Bank Review: Kingdom Bank Kenya—Everything you need to know

Kingdom Bank Limited Kenya, a subsidiary of the Co-operative Bank of Kenya, is a commercial Bank that provides products and services to individuals and businesses in Kenya.

Kingdom Bank has 17 branches in Kenya and a service centre in Kisumu. It also has 6 ATM outlets, access to Kensitch ATMs, and digital banking platforms for its customers.

This article covers the products and services offered by Kingdom Bank Kenya.

History of Kingdom Bank Kenya

Kingdom Bank was created as a charitable trust by fifty low-income families in Nairobi.

It was called Jamii Bora and it became a full-fledged bank after it merged with City Finance Bank (CFB) in March 2010.

CFB acquired Jamii Bora and changed its name to Jamii Bora. The merged Jamii Bora bank was acquired by The Cooperative Bank of Kenya (Coop Bank) in 2020.

Coop Bank Kenya acquired 90% of Jamii Bora’s shares, making it the highest shareholder. Jamii Bora Bank rebranded to Kingdom Bank Kenya Limited after the acquisition.

Kingdom Bank Kenya also received an interest-free Sh20.96 billion ($174 million) liquidity support financing from the Central Bank of Kenya.

Mrs Margaret Karangatha is Kingdom Bank’s chairperson of the board of directors while Mr Anthony Mburu is the bank’s managing director & CEO.

Kingdom Bank Kenya’s products and services

Kingdom Bank offers products and services to individuals and businesses. These products and services are grouped into:

Bank accounts

These are bank accounts for individuals, businesses, and groups in Kenya. Some of Kingdom Bank’s account products are:

Kingdom Bank savings account

This is an interest-earning savings account for individuals and businesses to save for a future goal. A minimum amount of Ksh. 500 ($4) is required to open the account.

A 4% interest is paid quarterly on amounts above Ksh. 5,000 ($42) and owners can withdraw from the account once in every quarter.

Requirements

• A copy of your national ID card or passport
• Your KRA PIN certificate

Kingdom Bank's current account

This is an interest-earning account for businesses. A minimum amount of Ksh. 2,500 ($21) is required to open the account.

Requirements

• Copies of the business Memorandum of association, registration certificate, and directors' resolution
• Copies of each of the directors' KRA pin
• The company’s KRA PIN

Kingdom Bank junior savings account

This is a savings account for children. It is opened on behalf of the child by the parent and it enjoys a 2% interest rate per annum on amounts above Ksh 5,000 ($42).

A minimum amount of Ksh. 500 ($4) is required to open the account.

Requirements

• The parent or guardian’s national ID card or passport
• A copy of the child’s birth certificate
• A copy of the parent or guardian’s KRA PIN

Transaction account

This is an account for individuals and businesses that perform a lot of transactions daily.

A minimum amount of Ksh. 200 ($2) is required to open the account. The account owner can also access loans from Kingdom Bank.

Requirements

• A copy of your national ID card.
• A copy of your KRA PIN

Other Kingdom Bank account products are micro group account and chama account.  

You can open any Kingdom Bank account by visiting any Kingdom Bank branch with the required documents.

Kingdom Bank Kenya’s loans

Kingdom Bank offers loans to individuals and businesses of all sizes. They fall under the following categories: personal, micro, business, and trade finance. Some of the bank’s loan products include:

Salary check-off loan

Salary check-off loans are personal loans for individuals earning a monthly income from public and private businesses.

You can borrow between Kes. 20,000 – Kes 4,000,000 ($166-$33,261) for a maximum period of 96 months.

Requirements

• Your latest 3 payslips
• A copy of your national ID card
• A copy of your KRA PIN

Daraja loan

This is a micro business loan for businesses that want to expand. Businesses can borrow between Kes. 50,000- Kes. 3,000,000 ($416-$24,946) at an interest rate of 18%.

Requirements

• The business must be at least one year
• The business must have regular cash flow (agric-related business, schools, supplies rental business are excluded from this condition)
• The business must be a Kingdom Bank customer for at least 3 years
• The business must present collateral (title deeds, motor vehicle logbooks, household items, business assets, business stocks, etc).

Micro group loan

Micro group loans are for micro and small businesses in registered groups. It is a loan to help businesses with the working capital they need to expand their business.

Businesses can borrow between Kes 10,000-1,000,000 ($83-$8,315) for a maximum duration of 12 months. Members of the group are eligible for the loan after 8 weeks of training from Kingdom Bank.

Requirements

• The group must be located within the business area of operation’
• The group must have members running small or micro businesses
• The group must be registered with relevant government bodies
• The group must have a bank account with Kingdom bank
• The group must demonstrate their capacity to control the loan
• Existing groups must have operated a merry-go-round program in the past for at least six months
• The group’s members’ businesses must be at least six months
• Other requirements as determined by the bank

Other Kingdom Bank loan products are unsecured business loans, trade finance, and chama investment loans.

Businesses can learn more and apply for Kingdom Bank’s loans by visiting any of Kingdom Bank branches.

Diaspora banking

These are bank accounts offered to Kenyans living abroad or Kenyan businesses that carry out international transactions.

Diaspora accounts also get access to Kingdom Bank’s digital banking channels. Some of Kingdom Bank Kenya’s diaspora bank accounts are:

Diaspora transactional account

This is a bank account for individuals in the diaspora that perform daily transactions.

The account is available in different currencies (KES, GBP, EUR, and USD) and it gives its owners access to the bank’s plot/house loans.

A minimum amount of KES 5,000, GBP 50, EURO 50 & USD 50 is required to open the account.

Diaspora savings account

This is an interest-earning account suitable for individuals interested in saving money for future use. It can also be used as a child savings account.

The account is available in multiple currencies (KES, USD, GBP, EURO). A minimum amount of KES 5,000 or USD/GBP/Eur 100 is required to open the account.

Diaspora current account

This is an interest-earning account that can be used by both individuals and businesses. The account is available in multiple currencies (KES, USD, GBP, EURO).

A minimum amount of KES 5,000, USD 100, GBP 100, EURO 100 is required to open the account. There is also a monthly maintenance fee of KES 400, USD 5.GBP 5, EURO 5.

Call & fixed deposit accounts

This is a high-interest account for customers to save for a specified period (1-12 months). It requires a minimum deposit amount of KES 50,000 ($416).

Diaspora account requirements

Kingdom Bank Kenya’s diaspora account opening requirements depend on the entity opening the account.

Individuals

• You must be a Kenyan living abroad
• You must fill and sign the account opening form
• A certified/notarised copy of a valid means of identification (ID card or Kenyan passport)
• A certified/notarised copy of your KRA PIN Certificate
• A certified/notarised copy of your proof of residence (utility bill, bank statement, etc)
• A certified/notarised copy passport photograph
• USA residents must submit a duly signed FATCA form

Companies

• A signed and filled account opening form
• Certified copies of the business certificate of registration/incorporation, articles, and memorandum of association
• Certified copies of the company's latest annual returns
• A certified copy of the business PIN certificate
• A copy of the board's resolution to open the account and appoint bankers drafted on the company's letterhead
• Certified copies of the directors authorised to run the account’s national ID or passport
• The directors' KRA PIN certificate
• One passport photograph for each director
• US-based companies must submit a FATCA form( FORM W-8BEN for corporates)

Kenyans living abroad can certify their documents at:

• A notary public at your country of residence

• The Kenyan Embassy

• A current banker in your country of residence

• At any Kingdom Bank branch in Kenya

You can submit the filled account opening form via the Kingdom Bank website here.

Kingdom Bancassurance

Kingdom Bank offers insurance products to individuals and businesses and its insurance products are divided into 2 broad categories: enterprise insurance solutions and

Enterprise insurance solutions

These are insurance solutions suited for businesses of all sizes. Kingdom Bank’s enterprise packages include:

• Trade, transport & logistics
• Construction & real estate
• Professionals insurance
• Marine insurance
• Agribusiness

Personal insurance solutions

These are insurance solutions suited for individuals. Kingdom Bank’s personal insurance solutions include:

• Home insurance
• Motor insurance
• Medical insurance
• Marine insurance
• Education policy
• Salary protection policy
• Travel insurance
• Card insurance

Businesses and individuals can register for Kingdom Bank’s insurance solutions by visiting any Kingdom Bank branch.

You can also view the bank’s tariff guide here

Kingdom Bank Kenya’s digital banking channels

These are alternative banking channels for Kingdom Bank's limited customers to manage and access Kingdom Bank’s products and services.

Digilife

Digilife is Kingdom Bank Kenya’s online banking portal for its individual and business customers. With Digilife, you can:

• Manage your bank account
• Transfer funds to other accounts
• Pay your bills

You can register for Digilife by visiting any Kingdom Bank Kenya branch or via the Digilife portal here. Registered users can log into the Digilife portal here.

Money transfer

Kingdom Bank customers can send and receive money locally or internationally through the bank’s money transfer agents. The bank is partners with MPESA, Airtel Money, Western Union and MoneyGram.

Kingdom Bank cards

Kingdom Bank offers debit and prepaid smart cards to its customers. These cards can be used to perform banking transactions at different ATMs in Kenya.

Kingdom Bank’s mobile banking (*344# and bank app)

Kingdom Bank customers can manage and access their bank accounts through the bank’s USSD code (*344#) and bank app.

With Kingdom Bank’s mobile banking, you can:

• View your account statement
• Check your account balance
• Transfer money to other banks
• Pay your utility bills
• Purchase airtime
• Send money to mobile money accounts

You can register by dialling *344# or by downloading the bank app from the Appstore and Playstore. You can also register by visiting any Kingdom Bank Kenya branch near you.

Frequently asked questions

What is Kingdom Bank Kenya’s contact information?

Kingdom Bank Kenya’s headquarters: Kingdom Bank Towers, Argwings Kodhek Road, Kilimani.

Postal address: P. O. Box 22741- 00400 Nairobi, Kenya

Telephone number(s): 0709 881 000, 0709 881 300, and 020-221 0339

Email address: info@kingdombankltd.co.k

You can find any Kingdom bank branch here

What is Kingdom Bank's customer care number?

You can call the Kingdom Bank Kenya 24-hour contact centre at 0709881300 or call 0722-201112, 0734- 600682, or 020-2214976.

You can also send a Whatsapp message to 0703112779 or an email to customerservice@kingdombankltd.co.ke

What is Kingdom Bank’s USSD code?

*344#

What is Kingdom Bank Kenya’s website?

You can visit its website here.

How to withdraw from Kingdom Bank Kenya to MPesa

Simply dial *344# and follow the prompts on the screen or use the Kingdom Bank app available on Android and IOS devices.

What is Kingdom Bank’s SWIFT code

CIFIKENA

What is Kingdom Bank's paybill number?

529901

Conclusion

Kingdom Bank Kenya offers banking products to both individuals and businesses. Its digital banking channels are also easy to sign up for, but there are a lot of complaints about its customer service online and offline.

Hopefully, Kingdom Bank’s acquisition by Coop Bank Kenya will help the bank overhaul and improve its existing product offerings.

Sources

https://en.wikipedia.org/wiki/Kingdom_Bank_Limited_(Kenya)

https://www.businessdailyafrica.com/bd/corporate/companies/kingdom-bank-projects-sh300m-full-year-profit-3431994