Kingdom Bank Kenya- Here are The Loans Offered, How to Open an Account And Branches In Kenya

Kingdom Bank Limited Kenya is one of the rising commercial banks here in Kenya. Like many other financial insertions, it is managed by the Cooperative Bank of Kenya and thus offers many services to Kenyans.

As of writing, Kingdom Bank Limited Kenya has over 17 branches in various locations in the country. Additionally, it offers its customers access to ATMs, 6 ATM locations, and digital banking platforms.

Previously Kingdom Bank Limited Kenya was known as  Jamii Bora before being acquired by  Cooperative Bank of Kenya (Coop Bank) in August 2020 and rebranded to Kingdom Bank Limited Kenya.

In summary, 90% of Jamii Bora's shares were purchased by Coop Bank Kenya, making it the company's largest stakeholder. The Central Bank of Kenya also provided Kingdom Bank Kenya with an interest-free liquidity support facility of Sh20.96 billion ($174 million).

 Kingdom Bank Accounts

 They have several accounts that they do provide to clients. These include;

 Kingdom Bank Current Account

This interest-earning account allows businesses to handle obligations while earning from their money. A Memorandum of Articles of Association, Registration Certificate, and Director's Resolutions are required for firms—a copy of KRA PIN for the Directors and the company.

 Features of the Current Account

• Minimum Opening Balance - Ksh. 2,500
• Minimum Operating Balance - Ksh. 0
• Monthly Maintenance fee - Ksh. 400
• Convenient mobile banking and interest banking are available.
• Free e-statements are issued monthly.
• A Cheque Book is available.

Kingdom Bank Savings Account

This account helps individuals and businesses set aside funds for their goals while earning interest. A Parent's or guardian's original ID Card or Passport, a Copy of the child's birth certificate, and a copy of the parent's or guardian's KRA PIN are required to own this account.

 Features of the Kingdom Bank Savings Account

• Minimum Opening Balance - Ksh. 500
• Minimum Operating Balance - Ksh. 500
• No monthly maintenance fees/ charges.
• Interest is payable quarterly at 4% per annum for the amount above Ksh. 5,000
• Permits only one withdrawal per calendar quarter.
• Regular statements every six months.
• No Debit Card

 Kingdom Bank Junior Savings Account

This is an account for savers below the age of 18 years & parents who plan to set aside money for their children. A Parent's or guardian's original ID Card or Passport, a Copy of the child's birth certificate, and a copy of the parent's or guardian's KRA PIN are required to own this account.

 Features of the Junior Savings Account

• Minimum Opening Balance - Ksh. 500
• Minimum Operating Balance - Ksh. 500
• Free PIGGY BANK on opening a new account.
• Discounted bank cheques for fee payment.
• Free birthday cards / Gifts on the child's birthday anniversary.
• Interest is payable at 2% per annum for amounts above Ksh. 5,000

 Transaction Account

This is an account designed for convenient daily banking and transactions by individuals. Account Opening Requirements include a Copy of the national ID card and a Copy of the KRA PIN.

 Features of the Transaction Account

• Minimum operating balance – Ksh. 200.
• No Minimum operating balance.
• No monthly ledger fee.
• Access to funds as many times as required.
• Account holders can access business loans.
• Debit Card available for withdrawals as well as for payment purposes.
• Convenient mobile banking and Internet banking are available.
• (optional) Checkbook.
• Standard Tariff fees apply.

 Chama Account

 This an interest-earning account designed for convenient daily banking and transactions by groups and their members. For this account, members will be able to enjoy access to Free E-statements, Internet banking, Cheques book, a Dedicated Account Relationship Officer, Chama Investment loan (for purchase of land, construction, buy ready built and equity-release loans, movable asset acquisition) of up to Kes 40 million, Group working capital solutions for members and M-collection and Lipa Na M Pesa integration.

FEATURES:

• Minimum opening balance - Kes 1,000
• Minimum operating balance - Nil
• No monthly ledger fee
• Interest accrues on cleared balances daily and is credited to the account monthly at 4%
• Interest is earned for balances starting from Kes. 10,000
• Access to funds as many times as required
• 1st withdrawal transaction for the month is free of charge

 Micro Group Account

This account helps group customers set aside funds for their goals while earning interest. It is helpful for micro and small enterprise customers whose sole purpose is to borrow through the co-guarantee method.

 FEATURES:

• Minimum opening balance - Kes 1,000
• Minimum operating balance - Nil
• No monthly ledger fee.
• Interest accrues on cleared balance daily and is credited to the account monthly at 4%
• Access to funds as many times as required.
• Interest is earned for balances starting from Kes. 5,000
• Copy of the Group Constitution.
• Duly completed and signed Account Opening Mandate.
• Copies of ID and PIN of authorized officials

 Kingdom Bank Kenya Loans

 They also offer loans of all to both people and companies. They fall into the commerce, business, micro, and personal finance categories. Let us see what they entail;

salary deduction loan

These are personal loans for people with monthly incomes from public and commercial businesses. For a maximum of 96 months, you may borrow between Kes. 20,000 and Kes 4,000,000.

Daraja Loans

These loans are available for small firms looking to grow at an interest rate of 18%, and businesses can borrow between Kes. 50,000 and Kes. 3,000,000.

Microloans

Micro and small enterprises in recognized groups are eligible for micro-group financing. It is a loan designed to give companies the working money they require to grow. Business borrowing ranges from Kes 10,000 to Kes 1,000,000 for 12 months.

Kingdom Bank Kenya Branches Locations

 Kingdom Bank Kenya  Customer Care

• Kingdom Bank Towers, Argwings Kodhek Road, Kilimani.
• P. O. Box 22741- 00400 Nairobi, Kenya
• Landline: 020-221 0339
• Mobile: 0709 881 000, 0709 881 300
• Email: [email protected]

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