Bank review: Stanbic Bank (Kenya) — Everything you need to know

Bank review: Stanbic Bank (Kenya) — Everything you need to know

Stanbic Bank Kenya, a branch of Stanbic Bank Holdings, is a financial institution that offers banking, insurance, investment, and loan products to individuals and businesses. It is a member of Standard Bank Group, which is one of the biggest finance providers in Africa.

Stanbic Bank has multiple branches, ATMs, and registered agents in Kenya. It also has a suite of products aimed at helping small businesses in Kenya grow.

This article covers the history of Stanbic Bank Kenya, its products and services, and how to access them.  

The history of Stanbic Bank Kenya

Stanbic Bank Kenya is one of the oldest banks on the African continent. It was formed as a result of the merger between Stanbic Bank Kenya Limited and CfC Bank limited.

Stanbic Bank Kenya can trace its roots to the Ottoman Bank in 1958 while CfC Bank limited started as the Credit Finance Corporation in 1955.

Stanbic Bank Kenya Limited and CfC Life Assurance Company merged in 2007. The merger was completed in 2008 and it is one of the biggest mergers in Kenya’s banking history.

Stanbic Bank Kenya was renamed CfC Stanbic Bank Limited while CfC bank was renamed CfC Stanbic Holdings Limited. In 2017, the CfC part of the name was dropped and the bank was renamed Stanbic Bank holdings PLC

Stanbic Bank Kenya foundation

The Stanbic Bank Kenya foundation was established by the bank to promote economic and social growth in Kenya. The foundation is focused on job creation, financial inclusion, and education in Kenya.

Since its creation, the foundation has helped MSMEs grow by:

  • Training and providing businesses with the tools they need to succeed
  • Establishing literacy programs
  • Providing access to domestic and global markets
  • Providing access  to affordable loans and insurance products

Ms. Ory A Okolloh is the current board chairperson of the foundation. You can learn more about the impact of the foundation on rural areas, women, Youths, and MSMEs here

Services offered by Stanbic Bank Kenya

Stanbic Bank Kenya offers savings, investment, loans, and insurance products to both businesses and individuals in Kenya. They are grouped into 2 categories: Personal banking and Business banking.

Personal banking

Stanbic Bank Kenya’s personal banking products are a mix of savings and investment accounts, insurance, and loan products. Some of its personal banking products are:

Executive banking account

Executive banking accounts are available to both salary and non-salary earners. Account owners get access to loans and multiple current accounts in different currencies. Some of the benefits of executive banking accounts are:

  • The ability to make local and international transactions
  • 4 free cash withdrawals every month
  • Free Stanbic Bank ATM cash withdrawals
  • Access to gold debit and credit cards at no cost
  • Access to a monthly cash advance, salary credit, income protection, life insurance, funeral cover, etc.

Requirements

  • A minimum account opening fee
  • Payment of service fees. You can learn more about Stanbic Bank Kenya’s fees by looking at its pricing guide

Smart Direct account

A smart direct account allows its owners to access loans and insurance facilities for a monthly fee. A minimum amount of KES 100 and a monthly income of KES 15,000 - 150,000 is required to open a smart direct account.

Requirements:

  • A copy of your Kenyan National ID
  • KYC documents i.e utility bill or lease agreement
  • One month statement from your current bank or a recent payslip
  • A Kenyan revenue authority (KRA) Pin

You can find out more about the monthly fees required by checking the bank’s pricing guide.

To open a smart direct account, download the account opening form and visit a Stanbic Bank Kenya branch near you.

Pure save account

A pure save account is for individuals interested in earning interest on their cash deposits. Pure save account owners have access to different types of loans and insurance products. Some of the benefits and features of the account are:

  • Competitive interest rates paid monthly on balances above Kes. 5,000 ($42.86)
  • Free transfers from M-Pesa to your savings account
  • Access to personal loans and advances
  • Access to a current account

Requirements:

  • A copy of your Kenyan National ID
  • Proof of residence
  • A 3-month statement record from your current bank or a recent payslip

Other examples of personal banking savings and investment accounts are private banking bundled account, Pay as you go,  Private banking current account, Private banking pay as you go, private banking doctors proposition, Call deposit account, Fixed deposit account

Salary cash advance

This is a short-term loan for individuals and businesses that has a maximum repayment period of one month. A minimum amount of Kes. 1,000 ($8.57) can be borrowed while the maximum amount depends on the borrower's eligibility.

Requirements:

New customers are required to submit:

  • A copy of their Kenyan ID
  • 1 passport size photo
  • KYC documents I.e utility bill or lease agreement
  • Their recent 3 months bank statement or a current payslip
  • Their Kenyan revenue authority (KRA) pin

Existing customers are required to fill out the Secondary account application Form at the nearest Stanbic Bank Kenya branch.

Unsecured personal loan

An unsecured personal loan is an uncollateralised loan that is processed within 48 hours. A minimum amount of Kes 50,000($428.62) can be borrowed and the maximum repayment period is 60 months.

Requirements:

  • A copy of your Kenyan National ID
  • KYC documents i.e utility bill or lease agreement
  • Your recent 3 months bank statement or a current payslip
  • Your Kenya Revenue Authority (KRA) pin

Other types of personal baking loans are Home loans, Property owner loans, Construction financing, and Vacant land financing.

To apply for a personal loan, simply visit a Stanbic Bank Kenya branch near you with the required documents. Before applying for any type of loan, please read the banks pricing guide and the loan’s terms & conditions

Credit life insurance

This is a type of Stanbic’s personal insurance product that helps people pay off their debt if they die, become disabled, or fall sick. The insurance can also be expanded to cover funeral and education costs.

Requirements

  • A copy of your ID or passport
  • PIN and birth certificate of the applicant and the insurance dependents
  • A duly filled and signed form
  • The applicants' bank account details

Stanbic Bank Kenya also offers Private motor insurance, Income protection insurance

Personal or family medical insurance, Personal or family travel insurance, Last expense, Indemnity insurance, Personal accident insurance, Platinum life insurance

Business banking

These are saving accounts, loans, investments, and insurance products that help small to big businesses in Kenya grow and carry out their financial transactions easily. Stanbic also has a suite of products called the Business enterprise academy that provides small businesses with the tools to grow. Some of Stanbic Bank’s business banking products are:

Business current account

A business current account is a flexible account that can be used to withdraw and deposit money frequently. A minimum of KES 500($4.29) is required to open the account. Some of the features and benefits of the account are:

  • A minimum monthly service fee of Kes.400($3.43) and a business monthly subscription fee of Kes.2,000($17.14)
  • The account can be opened in Kenyan Shillings or other major foreign currencies
  • The bank does not remove commission on foreign exchange transactions
  • Unlimited bank withdrawals and access to loan and trade finance products  

Requirements:

  • A document showing the company’s decision to open a business current account
  • The company’s Certificate of Incorporation
  • The company’s KRA PIN
  • A copy of the company’s Memorandum, Articles of Association, or CR1 + CR2
  • A Copy of CR12 and the company’s latest annual return
  • A copy of ID/passport for the account signatories
  • Passport photographs of the company’s directors
  • A copy of the account signatories utility bill or a company’s letterhead confirming their residential address
  • Documents to prove the location of the company

Other types of business accounts are Pamoja trader business account, Business call account, Fixed deposit account

Business overdraft

A business overdraft is a loan product that extends credit to companies when their current account balance is empty. It helps companies fulfill their financial obligations without waiting for their next cash inflow.

Requirements:

  • The company’s financial statements and cash-flow projections
  • The personal bank statement of the company’s members or directors
  • A business permit
  • The business turnover for the past 12 months

SME Bizna loan

The SME Bizna loan provides loans to small businesses. Small business owners can borrow up to KES 3 million ($25,717.30).

Requirements

  • The business financial statement for the past year
  • The license of the business
  • The business must have at least 3 years of trading history with local markets

Other types of Business loans are Business revolving credit, Business term loan, Commercial property loan, Invoice discounting, and SME trader loan.

Corporate and business insurance

This is an insurance product that offers companies a suite of insurance products to protect their business from unforeseen circumstances. The insurance product covers:

  • Business Insurance which covers natural disasters i.e floods, earthquakes, etc,
  • Fire or water damage
  • Theft and burglary insurance
  • Property damage caused by faulty water tanks or pipes
  • Stock insurance
  • Electronic equipment insurance
  • Money insurance

SME Life Insurance

This is an insurance product that protects the families of small and medium business owners in the case of death or disability. SME life insurance has the following benefits:

  • Life cover worth  Kes. 500,000($42.86) - Kes. 5 million(42,862.17 )
  • Permanent Disability cover worth 50% of the life cover benefit
  • Critical Illness cover worth 50% of the life cover benefit
  • Funeral cover of Kes. 100,000($857.24)

Other types of business insurance products are Corporate and business liabilities insurance, SME business insurance, Corporate and Business specialist insurance, Employee benefits insurance

To use Stanbic Bank Kenya’s products, simply email businessbanking@stanbic.com or visit a Stanbic bank Kenya branch near you with the required documents to get started.

Diaspora Banking

These are saving accounts, loans and investment products offered to Kenyans currently in the Diaspora. Owners of a Diaspora account can access Stanbic’s loan, insurance, and investment products. They can also use the bank’s digital channels to make local and international payments. You need a minimum of KES 1000 to open a diaspora account.

Requirements

  • A copy of your Kenyan National ID
  • Proof of residence i.e utility bill or lease agreement
  • Your current bank statement
  • Your Kenyan Revenue Authority (KRA) PIN

You can find out how to open a diaspora account by filling out the form on the bank’s website here

How to access Stanbic Bank’s services

You need to visit a Stanbic Bank Kenya branch near you with the required documents to sign up for Stanbic’s personal and business banking products.

Existing customers can access the bank’s products via internet banking, agent banking, mobile banking, and Stanbic ATMs.

Stanbic Bank Kenya’s internet banking

You can access your Stanbic Bank account via the bank’s online portal. With the online portal, you can:

  • Manage your money by budgeting and tracking your expenses with its financial management tool
  • Open a current, savings, or fixed deposit account
  • Make local transfers to Stanbic Bank and other bank accounts.
  • Buy airtime

You can sign up for Stanbic Bank Kenya’s internet banking via its online portal here.

Stanbic Bank agency banking

Stanbic’s customers in Kenya can carry out transactions through the bank's certified agents. At a Stanbic Bank Kenya agent location, you can:

  • Deposit and withdraw cash
  • Check your account balance
  • Pay bills
  • Request for an account statement

Stanbic Bank Kenya mobile banking

Stanbic’s customers can use the bank’s USSD code and mobile app to access their bank account and carry out transactions on their mobile phones. With the USSD code and mobile app, you can:

  • Open a new Stanbic Bank account
  • Get your business IT3(b) tax certificate
  • Manage all your accounts in one place
  • Check your account balance
  • Transfer money to M-Pesa accounts
  • Make local and international transactions
  • Buy airtime
  • Pay bills

You can download the app from the Playstore, AppStore or Huawei app gallery

How to withdraw money from Stanbic Bank to M-Pesa

You can use the Stanbic Bank app or mobile code to send money to an M-Pesa account.

Simply dial *208# or login to the Stanbic Bank app and follow the prompts on the screen.

Stanbic Bank Kenya’s ATM banking

Stanbic Bank Kenya offers debit and credit cards to its customers depending on their account type. You can use Stanbic Bank's ATMs to:

  • Withdraw money
  • Transfer and withdraw from M-Pesa
  • Check your account balance
  • Request for an account statement
  • Transfer funds

Frequently asked questions

Where can I find Stanbic Bank branches in Kenya

Stanbic Bank Kenya's headquarters is located at Stanbic Bank Centre, Westlands Road, Chiromo, Nairobi, Kenya

You can find the address, phone number, and operating hours of  Stanbic Bank Kenya branches here

You can also visit its website here.

What is Stanbic Bank paybill number

600100

How much does Stanbic Bank Kenya charge for loans and transactions

You can check out its pricing guide here

What is Stanbic Bank Kenya’s SWIFT code

SBICKENX

What is Stanbic Bank Kenya’s customer care number

You can dial 0711-068888,  0732-113888, and 0800 720 044 to speak with their customer care agents.

You can also send an email to customercare@stanbic.com

You can learn more about their customer care handling process here

What is Stanbic Bank Kenya USSD mobile code

Simply dial *208# to access its mobile banking services.

What is Stanbic Bank's social media account?

Stanbic Bank Kenya is on LinkedIn, Twitter, Facebook, and YouTube.

Conclusion

Although its website is easy to navigate, Stanbic Bank Kenya does not provide in-depth information on what you need or how to use its services. Plus, its bank transaction fees are one of the highest in Kenya.

But Stanbic Kenya makes up for its high fees with the wide range of services it offers to both businesses and individuals. The best way to get started is by visiting any of its branches in Kenya with the required documents.


Sources:

https://en.wikipedia.org/wiki/Stanbic_Holdings_Plc

https://www.stanbicbank.co.ke/