Zero-Balance Business Accounts in Kenya: Where to Find Them
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Starting and running a business in Kenya comes with financial challenges, and high banking costs can be a significant burden for entrepreneurs. However, several banks now offer zero balance business accounts in Kenya, providing business owners with cost-effective banking solutions.
These accounts allow businesses to operate without maintaining a minimum balance while offering essential features like mobile banking, cheque books, and access to business loans.
If you’re looking for a zero-balance business account in Kenya, here are some of the best options available:
National Bank of Kenya – SME Current Account
The SME Current Account from the National Bank of Kenya is tailored for small businesses and startups. With no minimum or operating balance required, it provides an affordable banking option.
Key Features:
- No minimum or operating balance
- Free monthly e-statements
- Access to SME business loans of up to Sh 3 million with no collateral
- Cheque book availability
- Mobile banking services with transaction fees as low as Sh 30
This account is ideal for entrepreneurs who need affordable financial services with access to business financing.
Read: Best Banks for a Startup in Kenya
Co-operative Bank of Kenya – Haba na Haba Access Account
For business owners looking for a flexible banking option, the Haba na Haba Access Account from Co-operative Bank offers transactional convenience with no minimum operating balance.
Key Features:
- No minimum operating balance required
- Unlimited access to funds
- Business loan eligibility
- Debit card for withdrawals and payments at all VISA-branded points
- Convenient mobile and internet banking services
To open this account, business owners need a national ID, a KRA PIN, and an opening balance of Sh 550.
KCB Bank – Entrepreneurs Account
The Entrepreneurs Account from KCB Bank is designed for startups and small enterprises, offering a completely cost-free banking experience.
Key Features:
- Zero opening balance
- No account maintenance or ledger fees
- Free account-to-account transfers within KCB
- Access to a VISA debit card for just Sh 430
- Low transaction fees, including ATM withdrawals at Sh 30
With no hidden costs and essential banking features, this account is a great option for entrepreneurs starting out.
Read: I&M Bank Business Banking Accounts: Ideal for SMEs, Startups, and Sole Proprietors
I&M Bank – Solo Biz Account
The Solo Biz Account from I&M Bank is a great choice for businesses looking for an account with zero maintenance costs and flexible transactions.
Key Features:
- No minimum balance requirement
- No account maintenance fee
- Free standing order setup
- Daily SMS/email notifications
- Free transfers within I&M Bank
- Mobile and online banking services
With an opening balance of just Sh 1,000, the Solo Biz Account offers an affordable and efficient banking solution for business owners.
Jefferson Wachira is a writer at Africa Digest News, specializing in banking and finance trends, and their impact on African economies.
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