You can live day to day on M-Pesa, but you will want a bank account for your salary, savings, a card, and anything larger than M-Pesa’s limits.

The banks

The largest banks all have branches across Nairobi, good apps, and M-Pesa links:

  • KCB and Equity - the two biggest by customers, with branches everywhere.
  • Co-operative Bank and NCBA - large local banks. NCBA runs M-Shwari with Safaricom.
  • Absa Bank Kenya (formerly Barclays), Standard Chartered and Stanbic - international banks, popular with expatriates and for dollar accounts.
  • I&M and Diamond Trust Bank (DTB) - mid-sized banks with good service reputations.

If your employer banks with one of them, opening an account there can make the paperwork easier.

What you need

For a Kenyan citizen: national ID or Maisha Card, KRA PIN, and sometimes a passport photo.

For a foreign resident, typically:

  • Passport
  • Work permit, dependant pass or foreigner certificate
  • KRA PIN certificate
  • Proof of address: a lease, a utility bill, or a letter from your employer
  • An employment letter or payslip, for a salary account
  • Passport photos

Non-residents can open accounts at some banks, usually with more paperwork and a higher minimum balance. Ask the bank first; requirements differ between branches.

Types of account

  • Current or salary account - for your salary, card and bills. Some have a monthly fee; salary accounts often waive it.
  • Savings account - pays a little interest.
  • Foreign currency account - US dollar, euro and sterling accounts are common, useful if you are paid or save in another currency.

Moving money around

  • PesaLink - instant transfers between Kenyan banks from your bank app, using an account number or a registered phone number.
  • Bank to M-Pesa and back - every major bank’s app sends to M-Pesa. To go the other way, use your bank’s paybill with your account number.
  • EFT and RTGS - slower or larger interbank transfers. RTGS is for large, same-day payments.
  • Cheques still exist, but most landlords and businesses prefer bank transfer or M-Pesa.

Sending money into and out of Kenya

  • International wire (SWIFT) - reliable but slow, with fees at both ends and an exchange-rate margin.
  • Money transfer services such as Wise, Remitly and WorldRemit are usually cheaper and faster. Many can pay straight into M-Pesa.
  • M-Pesa Global sends to and from M-Pesa in some other countries.

Compare the total cost, meaning the fee plus the exchange rate against the mid-market rate, rather than the headline fee.

Saving

For money market funds, Treasury bills and SACCOs, see Saving and investing in Kenya.

Cards

Visa and Mastercard debit cards work in malls, supermarkets and online. Use ATMs inside banks and malls. Tell your bank before travelling abroad, and turn on transaction alerts.

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