Bank Review: SBM Bank Kenya—Everything you need to know
SBM Bank Kenya Limited, subsidiary of Mauritian based SBM Holdings, is a commercial bank in Kenya that offers financial products and service to individuals, SMEs, and corporations.
SBM Bank Kenya has over 42 branches, 100,000 customers, and digital banking platforms. It also offers banking product and services to Kenyans in the diaspora.
This article covers the products and services offered by SBM Bank Kenya.
History of SBM Bank Kenya
SBM Bank Kenya was incorporated as the African Finance company in 1988, but rebranded to Fidelity Finance Limited in 1992.
After it gained its banking licence from the Central Bank of Kenya in 1996, the bank rebranded again to Fidelity Commercial Bank Limited.
In May 2017, a majority of SBM Bank Kenya’s stake was acquired by SBM Group and the bank’s name was changed to SBM Bank (Kenya) Limited.
In April 2018, SBM Bank Kenya’s parent company, SBM Holdings of Mauritius acquired majority 75% of Chase Bank’s assets and liabilities which were under receivership.
After the acquisition, Chase Bank’s assets were absorbed by SBM Kenya Bank and SBM Group injected $60 million (Ksh 6.0 Billion) into Chase Bank.
SBM Kenya’s assets at the acquisition were valued at approx $600 million and it also accounted for 2.4 percent of all banking assets in the Kenya.
SBM Bank Kenya was sued by Afrasia Bank for the money it deposited in Chase Bank before it collapsed. SBM Bank Kenya was ordered by Kenyan courts in 2022 to pay over $7.5 million (Sh892 million) to Afrasia Bank.
In 2019, SBM Bank Kenya partnered with UnionPay, a Chinese global payment network, to roll out prepaid cards In Kenya.
At the start of 2022, The Kenyan Capital Markets Authority (CMA) stated it would not investigate SBM Holdings Limited and SBM Bank Kenya Limited over allegations of fraudulent trades of government bonds worth Kshs300 million in August 2021.
Moezz Mir is SBM Kenya’s chief executive officer.
SBM Bank Kenya’s products and services
SBM Bank Kenya offers financial products and services to individuals, businesses, and corporations. SBM Kenya’s products fall into two broad categories: personal banking and business banking.
SBM personal bank accounts
These are savings and current accounts for Kenyans (local and diaspora) and foreigners living in Kenya. Some of SBM personal bank account products are:
Instant saver account
This is an interest-earning savings account for Kenyans (local and diaspora) and foreigners. No monthly ledger fees are charged to the account.
Requirements
- A filled out and signed account opening form
- An original and copy of your Kenyan National ID, passport, visa, work permit, or alien ID
- Two passport photographs
- Your KRA pin
- Your next of kin details
- A utility bill
- Proof of source of funds
- US residents must also present a signed FATCA form
SBM platinum saver account
This is an interest-earning savings account for short to medium plans. The account has a 6% per annum interest rate and it is paid monhly. A minimum amount of KES 100,000 ($830) is required to open the account.
Requirements
- An original and copy of your Kenyan national ID card, passport, visa, alien certificate, work permit, or student pass
- Your KRA pin
- One passport photograph
- US residents must also present a signed FATCA form
Pebble savings account
This is a savings account opened on behalf of a child by their parents or guardians. The account can be opened in KES, USD, GBP, or EUR. No monthly ledger fees are charged to the account.
Requirements
- A filled out and signed account opening form
- An original and cioy of the child’s birth certificate or notification of birth
- An original and copy of your Kenyan National ID, passport, visa,work permit, or alien ID
- Two passport photographs
- Your KRA pin
- Your next of kin details
- A utility bill
- Proof of source of funds
- US residents must also present a signed FATCA form
Aspire plus current account
This is a current account for SBM customers who carry out a lot of transactions daily.
Requirements
- A filled out and signed account opening form
- An original and copy of your Kenyan National ID, passport, visa,work permit, or alien ID
- Two passport photographs
- Your KRA pin
- Your next of kin details
- A utility bill
- Proof of source of funds
- US residents must also present a signed FATCA form
You can open a SBM Kenya bank account by visiting any SBM Bank branch near you with the required documents.
SBM Bank Kenya’s personal loans
These are loans Kenyans (local and diaspora) and foreigners can access from SBM Bank. Some of the bank’s loan products are:
Shamba Loans
Shamba loans are for Kenyans in the diaspora interested in growing their asset portfolio.
Requirements
- An original and copy of your ID or passport
- A copy of your KRA PIN
- Your employment contract or letter
- Self-employed individuals must present copies of their business licences/permits and an IRA tax compliance certificate
- Certified copies of your bank statement
- Certified copies of your pay slips
- Your CRB report
- Certified copies of your bank loan statements (if applicable)
- A copy of the sales agreement
- A valuation report of the asset
- A copy of the title deed
- Your tax returns
Payday advance
This is an emergency loan available to individuals who earn a monthly income. Payday advance has a flexible repayment period and a quick turnaround time. The rates and fees depends on your credit limit.
Requirements
- You must be an SBM account holder for at least 6 months
- You must be a confirmed permanent employee with a monthly income
- You must earn a minimum of KES 15,000 ($125) monthly
- You must receive at least three (3) salaries through SBM Bank
Personal secured loan
This is a loan for Kenyans in the diaspora to acquire assets, invest, or start a business.
Requirements
- An original and copy of your ID or passport
- A copy of your KRA PIN
- Your employment contract or letter
- Self-employed individuals must o present copies of their business licences/permits and an IRA tax compliance certificate
- Certified copies of your bank statement
- Certified copies of your pay slips
- Your CRB report
- A copy of the log book
- A copy of the pro-forma invoice or dealer’s quotation
- A copy of the sales agreement
- A valuation report of the asset
- A copy of the title deed
- Your tax returns
- Copies of import documents (if not registered)
- Certified copies of your bank statement and pay slip
SBM overdraft
SBM overdrafts are quick and short term loans available to SBM customers with good CRB rating.
Requirements
- The account must not have unauthorised overdrawn positions or unpaid items over the last six months
- The facility must not fall under the bank’s list of prohibited business
Personal unsecured loan
Personal unsecured loans are available to Kenyans in the diaspora. They have a quick turn around time and do not require collateral.
Requirements
- A filled out and signed application form
- You must be a salaried permanent employee for at least six (6) months
- The applicant must not have unauthorized overdrawn positions or unpaid items
Other SBM Kenya personal banking products are term and call deposits, auto loans, elite current account, aspire current account, mortgages, construction loan and jivunie current account
SBM Bank Kenya’s business banking solutions
These are bank accounts, loans, payment processing facilities, and other financial products and services offered by SBM Bank to businesses. Some of SBM’s business banking solutions are:
Baraka collection account
This is a pay-as-you-go current account for businesses. No amount is required to open the account.
Requirements
- An original and copy of the business certificate of incorporation or certificate of registration
- A compliance certificate issued by the registrar of companies (for companies incorporated outside of Kenya)
- An original and copy of business Memorandum & Articles of Association (CR1, CR2, CR8)
- A copy of the business CR 12 (valid for 90 days ) or annual returns
- The companies recent audited financial statement
- A signed and sealed board of directors’ resolution to open the account
- The company and directors’ KRA PIN certificates
- A copy or the directors’ and signatories national ID or passport
- Passport photographs for each of the business’ directors’ and account signatories
- A valid business permit
- A licence from a governing body (e.g. mining, IRA, SASRA etc)
- US based companies must present a signed and filled FATCA & CRS certification forms
- Other requirements as requested by the bank
Business plus current account
This is a current account for businesses that make high transactional transactions locally and internationally. No amount is required to the account.
Requirements
- An original and copy of the business certificate of incorporation or certificate of registration
- A compliance certificate issued by the registrar of companies (for companies incorporated outside of Kenya)
- An original and copy of business Memorandum & Articles of Association (CR1, CR2, CR8)
- A copy of the business CR 12 (valid for 90 days ) or annual returns
- The companies recent audited financial statement
- A signed and sealed board of directors’ resolution to open the account
- The company and directors’ KRA PIN certificates
- A copy or the directors’ and signatories national ID or passport
- Passport photographs for each of the business’ directors’ and account signatories
- A valid business permit
- A licence from a governing body (e.g. mining, IRA, SASRA etc)
- US based companies must present a signed and filled FATCA & CRS certification forms
- Other requirements as requested by the bank
SBM Kenya’s Mobile 2 Bank
This is a mobile and online solution for business owners to receive MPesa payments. With Mobile 2 Bank, business owners can:
- Receive payments from customers
- Receive payments directly into their SBM busienss account
- Pay business bills
- Access uncollateralised loans
Business owners can sign up for Mobile 2 Bank by visiting any SBM Bank Kenya branch. They must have an active SBM Bank account.
Workplace Banking
This is a quick and uncollateralised credit solution for a business employees.
Requirements
- The individual must earn a monthly income of at least KES 30,000 ($249)
- The business must present its staff profile on an information sheet
- The business must present its organisation profile
- The business must present tis certificate of registration and CR 12
- The business must submit its audited accounts for the previous 3 years
- A tax compliance certificate
Term Loans
These are short, medium, or long term business loans with fixed regular repayment schedules. SBM’s term loans can be used to acquire assets or increase the business working capital.
Requirements
- A filled out and signed application form
- Maximum qualifiable amount is 25% of total annual turnovers ‘The account must not have unauthorised overdrawn positions or unpaid items over the last six (6) months
- The business must not be negatively listed on CRB
- The business must not fall under SBM’s list of prohibited business
Unsecured MSME loan
This is an uncollateralised loans for businesses in need of working capital. It has a quick turn around time (24-72 hours) and businesses can borrow up to KES 5 million (approx $41,500). The loan has a maximum repayment period of one year.
Requirements
- The business must have a bank account with SBM for at least one (1) year
- The business must be at least three (3) years old
- The business must have stable cash flow
- The business monthly turnover must not decline by more than 25% in the preceding 90 days
- Businesses in trading sectors should not have NIL banking over the preceding 12 months
- Applicants must have credit life assurance
Simple payments solution
This is a business solution offered by SBM Bank to its business and corporate customers. With SBM simple payment solution, businesses can make bulk payments to employees, suppliers, etc. quickly.
Businesses can sign up for SBM’s simple payments solution by visiting any SBM Bank branch. They would be required to fill out an application and indemnity for SPS procedure forms.
Other SBM Kenya business solutions are plus current account, trade finance, asset finance, structured term loans, SBM overdraft, and corporate banking
Businesses can sign up for SBM Bank Kenya’s business solutions by visiting any SBM Bank branch with the required documents.
SBM Bank Kenya’s alternative banking channels
SBM Kenya’s can access, manage and perform bank transactions via SBM’s alternative channels. These channels are:
SBM Bank Kenya’s cards
SBM Bank Kenya offers debit, credit, and prepaid card options to its local and diaspora customers. SBM Kenya’s card options are:
- SBM debit card
- Visa infinite card
- Visa prepaid card
- AA premium prepaid card
- AA associate prepaid card
- UnionPay prepaid card
- Visa gold credit card
You can apply for any of these cards by visiting a SBM Bank Kenya branch near you.
SBM Bank Kenya’s online (Mfukoni) banking
SBM Mfukoni online banking platforms can be used by the bank’s individual and business customers to access and manage their accounts. With Mfukoni online banking, SBM Kenya customers can:
- Apply for loans
- Set up standing orders
- Transfer funds to bank accounts
- Transfer funds to mobile money wallets
- Pay bills
- Request for cheque books, credit and debit cards
How to register for SBM Mfukoni online banking
- Open the SBM bank app on your android or IOS device
- Tap Quick Links
- Tap Settings
- Tap Activate Online Banking
- Input your preferred online banking user ID and tap Send
- Input your Mfukoni PIN and tap Submit
- You will receive your online banking details via SMS to the phone number attached to your SBM Bank account
- Use the details in the SMS to log into the Mfukoni online portal here
SBM Bank Kenya’s mobile (Mfukoni) banking
The SBM Mfukoni bank app can be used by individual and business SBM customers. The Mfukoni bank app allows customers to:
- Check their account balance
- View their account statement
- Withdraw from MPesa
- Pay bills (KRA tac, KPLC token purchase, etc.)
- Buy airtime
- Transfer funds to local and international accounts
- Pay credit card debt
- Apply for loans
- Apply for cheque books, credit, and debit cards
- Set up standing orders
How to register for SBM Mfukoni bank app
- Download the SBM Mfukoni bank app from the Playstore and Appstore
- Tap Let’s Get Started
- Tap Register and Self Registration
- Fill out the form and tap Register
- You will receive your online banking details via SMS to the phone number attached to your SBM Bank account
- Re-open the SBM Mfukoni app and tap Let’s Get Started
- Input your mobile number and the six-digit OTP you received in the SMS
- Input the 4-digit PIN you received in the SMS
- Tap Submit
Money transfer services
SBM Bank Kenya customers can send and receive money worldwide through the bank’s SWIFT network and money transfer partners. SBM Bank Kenya’s money transfer partners are:
- Western Union
- Mukuru
- Transfast
- Xoom
- Gold Card
Real Time Gross Settlement (RTGS)
RTGS can be used by SBM’s individuals and business customers to transfer cash within Kenya. RTGS can be done at any SBM Kenya branch or through its Mfukoni internet banking platform.
Telegraphic transfers (TT)
This is a safe and fast way for SBM individual and business customers to send money abroad. Telegraphic transfers can be carried out at any SBM Bank Kenya branch or via the Mfukoni online banking. Outgoing telegraphic trasfers cost KES 1,500.
Frequently asked questions
What is SBM Bank Kenya’s contact information
SBM Bank Kenya headquarters: Central office, Riverside Mews Nairobi, Kenya
Telephone number(s): +254 (0) 709 800 000 and +254 (0) 730 175 000
Email address: atyourservice@sbmbank.co.ke
WhatsApp number: +254 773 758196
You can find any SBM Bank branch here, ATM here, and Popote agents here.
What is SBM Bank Kenya’s paybill number
SBM Bank paybill number is 552800
What is SBM Bank Kenya’s website
You can visit the SBM Bank Kenya’s website here.
You can also visit its Facebook and Twitter pages.
What is SBM Bank’s SWIFT code
SBMKKENA
What is SBM Bank’s USSD code
SBM Bank code is *275#, but the bank advices you use its Mfukoni mobile bank app
Conclusion
The bad news is that SBM Kenya’s USSD code and Mfukoni mobile and online banking platforms are unreliable.
The good news is that SBM Bank Kenya is the diverse range of products it offers individuals, businesses, and corporations, especially Kenyans in the diaspora. The bank is also transparent about its product and transaction fees.
Sources
https://en.m.wikipedia.org/wiki/SBM_Bank_Kenya_Limited
https://m.unionpayintl.com/wap/en/mediaCenter/newsCenter/marketUpdate/5649.shtml