Kenya has several commercial banks that promise to provide the best services, high interest rates on savings, easy withdrawal and deposits, quick loans with low interest rates, and cheap transaction costs.

10. Kenya Commercial Bank (KCB)

KCB is a financial institution mandated to serve both commercial and corporate clients. Its segments include retail banking, corporate banking, and mortgages. The bank also partakes in investments in treasury Bills and Bonds from the central bank. KCB, with its improved Mobile Money service, has helped millions of Kenyans and international customers to make international money transactions. Kenya Commercial Bank is listed on the Nairobi Securities Exchange.

9. Equity Bank

Equity Bank was founded in 1984 to provide banking products and services for personal, commercial, and corporate sectors. Equity Bank started as a Building Society and has over the years established itself as a social-economic brand. The organization offers services that range from transactional accounts and digital banking to school fees collection, group accounts, and custody investments.

The bank has operations in Kenya, Uganda, Congo, Tanzania, Rwanda, and South Sudan. Equity is listed on the Nairobi Securities Exchange.

8. Standard Chartered Bank (SCB) Kenya

Stanchart, as the bank is commonly referred to, is one of the oldest financial institutions in Kenya. It is a subsidiary of Standard Chartered, the British conglomerate based in the United Kingdom.

The bank has three main segments: Corporate and Institutional Banking (CIB), Commercial Banking, and Retail Banking.

The CIB segment serves the bank’s international market and offers products such as transactional banking. The commercial banking sector offers SCB’s clients’ products such as cash management, long and short-term lending, and mobile banking.

The Retail Banking products include Digital Banking and Bancassurance. This segment focuses on wealth creation and management, priority personal and business banking. The bank operates over 40 branches and 100 Automated Machines (ATMs) across the country. The company’s shares are traded on the Nairobi Stock Exchange.

7. Co-operative Bank of Kenya

Cooperative Bank of Kenya is a Kenyan-based commercial bank, engaged in corporate and retail banking, investment, and asset management services. The bank was the first cooperative to be registered in Kenya in 1931 and became a fully-fledged bank in 1998.

6. ABSA Kenya PLC

Formerly known as Barclays Bank Kenya Limited, Absa is a commercial bank and a subsidiary of South-African-based ABSA group Ltd. It is licensed by the Central Bank of Kenya to offer both corporate and retail products. The bank boasts of a large pool of diversified financial products which include personal banking, Islam banking, business banking, premier banking, and digital banking.

5. Diamond Trust Bank

Diamond Trust Bank Kenya Limited is classified under Tier 1 financial institutions in Kenya. The bank was founded in 1945 and is currently operating in Tanzania, Uganda, and Burundi. The bank has conveniently helped Kenyans working and living abroad in sending money home. The bank is listed on the Nairobi Securities Exchange. With over 130 branches all over East Africa, the bank boasts 24/7 digital services in some of its branches.

4. I & M Bank

Founded in 1974, I&M is a fully owned subsidiary of I&M Holdings, a publicly quoted company at the Nairobi Securities Exchange. The bank has evolved from a community financial institution to a major commercial bank with 35 branches in Kenya and operating in 3 other countries.  I&M Bank’s international correspondence banks include major multinational banks such as Bank One LTD, Citibank NA, Standard Bank of South Africa among others.

3. National Industrial Credit (NIC) bank

Formerly known as National Industrial Credit Bank Limited, NIC was incorporated in Kenya in 1959 as a joint venture between Mercantile Credit Limited and Standard Bank. It was the first non-bank financial institution to provide hire purchase and installment credit financial facilities in Kenya. The bank was listed on the Nairobi Securities Exchange in 1974. NIC Bank has subsidiary branches in Tanzania and Uganda. NIC operates over 40 branches across East Africa.

2. Housing Finance Group

The Housing Finance Group of Kenya was founded in 1965 with the Government of Kenya owning 60 % of its shares. Housing Finance is an integrated property and financial solutions provider registered as a non-operating holding company. The financial institution was rebranded in 2015 and now has four subsidiaries namely: Housing Finance Company of Kenya (HFCK), Housing Finance Development and Investment (HFDI), Housing Finance Foundation, and Housing Finance Insurance Agency.

1. Stanbic Bank

Stanbic Bank Kenya is a member of Standard Bank, a financial services giant based in South Africa. The institution is licensed and governed by the Central Bank of Kenya. The bank has a country-wide presence with 24 branches in major towns and cities. The bank’s services range from personal and business banking to corporate and investment banking portfolios.

Final Thoughts

Choosing a financial institution to manage your finances is one of the most important decisions you can make. Above is a list of the best banks in Kenya you can consider for your personal and business financial needs.