Bank Review: Sidian Bank—Everything you need to know
Sidian Bank, named after the igneous rock Obsidian, is a commercial bank in Kenya that provides banking, insurance, and investment products to businesses and individuals.
Formerly known as K-rep, Sidian Bank has grown from an NGO to a full-fledged commercial bank.
This article covers the products offered by Sidian Bank and how to sign up for them.
History of Sidian Bank
Sidian Bank, formerly known as K-rep Group, was established in 1984 as a project to support small and micro-businesses by providing funds and technical assistance to NGOs.
In 1987, K-rep group grew from a project to an NGO. As an NGO, it established a micro-credit lending program which it used to grant loans to NGOs and businesses directly. It also started charging a fee for its technical assistance program.
In 1999, K-rep group became a holding company. It established 3 entities: K-Rep Bank to act as a commercial bank, K-Rep Development Agency to carry on its research and development work, and K-Rep Advisory Services to serve as its consulting wing.
Centum Investment Company Limited acquired a majority of K-rep Bank’s shares
in 2014. After the acquisition, the bank reconstructed and changed its name to Sidian Bank.
Sidian Bank’s products
Sidian Bank offers bank accounts, loans, insurance, and investment products to individuals, businesses, SMEs and corporations. These products are:
Personal bank accounts
Sidian Bank’s personal bank accounts are for Kenyans living in Kenya and abroad. They offer 2 types: savings and current accounts. Sidian Bank’s personal bank accounts are:
Premium savings account
The premium savings account is an interest-earning account for individuals and joint account holders. The account can be opened in KES, USD, GBP or EURO.
The bank does not charge any monthly fees on the account and it earns an interest of 7% p.a paid monthly by the bank. A minimum amount of KES. 10,000 ($100) is required to open a premium savings account.
Msingi savings account
A Msingi savings account is an interest-earning account opened by parents on behalf of their child. The account also gives parents access to school fees loans. A minimum amount of KES. 5,000 ($100) is required to open a Msingi savings account.
Flexxy account
This is a current account for individuals that earn a monthly income and carry out transactions frequently. The account can be opened with KES, USD, GBP or EURO.
Flexxy account owners also get access to a relationship manager, overdrafts and loans. A fixed amount of KES 750 ($6.52) is charged on the account and a minimum amount of KES 10,000.00 ($200) is required to open the account.
Mshahara account
A Mshahara current account is for individuals that earn a monthly salary. The account has a flexible pay-as-you-go structure, which means fees are only charged when the account is used.
Mshahara account owners also get access to salary advance loans and no amount is required to open the account. The account can be opened with KES, USD, GBP or EURO.
How to open a Sidian Bank personal bank account
You can open a Sidian Bank savings or current account by filling the form on its website here and here respectively. You can also visit a Sidian Bank branch near you to get started.
Required documents
- A filled account opening form
- A copy of your national ID or Passport
- One passport size photo
- Your KRA PIN/tax exemption certificate
- Declaration of source of funds
- Kenyans living abroad and foreigners must also declare their non-resident status
- Foreign nationals living in Kenya must also present a valid entry permit ( work or resident permit, alien certificate, student pass, internship pass, dependent’s pass, special Pass or refugee ID)
- US citizens/residents must also present a completed W-9 tax form
Business bank accounts
Business bank accounts are for microfinance institutions, local and international businesses. Sidian Bank also partnered with Medical Credit Fund East Africa to provide financial solutions tailored to the needs of hospitals, pharmaceutical companies, pharmacies, chemists and medical equipment suppliers.
Nawiri account
This is a current account for individuals and small business owners. The Nawiri account is a pay-as-you-go account, which means fees are only charged when the account is used. No amount is required to open the account.
Ungana Group account
This is an account suited for cooperative societies, investment groups, or collectives interested in saving or investing funds. A minimum amount of KES. 2,000($200) is required to open the account.
Business account
A business account is for limited companies, SMEs, corporates and sole proprietors that handle large cash deposits frequently. Business accounts can be opened in KES, USD, GBP and EURO. Business accounts also get access to a dedicated relationship manager and a minimum amount of KES. 2,000 ($200) is required to open the account.
How to open a Sidian Bank business bank account
Businesses can open a business account by filling the account opening form on Sidian Bank’s website here or by visiting a Sidian Bank branch.
Required documents
The documents required depend on the type and size of the company. You can view its key facts guide here to view the requirements.
Other business solutions offered by Sidian Bank are NHIF invoice discounting and asset finance, trade finance and treasury services.
Personal loans
These are loans offered to individuals. They are into 2 categories: emergency loans and check-off loans
Emergency loan
These are loans used to meet short needs like emergencies, medical bills, school fees etc. A maximum loan amount of KES. 500,000 ($4,286.22) can be borrowed for a maximum period of 12 months.
Check-Off loan
Check-off loans can be used for both short and long term loans. A maximum amount of KES. 3,000,000.00 ($2,571.73) can be borrowed for a maximum period of 72 months.
Requirements
The borrower must earn a monthly income.
SME loans (Tabibu loans)
These are loans for small and medium businesses. There are 4 types of Tabibu Loans: Small, medium, mature, and special loans.
Tabibu loan requirements
- The business must have an active bank account with Sidian Bank for more than 3 months
- The business must present its 6 months bank statements from previous banks
- The business operational till or Paybill number
- Collateral as requested by the bank
- Hospitals must transfer NHIF and insurance proceeds
Microbanking loans
There are 2 types of Sidian Bank micro banking loans: microfinance individual loans and Chama Biashara loans.
Micro Finance Individual Loan
These are loans for small businesses that have been operating for at least 2 years. Businesses can borrow between KES. 300,000.00-3,000,000.00 ($2517.73-$25,717.30) for a maximum period of 2 years.
Chama Biashara Loan
These are loans for cooperative groups and societies. Creditworthy cooperatives can borrow between KES 20,000-3,000,000 ($171.45-$25,717.30) without collateral, but loans above KES. 800,000.00 ($6,857.95) must provide collateral in the form of cash, fully charged logbooks and title deeds.
You can view the general requirements for business loans here.
Individuals and businesses can apply for a loan by visiting a Sidian Bank branch or by filling the form on its website here.
Sidian Bank’s insurance products
Sidian bank offers insurance to individuals and businesses through its insurance agency, bancassurance products. Its insurance products are split into 3 groups: general insurance, life insurance, and motor insurance.
The bank’s general insurance products covers:
- Employers Liability
- Goods in Transit
- Fire and Perils
- Burglary Cover
- Livestock Insurance
- Crop Insurance
- Domestic Package
- Money Insurance
- Travel Insurance
- Work Injury Benefits Act
- All Risks Cover
- Personal Accident Cover
You can learn more about its general insurance products and get started here.
The bank's life insurance product covers and includes:
- Life assurance policy
- Endowment policy
- Term Life policy
- Credit life
- Sidian farewell plan
You can learn more about its life insurance product and get started here.
The bank's car insurance offers comprehensive insurance for cars that also covers accidents and repairs. You can learn more about its vehicle insurance product and get started here.
Sidian Bank’s digital banking products
You can access the bank’s products online via mobile banking, online banking, and cards.
Sidian Bank mobile banking (SidianVIBE and *527#)
SidianVIBE is a bank app that is available on both IOS and Android devices. Its services can so be accessed via the bank’s USSD code *527#.
With its mobile banking service, you can:
- Transfer money to M-PESA accounts
- Buy airtime
- Pay bills
- Request for your account statement
- Request for debit cards and cheque books
Sidian Bank online banking
Businesses and individuals can use Sidian Bank’s online portal to access the bank's services. With its online portal, you can:
- Manage and track your account transactions
- Request for your account statement
- Transfer money to different bank accounts
- Apply to trade finance applications
- Pay bills and utilities
- Request for cheque book, debit, and credit cards
- Block debit and credit cards
- Make mobile money transfers
- Open a second account
How to register for Sidian Bank’s online banking
You can visit any Sidian Bank branch OR
- Visit the online portal here
- Click on Not registered for online banking? Click here
- Input your savings or current account number and the email address registered with your account.
- Confirm that you have read the terms and conditions and click Continue
- Input the username and password you want for your account
- Confirm that you have read the terms and conditions and click continue
- You will receive an email with your account login details after one day
- Click the link in the email to activate your account.
Cards
Sidian Bank offers debit and credit cards to its customers. There are 3 types of Sidian Bank cards: platinum debit cards, classic debit cards and classic credit cards. These cards can be used to:
- Pay for goods and services online and offline anywhere in the world
- Withdraw money from ATMs
- Access credit advance from Sidian Bank
- Request for your account statement
You need a fee of KES 3,000 ($25.72) to apply for credit cards while debit cards need KES.500 ($4.29) account owners must have a Sidian bank account.
You can apply for a credit or debit card by visiting a Sidian Bank branch near you or by filling the form here.
Frequently asked questions
What is Sidian Bank’s paybill number
111999
What is Sidian Bank’s USSD code
Sidian Bank’s USSD code is *527#
What is Sidian Bank’s contact information
Headquarters: Sidian Bank Head Office,K-Rep
Centre,Wood Avenue, Kilimani,
Postal address: P.O. Box 25363-00603, Nairobi,
Kenya.
Email: talktous@sidianbank.co.ke
Telephone number: (+254) 20-3906000, (+254) 711-058000, and (+254) 732-158000
Website: https://sidianbank.co.ke/
How to withdraw money from Sidian Bank to MPesa with USSD code
- Dial *527# and enter your PIN
- Select M-Pesa
- Enter the recipient's phone number
- Enter the amount you want to send.
- Confirm the transaction details and press send.
How to transfer money from a Sidian Bank account to MPesa
You can use the SidianVIBE app, available on the Playstore and Appstore, to transfer money to MPesa.
- Log into your mobile app.
- Choose the Mobile Money option.
- Choose the M-Pesa option.
- Type the phone number you wish to send the money to.
- Next, type the amount you want to send.
- Finally, enter your Sidian mobile banking app PIN.
- Confirm the transaction details and press send.
How to transfer money from MPesa to a Sidian Bank account
- Go to the M-Pesa menu
- Select the Lipa na M-Pesa option.
- Choose Paybill.
- Enter Sidian Bank business number - 111999- and press OK.
- Enter your Sidian Bank account number and press OK.
- Enter the amount to deposit and press OK.
- Enter your M-Pesa PIN and press OK.
- Confirm the transaction details and press send.
Who owns Sidian Bank
A majority of Sidian Bank's shares is owned by Centum Investment Company Limited. Sidian Bank is also a subsidiary of K-rep group.
What is Sidian Bank’s email address
You can send an email to talktous@sidianbank.co.ke
What is Sidian Bank’s customer care number
You can call +254 711 058 000 or +254 732 158 000 to speak with a Sidian Bank customer care agent.
You can also send an email to talktous@sidianbank.co.ke
Is Sidian Bank on social media
Sidian Bank has a social media presence on Twitter, Facebook, Instagram, YouTube, and LinkedIn.
What is Sidian Bank’s SWIFT code
SIDNKENA
How much does Sidian Bank charge
You can check its transaction and other fees with its tariff guide here.
Conclusion
Sidian bank’s main offerings are its loans and insurance products. The bank does not offer a variety of bank accounts, but its current offerings are enough to cover your financial needs. Its website also gives a detailed breakdown of each of its products and their requirements.