Bank Review: Consolidated Bank of Kenya—Everything you need to know

Bank Review: Consolidated Bank of Kenya—Everything you need to know

Consolidated Bank of Kenya Limited is a government-owned commercial bank that provides products and services to individuals and businesses in Kenya.

It is focused on providing financial tools and services to SMEs in Kenya.

This article covers the history, products, and services offered by Consolidated Bank of Kenya.

History of Consolidated Bank of Kenya Limited

Consolidated Bank of Kenya was formed from the merger of 9 insolvent banks on the 7th of December, 1989.

The merged Bank was first focused on servicing the debts of the 9 merged banks, but it was granted a full commercial banking license in 2001.

Since then, Consolidated Bank Kenya has focused on providing financial services to individuals and businesses, especially SMEs.

Consolidated Bank is fully owned by the Kenyan government. 93.4% of its shares are held by the National Treasury while the remaining shares are held by other government-owned Kenyan organisations.

Peter Ntoyian Musei is the current chairperson of the Consolidated Bank of Kenya Board.

Products offered by Consolidated Bank of Kenya

Although Consolidated Bank of Kenya is focused on small and medium businesses, the bank also offers bank accounts and loan products to Individuals.

Consolidated Bank of Kenya offers the following products to individuals:

Consolidated Bank of Kenya’s personal accounts

These are savings and current accounts for individuals. Some of Consolidated Bank’s personal account products are:

Conso Akiba account

This is a fixed deposit account that can be opened without visiting a bank branch. Interest is paid and deposited on the account every day.

A minimum amount of Ksh 100 ($0.85) is required to open a savings plan.

How to open a Conso Akiba account

You can visit any Consolidated Bank of Kenya branch near you OR

  • Dial *262# on your mobile phone
  • Select the terms & conditions option
  • Select Self Register
  • Input your first name and surname
  • Input your national ID number
  • Select Accept

To activate your Conso AKiba account,

  • Dial *262#
  • Input your PIN
  • Select Conso Akiba
  • Select Activation
  • Input your residential address
  • Input your source of income
  • Input your average monthly income
  • Select Activate

Junior saver account

This is an interest-earning savings account that can be opened on behalf of a child. A minimum of Ksh 2000 ($17.01) is required to open the account.

Requirements
  • A copy of the child’s birth certificate/ notification of birth
  • A copy of the parents/ guardian’s national identity card or passport.
  • One passport photograph of the child
  • One passport photograph of the parent/guardian
  • The KRA PIN of the parents’/guardian
  • Next of kin details

Ace salary account

This is a bank account for people that earn a monthly income. The bank charges a monthly service charge of Ksh 475 ($4.04).

Requirements
  • A valid means of identification (National ID card or passport)
  • One passport photograph
  • Your KRA pin
  • An introduction letter from your employer
  • Your next of kin details

Foreign currency savings account

This is a bank account for individuals that carry out bank transactions with foreign currencies.

Customers can open the account in Ksh, USD EUR, and GBP. A minimum amount of Ksh 2,000 ($17.01) is required to open the account.

Requirements
  • A means of identification (National ID card or passport)
  • One passport photograph
  • Your KRA pin
  • An introduction letter from your employer
  • Your next of kin details

Other personal bank accounts offered by Consolidated Bank of Kenya are account 99, solid plus account, e-cash account, dream, saver account, diamond saver account, and fixed deposit.

You can open a Consolidated Bank account by visiting a Consolidated Bank of Kenya branch near you

Consolidated Bank of Kenya’s personal loans

Consolidated Bank of Kenya offers 4 types of personal loans to individuals. They are:

Personal loans

These are unsecured loans for people that earn a monthly salary. You can borrow up to Ksh 2 million ($16,980.12) for a maximum period of 60 months.

Requirements
  • Your payslip for the past three months
  • Non-Consolidated Bank customers must also present their bank statement for the last 6 months
  • A letter of reference from your current employer and a commitment to remit salary through CBKL.

For emergency loans:

  • Your salary must be paid through a Consolidated Bank account for a minimum of 3 months
  • You can borrow a minimum of Ksh 3000 ($25.52)  and a maximum of Ksh 50,000 (425.35)

Mortgage loans

This is a loan product for individuals that want to lease or buy a house. You must be employed or self-employed to qualify for a mortgage loan.

Requirements (employed individuals)
  • A valid means of identification (National ID card or passport)
  • One passport photograph
  • Your KRA pin
  • An introduction letter from your employer
  • Your next of kin details
Requirements (self-employed individuals)
  • Your bank statement for the last 6 months
  • Your business registration certificate
  • Your business cash flow projections
  • A copy of your latest annual filings and receipts
  • A brief history and nature of your business
  • 3 years audited business account
  • A KRA pin
  • Your next of kin details

Solid scholar loan

This is a loan for parents that want to pay their children's school fees.

Parents can borrow up to Ksh 500,000 ($4253.31) for a maximum period of one year.  Salaried and non-salaried earners can apply for the loan.

Requirements
  • The fees structure of the school
  • A confirmation letter from the parent’s employer
  • A valid means of identification (National ID or passport)
  • Your payslip for the past three months
  • Your bank statement for the last 6 months
  • Your KRA PIN
  • Next of kin details

Asset finance

This is a loan for individuals that want to purchase vehicles, machinery, and other equipment for their business.

You can borrow up to 80% of the equipment's cost for a maximum period of 72 months.

Requirements
  • An application letter written and signed by the customer
  • A copy of the customer or company's ID/Pin
  • The customer’s bank statement for the last 6 months
  • The customer's KRA PIN
  • Next of kin details
  • Sea agreement between seller and buyer (for used vehicles)
  • A copy of the seller’s identification and PIN
  • A valuation report from the bank's verified validators.

You can apply for a Consolidated Bank personal loan by visiting a Consolidated Bank of Kenya branch near you with the required documents.

Consolidated Bank of Kenya’s business bank accounts

Consolidated Bank offers savings and current accounts to SMEs operating in Kenya. Some of Consolidated Bank’s business bank accounts are:

Pay-as-you-go current account

This is for growing businesses that need access to bank accounts. The bank charges a Ksh 33 ($0.28) fee on every transaction.

Businesses also enjoy unrestricted cash and cheque deposits and withdrawals. A minimum of Ksh 2500($21.26) is required to open the account.

Requirements
  • The business certificate of registration
  • A valid means of identification (national ID card or passport)
  • One passport photograph
  • An introduction letter from your employer/ account holder/ utility bills in the names of the directors/ statement for other bank accounts
  • A document showing the business resolution to open the account
  • A Certificate of Incorporation, Memorandum and Articles of Association for Limited Companies
  • Your KRA PIN
  • Partnerships must present their partnership deed
  • Next of kin details

Vuna Chama current account

This is a current account for investment groups in Kenya. Incorporated and non-incorporated groups can open the account and they also get free financial advice from Consolidated Bank. A minimum of Ksh 5000 ($42.45) is required to open the account.

Requirements (non-incorporated groups)

  • A registration certificate from the Ministry of Culture & Social Services
  • The group’s constitution
  • The minutes of the meeting that outlined the group's bankers
  • Identification card and one passport photograph of the group’s officials
  • A list that contains the name, address, and business of the group's members,
Requirements (incorporated groups)
  • A certificate of incorporation, memorandum and articles of association
  • The company's PIN certificate
  • The company's search listing directions or annual returns
  • The director’s resolution to appoint bankers
  • Identification card and one passport photograph of the group’s officials

Diamond saver account

This is a savings account for premium Consolidated Bank customers. A minimum amount of Ksh 100,000 is required to open the account.

Requirements
  • A means of identification (National ID card or passport)
  • One passport photograph
  • Your KRA pin
  • An introduction letter from your employer
  • Your next of kin details

Dream saver account

This is a business account for owners that want to save for a business need. A minimum amount of Ksh 2000 (849.01) is required to open the account.

Requirements
  • A valid means of identification (National ID card or passport)
  • One passport photograph
  • Your KRA pin
  • An introduction letter from your employer
  • Your next of kin details

Other business accounts are foreign currency current account, schools collection account, foreign currency savings account, Vuna Chama Savings Account, and fixed deposits.

Businesses can open a Consolidated business bank account by visiting a Consolidated Bank of Kenya branch with the required documents.

Consolidated Bank of Kenya’s business loans

These are loans and finance products for businesses in Kenya. Some of Consolidated Bank of Kenya’s business loan products are:

Business loans and overdraft

These are quick loans for businesses to manage and meet their business needs.

Requirements
  • A company profile that outlines the business ownership structure and shareholding percentage
  • A business profile that includes a brief description of the business, its key members, and their relevant experience
  • The business cash flow projections
  • The business bank statement for the last 6 months

Commercial construction loan

This is a loan for individuals or businesses that want to build units or houses for sale or rental purposes. The period of the loan depends on if you want to sell or rent the units.

Requirements
  • A means of identification (National ID card or passport)
  • One passport photograph
  • Your KRA pin
  • An introduction letter from your employer
  • Your next of kin details

Insurance premium financing

This is a loan that helps customers pay their insurance premiums. The loan also gives applicants a flexible repayment period of 4-10 equal monthly payments.

Other types of business loans and finance products and services are letters of credit (LC), invoice discounting, performance bonds, LPO financing, bid bonds, and treasury products.

Businesses can apply for Consolidated Bank business loans by visiting a Consolidated Bank of Kenya branch with the required documents.

Ways to bank

Consolidated Bank’s mobile and internet banking platforms allow you to access the bank's products and services without visiting the bank’s branches.

Consolidated Bank mobile banking (*262# and MyConso app)

Consolidated Bank customers can access and manage their bank accounts through the bank’s mobile app (MyConso app) and USSD code (*262#).

With the MyConso app and *262#, you can:

  • Register and activate a new Consolidated Bank account
  • Buy airtime
  • Request for your account statement
  • Transfer funds to other accounts and money wallets
  • Manage your debit card
  • Request for a cheque book and ATM
  • Pay your bills  

You can register for Consolidated Bank of Kenya’s mobile banking by:

  • Visiting a Consolidated Bank of Kenya branch near you
  • Dialling *262# and following the prompts
  • Downloading the MyConso app from the Playstore and Appstore
How to transfer money from MPesa to a Consolidated Bank of Kenya account
  • Open the MPesa menu on your phone
  • Select Paybill
  • Input Consolidation Bank’s business/paybill number (508400)
  • Input the recipient's phone number
  • Input the amount you want to send
  • Input your MPESA PIN

Consolidated Bank internet banking

Consolidated Bank Kenya customers can access and manage their bank accounts through the bank's internet portal.

With the Consolidated Bank’s internet portal, you can:

  • Register and activate a new Consolidated Bank account
  • Register for Consolidated Bank’s internet banking services
  • Request for your account statement
  • Transfer funds to other accounts and money wallets
  • Manage your debit card
  • Request for a cheque book and ATM

You can sign up for Consolidated Bank Kenya’s internet banking service by visiting a Consolidated Bank of Kenya branch or by following the prompts here.

Frequently asked questions

What is Consolidated Bank of Kenya’s contact information

Consolidated Bank head office address: Consolidated Bank House, 23 Koinange Street, Nairobi Kenya.

Postal address: P. O. Box 51133 - 00200, Nairobi

Telephone number: +254 703 016 000

Email:tellus@consolidated-bank.com

You can find a Consolidated Bank of Kenya branch here and an ATM here.

What is Consolidated Bank of Kenya’s customer care number

You can call 0703016016 or 0800 7200 39 to speak with a Consolidated Bank of Kenya customer care agent.

You can also send an email to tellus@consolidated-bank.com

What is Consolidated Bank of Kenya’s paybill number

508400

What is Consolidated Bank of Kenya’s SWIFT code

CONKKENA

What is Consolidated Bank of Kenya’s USSD code

Simply dial *262# on your mobile phone

What is Consolidated Bank of Kenya’s website

You can visit the Consolidated Bank of Kenya’s website here.

You can also visit its Meta (Facebook), Twitter, and YouTube pages.

Conclusion

Consolidated Bank of Kenya does not offer a lot of products or have a lot of bank branches, which is surprising as the bank has been functioning for more than 20 years.  

Its current product offerings are more focused on SMEs in Kenya, but individuals can meet most of their banking needs with the bank’s current individual products.

Sources

https://en.wikipedia.org/wiki/Consolidated_Bank_of_Kenya#Ownership