Bank Kenya
• SME Solutions Business Current Account, KCB Bank Kenya
• MSME Current Account, Co-operative Bank of Kenya
• Lipa na M-PESA Requirements (2024), Safaricom
• Lipa na M-PESA Compliance Requirements Checklist (2026), Safaricom
• M-PESA Buy Goods guide (2024), Safaricom

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