Having a proper Business Account for your SME (Small and Medium-sized Enterprise) is very crucial to the success of the Enterprise. This is the case whether you’re just starting out, or have been doing it for years. A good Business account helps you manage your business’s finances separately from your personal finances. It receives payments from clients and customers and makes payments to vendors and employees. In addition, it legitimately establishes your business’s financial presence and helps with proper bookkeeping and tax reports.

Read: How to make Passive Income Selling Digital Products Online

SMEs play an important role in economic growth and employment. However, the lack of proper bookkeeping, business support services, and adequate financing, have hindered the growth of such businesses. Luckily, Kenyan banks are working each other out trying to fill this gap by creating tailor-made solutions and products to cater to every business type in this class.

Factors to consider when choosing the right Business Bank Account for your SME

There are different factors to be considered when choosing the right type of business account for your SME:

  • What type of business do I have?
  • How big is my business?
  • How complex is my business?

SME products range from Digital Banking Systems to Business-specific Accounts, to different debit and credit card features with attractive rates and features. Some banks even go the extra mile to offer value-added services like networking opportunities and Memberships to business clubs.

Even so, there are those common account features that should be considered by any SME owner no matter what field of business they are in. You also need to consider the growth aspect of your business: Where you picture it in the short run and in the long run.

Finding the right business account for your SME should not be a difficult task. This is why we have compiled this list, that compares the best options in terms of Access (Branch, ATM, or Agent), Checking and Savings Account features, and more features like Services, Business Credit Cards, and Loans.

These are the Banks with the Best Business Accounts for SMEs in Kenya.


NCBA is one of the fastest-growing banks in Kenya. It has different types of business accounts for different types of businesses. It offers two main types of business accounts; Business Current Accounts, and a Business collection Account

Business Current Accounts

These are further sub-divided into a few categories. We will discuss each one separately and see what it has to offer.

Business Current Account

Best business account for sme

This one is for really small, new-into-the-game businesses. The business gets 15 free transactions every month and funds transfer to the owner’s NCBA account for free. You also get a free first checkbook plus a free Gold Debit Card for sole proprietors. Even more, you get a dedicated relationships manager and you can even manage your account Online and via Mobile banking. Not to mention eligibility to M-Pesa services and overdraft facilities.

Another great thing about this account is that you get access to loans of up to 100% of your savings or your fixed term deposit account. In addition, you get a freestanding order set up and processing to your savings account. Other benefits include a Gold Credit card for directors and an automatic membership to the NCBA Business club.

Lastly, if you maintain a minimum daily balance of KES. 300,000, you get waivers on monthly ledger fees.

Check out the full account features and benefits here.

Business Gold Account

Best  business accounts for SMEs in Kenya

At a glance

  • Zero minimum operating balance
  • KES 2000 minimum opening balance
  • KES 1000 monthly fees
  • Access to the Gold Debit Card
  • Eligibility for Lipa na M-Pesa services and Overdraft facilities

This account is meant for mid-level businesses with growing transactions who want to keep costs low. It helps your business flourish by giving you expert advice and exclusive networking opportunities. You get 40 free transactions monthly, a free first chequebook, and freestanding order setup and processing to your NCBA savings account. Moreover, you can conveniently manage your account via Mobile and Online banking.

Finally, the account offers waivers on monthly ledger fees if you maintain a minimum daily balance of KES. 500,000. Check out the full account features here.

Business Pay As You Go

Business Accounts in Kenya

At a glance

  • Zero minimum operating balance
  • KES 2000 minimum opening balance
  • Zero monthly fees
  • Access to lipa na M-Pesa, a chequebook, and free monthly e-statements

This one is for entrepreneurs that are just starting off and have few inconsistent cash flows and few transactions. It is available in Kenya Shillings only. You get access to a debit card for sole proprietors and a Gold Credit Card for the company directors. 

Check out the full benefits and features of this account here.

Business Platinum Account

Best bank accounts for SMEs in Kenya

At a glance

  • Ksh 5000 minimum operating balance
  • An account opening balance of KES 2000
  • KES 2500 Monthly fee
  • Access to Premier Banking lounges

This account is suitable for businesses that handle high transaction volumes and require flexibility when handling their transactions. You get 100 free monthly transactions, free monthly e-statements, and a free first chequebook. In addition, you get a free Keyman Insurance cover of up to KES. 100,000 and discounted cash handling fees for transactions above KES. 1 Million.

Check out the full account features and benefits here.

Business Collection Account

Best Business Bank Account for SMEs in Kenya

At a glance

  • Zero Minimum operating balance
  • No Monthly Fees
  • Zero account opening balance
  • Access to online banking

This one is for businesses that do high-volume, high-value transactions such as real estate management, churches, and schools. It is a unique account created to offer you a cost-effective banking solution. You get Free incoming funds transfers. Free funds transfer to your personal NCBA account, plus free auto-sweep services to your business’s current accounts. Even more, you can check your account balance via Mobile banking or online banking. Here too, you get a dedicated Account Relationship Manager to assist you with all your banking needs.

Check out the full account features and benefits here.

Business Credit Card


Conveniently organise your business expenses and enjoy worldwide acceptance with an NCBA Visa® Business Credit Card. The credit card helps you manage cash flow and costs more conveniently as it simplifies petty cash dependency and bookkeeping in your business.

The main features of this credit card include;
  • Available in Kenya Shillings and USD.
  • Flexible credit limits on employee individual accounts.
  • Pay off multiple invoices in a single monthly transaction for supplementary cards.
  • Full emergency support and comprehensive travel services.
  • All cardholders receive an email threshold notification when they reach 75% of the card limit.
  • Enhanced security for online transactions through One-time Passwords, Pin and Chip technology and Verified by Visa (Visa) (OTP) sent to the cardholder.

Check out the full benefits of the Business Credit Card here.

That’s all about NCBA. All the tailor-made solutions are why NCBA is one of the banks with the best business accounts for SMEs. Get the Application form on the official Account Opening Form download page.


KCB is one of the biggest commercial banks in the country. This makes it a very suitable bank for SMEs to turn to for financial support and guidance. Just like NCBA above, it has different business accounts to cater for different businesses.

As of right now, it has six different types of SME accounts; Current Account, Privilege Account, Learning Institution Account, Community Account, Telco Dealers and Agents Account, and Business Savings Account.

Let look into each one of them in more detail.

Current Account

The SME Current account is your best bet for your growing business, with requirements of frequent transactions and multiple payments. Get a cheque book, access to financing and free monthly statements.

Privilege Account

At a fixed monthly rate of Kes 900, the privilege current account is designed for businesses who need to move and access their money multiple times in the day-to-day running of their operations.

Learning Institution Account

This account is designed to meet your school’s unique needs. It gives parents and guardians the freedom to pay for fees conveniently using the KCB App, our KCB Bank Agents, any branch or through M-PESA. The account also gives you access to the Malipo Portal, which provides you with real-time confirmation each time fees are paid from different sources while enabling you to send out reminders when you need to.

Community Account

With no monthly charges and free cheque deposits, this account is tailormade for non-profits, charities and religious organizations. Open your account today with a balance of Kes. 1000.

Telco Dealers and Agents Account

Safaricom Plc dealer or M-PESA agent? We have an account that meets your unique business needs.

At a flat fee of Kes 900/- every month, we will take care of all your transactional needs, with no additional fees for over the counter withdrawals and cash handling.

Business Savings Accounts

This one is further divided into two categories;

Simba Savings Account

Make your money work for you with the Simba Savings account. It is one of the most competitive business savings accounts in Kenya with up to 5%* p.a. interest on savings. Free deposits, one withdrawal a month and no monthly fees.


  • Competitive interest rates
  • Free deposits
  • Pennywise savings


  • Opening balance – Kes 1,000
  • Minimum balance – Kes 1,000
  • Zero monthly maintenance fees
Goal Savings Account

Having a business savings account is a smart strategy for your business. Pave your way to success with the Goal Savings Account, where you can earn interest on your profits, setting yourself up for future expansion and acquisition of assets for your business.


  • Access loans of up to 100% of your savings
  • Flexible savings period between 6 months & 5 years
  • Freestanding order for payments into other accounts
  • Open unlimited Goal Savings accounts
  • Competitive interest rates, giving you the best value


  • Opening balance – Kes 1000
  • Zero monthly fees

Check out the things you require to open each type of account on the SMEs page on KCB’s official website. Generally, these are the things that you must have for any application;

  • Certificate of Registration/Incorporation
  • KRA PIN Certificate
  • VAT Certificate
  • Valid Trading License
  • Company’s Partnership Deed (where applicable)
  • Board Resolution (where applicable)
Do you know of any other banks with Great Business Accounts for SMEs? Let us know in the comments section.

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