Bank Review: Standard Chartered Bank (Kenya) — Everything you need to know
Standard Chartered Bank Kenya Limited (Standard Chartered Kenya or SCB) is a commercial bank in Kenya that provides financial services to individuals, businesses, and corporations in Kenya.
Standard Chartered Bank Kenya Limited (Standard Chartered Kenya or SCB), a subsidiary of Standard Chartered (StanChart), is a commercial bank in Kenya that provides financial services to individuals, businesses, and corporations in Kenya.
Standard Chartered Kenya has 36 branches, 108 ATMs, and more than 1,700 employees in Kenya.
Its innovative mobile and online banking products also make it easy for new customers to create a Standard Chartered Kenya bank account and get started immediately.
This article covers the services offered by Standard Chartered Kenya and how to use their services.
History of Standard Chartered Kenya
Standard Chartered Bank Kenya Limited is one of the first foreign banks to operate in Kenya.
It started as the Standard Bank of British South Africa and its first branch was opened in the Mombasa Treasury Square in 1911.
In 1969, the Standard Bank of British South Africa's parent company-the Standard Bank of South Africa- merged with the Chartered Bank of India, Australia, and China. This led to the bank changing its name to the Standard Chartered Bank of Kenya.
Standard Chartered Kenya has won numerous local and international awards for its banking services. In 2020, it won the best consumer digital bank award at the global finance awards.
Standard Chartered Bank Kenya Limited is also focused on building a sustainable business model that is eco-friendly, safe, and inclusive in Kenya. You can read more about its sustainable practices here.
Kellen Eileen Kariuki is the current Chairperson of Standard Chartered Bank Kenya. She joined the SCB board in February 2020 and was elected as the board’s chairperson in May 2021.
Products offered by Standard Chartered Kenya
Standard Chartered Kenya (SCB) offers products to individuals, businesses, and corporations.
These products are grouped into 2 categories: personal banking and business & corporate banking.
Personal bank accounts
These are bank accounts used by individuals to save or make local payments.
There are 3 types of SCBs personal bank accounts: savings, fixed deposit, and current accounts. Some of SCB's personal bank accounts are:
Safari savings account
Safari savings accounts are suited for individuals that want to save and earn interest on their money.
The interest earned by the account is paid every quarter by the bank. A minimum amount of KES 2000($17.14) is required to open the account.
SC DigiSmart account
This is a current personal bank account that is maintained at a monthly fee set by the bank.
DigiSmart account owners get a free debit card and also enjoy free local and international transfers when they use the bank’s mobile app.
A minimum amount of KES 2000($17.14) is required to open the account.
Fixed deposit account
A fixed deposit account allows people to earn interest on their money, but the amount can not be withdrawn until the account’s maturity period passes.
SCB's fixed deposit accounts can be opened with either KES, USD, or GBP.
A minimum amount of KES 100, 000 or its equivalent in other currencies is required to open an SCB fixed deposit account.
How to open a Standard Chartered Kenya bank personal account
To open an SCB account, you must be at least 18 years old and a Kenyan citizen or resident of Kenya. The required documents are:
- An original and copy of your National ID or valid passport
- One passport photograph or a picture taken with your mobile phone (selfie)
- US citizens must upload W-8 BEN / W-9 BEN form
- US green card holders just upload W-9 BEN form.
To open a Standard Chartered Kenya personal bank account, simply visit a Standard Chartered Kenya bank branch near you.
You can also download the SC Mobile app from the App store or Playstore to get started.
Other types of personal bank accounts are Diva current account, Hifadhi current account, All in one current account, Ordinary current account, and Safari junior account.
Personal loans
These are loan products offered to individuals to pay bills or finance a housing project. Some of SCBs personal loan products are:
Personal unsecured loans
These are loans that do not require collateral to apply for. Borrowers can apply for the loan in either Kenyan Shillings or US Dollars.
Personal unsecured loans are disbursed 3-5 days after the loan application date.
Eligibility and required documents
- Borrowers must have a minimum gross salary of KES 15,000($128.59) per month for employee scheme loans
- Borrowers must have a minimum gross salary of KES 40,000($342.90) per month for non-scheme loans
- A copy of your National ID or passport
- Proof of income (a recent and certified payslip)
- An introduction letter from the borrower’s employer
- New account owners must present their bank statements for the past 6 months
- Last 6 months' bank statements (for new accounts)
You can apply for personal unsecured loans by visiting an SCB branch near you.
You can also apply for unsecured personal loans via the SC Mobile app which is available on both IOS and Android devices.
Salary overdraft
This is a type of credit service that is available to SCB account holders that earn a monthly income.
It is also possible to borrow up to 70% of your salary. Overdrafts take a minimum of 3 days to be approved by the bank.
Eligibility and requirement documents
- You must earn a monthly income with a minimum gross salary of KES 75,000($642.93) per month
- You must have a salary account with Standard Chartered Bank Kenya
- An introduction letter from an employer
- Proof of income (a recent and certified payslip)
- New account owners must present their bank statements for the past 6 months
Home Mortgage
These are loans used to buy or construct a house. Mortgages can be taken on either KES and USD.
You can also borrow up to KES 100 million($857,243.40) for a maximum duration of 25 years.
Eligibility
- You must be a Kenyan citizen, permanent resident, or expatriate
- You must be at least 21 years old
- You must earn a monthly income
- Employees, directors, professionals, consultants, and SME owners who are purchasing a residential property for personal use must present their earnings for the past 12 months
Required documents
- A filled and signed SCB mortgage application form
- Certified copies of your last 3 pay slips
- A certified letter from your employer stating the terms of your employment
- A certified copy of your National ID or passport
- A copy of your PIN certificate
- The house sale agreement
- Documents that show your other sources of income (if applicable)
- Non-Standard Chartered customers must present certified copies of their bank statements for 12 months
- Non-Standard Chartered customers must present 3 passport photographs
- A copy of the title deed
Requirements may be different for Kenyans in the diaspora. You can apply for mortgage loans by visiting a SCB branch near you.
Other types of SCB personal loans are construction loans and non-resident mortgage.
Business bank accounts
These are a suite of products created by Standard Chartered Kenya (SCB) for businesses to manage and grow their finances.
SCB’s business bank accounts allow businesses to:
- Make business transactions and payments
- Earn interest and special discounts
- Access an automated payroll service
- Access a range of local and international payment services
- Access Straight2Bank online solutions
- Access a personal relationship manager
- 24/7 access to SCBs customer care agents
The business bank accounts offered by Standard Chartered Kenya are:
Business current accounts
This is a non-interest account that charges favorable fees on transactions and remittances to businesses.
A minimum amount of KES 100,000($857.24) is required to open a business current account.
Business foreign currency account
This is a non-interest account that can be opened in 8 currencies including USD, GBP, and AUD.
Business foreign currency accounts also enjoy special rewards and discounts on some transactions.
A minimum of KES 100,000($857.24) is required to open the account.
Documents required open a Standard Chartered Kenya business account
- A filled and duly signed business current account opening form
- The company’s Memorandum of Articles of Association (M&A)
- The company’s financial statements for the past year
- A Certificate of Incorporation / Registration
Business loans
These are short and long-term loan products offered by Standard Chartered Kenya to businesses. Its loan products are:
Business working capital
These are loans that can be used to expand a business. Businesses have to provide security or collateral in the form of cash or its equivalent, residential property, commercial property, or standard built industrial property.
Term loans
These are loans used to expand the business, acquire property, or purchase fixed assets for the company.
The loan has a flexible repayment period of up to 20 years and companies can borrow up to $1 million.
Businesses also have to provide collateral in the form of cash, cash equivalent, residential property, commercial property, or standard built industrial property.
How to apply for a Standard Chartered Kenya business loan
Businesses must meet the following requirements to apply for a business loan:
- The business must be a sole proprietorship, partnership, or private limited company
- The business must be registered in Kenya
- The business must be at least 3 years old
Required documents
- The ID or Passport of the company’s directors, shareholders, or guarantors
- A document outlining the Board of Directors’ resolution to apply for a business working capital loan
- The company’s Memorandum & Article of Association (or constitution)
- The company’s certificate of incorporation/registration
- The business financial records for a minimum of 6 months
What is Straight2bank
This is an online banking solution offered by SCB that helps businesses carry out their transactions online. Straight2bank allows business owners to:
- Access SCB business functions like trade, payroll, and foreign exchange transactions.
- Design their employees control access
- Transfer funds locally and internationally
- Access their business account from anywhere in the world
- Access customisable business reporting and analytics tools
- Process payroll
- Make bulk mobile payments
Other business products, tools, and solutions offered by SCB are Business mortgages, Cash management services, Global banking, Yield enhancement, and Corporate banking.
Businesses need to visit a Standard Chartered Kenya bank to get started with the bank’s business solutions.
You can learn more about Standard Chartered Kenya’s business banking terms and conditions here.
Standard Chartered Kenya’s investment products and services
Standard Chartered Bank of Kenya offers investment products and services to both individuals and businesses. Its investment products include:
Mutual funds
Standard Chartered account holders can invest in 100+ mutual funds managed by global and well-renowned fund managers.
Each mutual fund has a minimum amount you can use to get started. SCBs mutual fund platform also gives investors an in-depth look at each investment fund.
The wealth builder product is a beginner-friendly fund on SCBs mutual fund platform.
All you need is a minimum monthly amount of USD 200, GBP 200 or EUR 200 to get started.
How to register for Standard Chartered Kenya’s mutual funds
- Login to the SC mobile app. You can download the SC mobile bank app from the App store or Playstore
- Tap Investment Profile at the top left corner of the screen to create your customer investment profile
- Tap Investing and choose Mutual Funds
- You will need to download and fill out the Foreign Account Tax Compliant Act (FATCA) and Central Securities Depository Regulation (CSDR) declaration documents to complete your registration
SC Shilingi funds
This is an SCB investment product that gives individuals the chance to invest in short-term securities like treasury Bills, fixed deposit instruments, corporate, commercial, and near-cash holdings.
You do not need paperwork to get started; All you need is a minimum amount of KES 1000($8.57).
How to register for Standard Chartered Kenya’s SC Shilingi funds
- Login to the SC mobile app. You can download the SC mobile bank app from the App store or Playstore
- Tap Investment Profile at the top left corner of the screen to create your customer investment profile
- Tap Investing and choose SC Shilingi funds
SC DigiAdvisory
This is a virtual advisory service that allows you to consult with SCBs relationship managers, investment advisors, or insurance specialists.
SC DigiAdvsiory is free and available to all SCB account holders in Kenya.
To get started, simply visit the Standard Chartered Kenya bank branch near you or consult with your assigned relationship manager.
Other types of SCBs investment products are Wealth lending, fixed income securities, and foreign exchange.
Standard Chartered Kenya’s insurance products
Standard Chartered Kenya offers insurance products and services through its subsidiary, Standard Chartered Bancassurance Intermediary Limited (SCBIL).
SCBIL works with Sanlam General Ltd, Sanlam Life Insurance Ltd, Prudential Life Assurance Ltd, and Jubilee Insurance Ltd to provide insurance to individuals and businesses.
SCBILs insurance products offered to individuals are:
- Vantage insurance plan
- Farewell insurance
- Educare
- Educare Plus
- Travel insurance
- Car insurance
- Super endowment plus
- Home insurance
- Business protection insurance
- Personal accident insurance
SCBILs insurance options offered to businesses cover:
- Fire and burglary
- Public liability
- Money insurance
- Goods in transit
- Electronic equipment
- All risks
- Employers liability
- Political violence and terrorism
- Machinery breakdown
How to access Standard Chartered Kenya’s products
Customers can access Standard Chartered Bank of Kenya’s (SCB) products and services through SCB’s card, ATM and cash deposit machines, online banking, mobile banking, and USSD code.
Standard Chartered Bank of Kenya’s cards
Standard Chartered Kenya’s cards can be used anywhere in the world to shop or pay bills.
SCB offers its customers credit and debit cards. The cards can be used to:
- Access your SCB account anywhere in the world
- Shop for goods and services online
- Deposit or withdraw cash
- Pay for goods and services on credit
- Earn rewards and discounts from the bank
You need to have an SCB account to qualify for the bank's debit or credit card.
You can apply for an SCB debit or credit card by visiting any Standard Chartered Kenya Branch near you.
Standard Chartered Bank of Kenya’s ATMs and cash deposit machines
Standard Chartered Kenya’s customers can use the bank's ATMs and cash-deposit machines to:
- Withdraw and deposit money
- Change their SCB card PIN
- Request for mini account statements
- Balance inquiry
You can find an SCB ATM or cash deposit machine here
Standard Chartered Bank of Kenya’s online banking
Standard Chartered Bank Kenya’s online banking portal allows individuals to access their SCB account online.
With SCBs online banking, you can:
- Manage your SC Bank account
- Pay your bills (DSTV, Arik Air, Mobile Phone airtime, etc)
- Request for your account statement
- Make local and international payments and transfers
- Download application forms
- Request and apply for SC Bank products
How to register for Standard Chartered bank Kenya’s online banking
You need to have an SCB savings or current account and card to register for the bank’s online banking service.
You can visit a Standard Chartered Kenya branch near you and fill out the e-registration form OR
- Visit the SCB online portal here
- Click on Instant Registration” and agree to the terms and conditions
- Select your preferred registration mode (debit or credit card)
- Enter your chosen registration mode’s (debit or credit card) number, PIN, and expiry date
- Input the phone number tied to your SC Bank account and click Next
- A temporary password will be sent to your phone number. Use the password to login to the portal
- Input a unique username and password
- Click confirm to complete the registration
Standard Chartered Bank of Kenya’s mobile banking
The Standard Chartered Kenya bank app, known as SC Mobile, allows new and old customers to perform up to 68 banking functions.
The app is available on IOS and Android devices. With the app, you can:
- Create a Standard Chartered Kenya bank account
- Transfer money locally and internationally to other accounts
- Pay your bills I.e GoTV, Water bills, etc
- Buy airtime
- Apply and use for other SC Bank products like loans, investments, insurance products, etc.
- Manage and track your account transactions
How to open an account with the Standard Chartered Kenya bank app (SC Mobile)
- Download the SC app from the App store or Playstore
- Open the app and choose Apply for Products
- Select the type of savings or current account you want to open and provide your contact details
- SCB will verify your number by sending an OTP to the number you provided. Input the OTP to proceed.
- Choose your nationality and upload your ID.
- Snap a clear picture of your face
- Input your residential address
- Upload the requested documents
- Review the information you provided and submit
Standard Chartered Kenya will reach out to you after your application has been reviewed.
Once your application has been accepted, your account would be activated and you would be given an account number.
How to register for Standard Chartered Kenya mobile banking
You need to have a valid and active Standard Chartered bank account to use its mobile app.
You can register for mobile banking via the SC Bank internet portal OR
- Visit a Standard Chartered Kenya branch near you and fill out the e-registration form.
- Download the SC app from the App store or Playstore
- Use the temporary ID and password sent to your email and phone number to log in
- Create your own login credentials
Standard Chartered Bank of Kenya’s USSD Code (*772#)
Standard Chartered Kenya’s customers can also use a USSD code (*772#) to access the bank's services. With *772#, you can:
- Send money to mobile money accounts
- Transfer funds to other bank accounts
- Pay bills (KPLC / DSTV)
- Manage your account
You can register for SC Bank’s USSD service by visiting any Standard Chartered Kenya branch near you.
Frequently asked questions
What is Standard Chartered Bank's paybill number
329329
How many Standard Chartered bank branches are in Kenya
There are 36 standard chartered bank branches in Nairobi. You can find the nearest agent, branch, self-service, or ATM here
What is Standard Chartered Bank Kenya SWIFT code
SCBLKENXXX
How to send money from a Standard Chartered Bank account to MPesa
- Login to the SC Bank app. You can download the SC Bank app from the App store or Playstore
- Navigate to payments. Choose between One Time Bill Payment or Pay to Saved Biller
- Select Mobile money and choose MPesa
- Enter the recipient's mobile number and choose your SC Bank account
- Input the amount you want to send and the transaction description
- Review the transaction details and choose continue
- Input the OTP sent to your phone number and confirm the transaction.
How to send money from M-Pesa to Standard Chartered Kenya bank account
- Visit the Safaricom menu and choose M-PESA.
- Select Lipa na M-PESA
- Select Pay Bill
- Input Standard Chartered Bank Kenya’s Mpesa Pay bill number (329329).
- Enter the recipient’s Standard Chartered Bank account number
- Input the amount you want to send
- Input your MPesa PIN and confirm the transaction
What is Standard Chartered Bank's customer care number
You can speak to a Standard Chartered Kenya agent 24/7 by dialing +254 20 3293900, +254 703 093 900, andn+254 732 143 900.
You can also send an email to Complaints.Ke@sc.com.
How much does Standard Chartered Bank Kenya charge
You can check its price guide for accounts and transactions here.
You can also calculate the bank’s loan fees by using its personal loan calculator, mortgages calculator, and auto loans calculator.
What is Standard Chartered Kenya Bank’s website
You can visit the bank’s website here.
You can also visit its LinkedIn, Twitter, and Facebook pages.
Conclusion
Standard Chartered Kenya’s mobile and online banking channels are SCBs best features.
The bank also offers a wide range of products, but the help section of its website is a little confusing to navigate.
SCB also needs to work on improving its online and offline customer service.
Luckily, its app is easy to navigate and its website provides clear instructions on how to get started.