Using the best bank that offers easy-to-get loans at the lowest charges is very beneficial for individuals and companies who need to invest and expand their financial growth.
Banks with the lowest charges not only offer the lowest fee to their clients but also have the best banking services with professional staff that deliver prompt services.
These banks also use modern technologies for the betterment of their customer’s satisfaction.
These banks in Kenya are also supervised by the Central Bank of Kenya (CBK) which is in charge of establishing a monetary policy that aims to maintain the stability of prices.
Other responsibilities include forming and implementing foreign exchange policies, promoting financial stability, and issuing currency.
In fact, The Central Bank of Kenya is based in Nairobi and was formed in 1966 following the dissolution of the East African Currency Board for the satisfaction of the Kenya economy.
Based on CBK, there are several banks in Kenya providing various banking products and services.
More so, there are banks that have emerged as the top best banks that offer pocket-friendly banking products and services to their customers.
These services are of high quality and at the lowest charges to individuals and companies as compared to other financial institutions in Kenya.
Best Banks in Kenya for Savings and Loans
Equity Bank Group
Equity bank is one of the youngest banks in Kenya.
It offers some of the best and high-quality products and services to individuals and companies at the lowest charges as compared to other banks in Kenya and in East Africa.
Some of the top banking products and services it offers include loans, mortgages, investments, debit and credit cards, retail banking, and microfinance.
In fact, Equity Bank is Kenya’s second-biggest lender by assets. Equity Group emerged as the overall best bank at the 2019 Think Business Awards.
The bank won in sustainable corporate responsibility, mobile banking, small and medium enterprises (SME) banking, digital banking category, and in agriculture and livestock financing.
Furthermore, Equity group is also the best bank in digital banking.
Its services are of great value; they use modern technologies with better managerial that enable them to be on top in digital banking.
However, despite up and down, Equity Bank is still the best bank in Kenya in terms of financial products and services.
I recommend you create an account with Equity bank where necessary.
Standard Chartered Bank Kenya
Another best bank with the lowest charges to individuals and companies is Standard Chartered Bank Kenya Limited, commonly known as Standard Chartered Kenya.
It is also the oldest bank in Kenya, a subsidiary of Standard Chartered, the British multinational financial group.
This bank provides high-quality services to clients as it uses some of the best technologies.
According to the client reviews, Standard Chartered Bank services are of the lowest charges, affordable, and efficient as compared to most banks in Kenya.
It offers banking products and services such as transaction accounts, loans, savings, debit cards, and investments.
Standard Chartered Bank Kenya has over 30 branches throughout the country.
Therefore, you can visit any of their branches and open your account to get the best services from them.
3. ABC Bank Group
The third bank with the lowest charges is ABC Bank Group.
Although, not the top best bank in Kenya, its banking products and services are of high quality and very affordable for both low-income and high-income customers.
Some of the top financial products and services include commercial, retail, and private banking, asset management, credit cards, and mortgages.
If you have no bank account, then I recommend you open your bank account with ABC bank in Kenya for the betterment of your financial growth.
4. I&M Bank Ltd
Another bank with the lowest charges overall is I&M Bank Limited.
It is a fast-growing bank in Kenya. According to research and client reviews, I&M Bank Limited offers high-quality banking products and services at the lowest charges overall.
It is the number one bank with the lowest charges overall as compared to other banks in Kenya followed by ABC Bank Group.
Furthermore, I&M Bank Ltd uses modern technologies and has good customer-relationship.
Some of the top services it provides to customers are loans, savings, credit cards, mortgages, and investments to individuals and small and large businesses.
In fact, if you intend to open a bank account, then let I&M Bank Ltd be your first priority.
Summary
Equity Bank is the bank with the lowest charges among all the largest Kenyan banks. They Equity Bank annual fee average charges customers Sh6,430 nearly half the Sh12,860 average that other banks charges annually.
Best Bank In Kenya for SMEs
Apart from banks with the lowest charges for banking services, we narrow it down to banks with the lowest charges for SMEs. Some of these banks are discussed below.
Paramount Bank
The great Paramount Bank is one of the best banks in Kenya with highly specialist staff and the best technology for the betterment of the clients.
Paramount Bank is one of the banks with the lowest charges for SMEs.
Its services are of great value and some of the top services it provides include savings, loans, checking, debit and credit cards, and investments, to individuals, SMEs, and large corporations.
2. I&M Bank Ltd
The second place with the lowest charges for SMEs comes I&M Bank Ltd.
The financial products and services of this bank are of high quality.
It offers the best SMEs for its clients.
Other products and services it offers include savings, loans, checking, debit and credit cards, and investments, for individuals, and SMEs.
3. United Bank for Africa (Kenya)
The third best bank with the lowest charges for SMEs is the United Bank for Africa (Kenya).
With the best technologies and better management, this bank provides high-quality banking products and services, especially, SMEs to customers.
It also offers some best financial products and services such as savings, loans, checking, debit and credit cards, and investments among others.
Therefore, feel free to open an account with United Bank for Africa-Kenya for better banking services.
Best Microfinance Bank In Kenya
With advancements in technologies, the mode of banking has rapidly increased and now there are microfinancing banks.
The challenge only comes when an individual or an organization needs to select the best microfinance bank in agriculture, livestock financing, and product innovation.
Happily, this article tackles some of the best microfinance banks for you.
Here are the best banks in microfinance
Sumac Microfinance Bank
One of the best banks in microfinance is the Sumac Microfinance Bank, Kenya.
Its microfinancing services in agriculture and livestock financing is of high quality, efficient and prompt.
Other services they offer include savings, loans, checking, debit, and credit cards among others.
Actually, Sumac Microfinance Bank is doing good in microfinancing according to client reviews.
I recommend you if you are a farmer open a microfinance account with this bank.
Faulu Bank Kenya
Faulu bank Kenya also comes in second place with the best microfinancing in agriculture and livestock financing.
Its micro-financing services are perfect and they have better customer-relationship as compared to other micro-financing banks in Kenya.
Other services they offer include loans savings, checking, debit, and credit cards among others.
You can consider opening an account with Faulu bank for better agricultural growth for your firm.
Maisha MF Bank
The best microfinance bank in product innovation is the Maisha MF Bank.
It uses modern technologies and highly skilled financial experts that deliver better decision-making in terms of product innovations.
Actually, this bank is of great benefit for individuals or company that wants the best product innovation.
Their charges are also pocket-friendly for both low and high-income clients. You can consider opening an account with them.
Rafiki Bank
As the name sounds, Rafiki Bank is a bank with the great customer- relationships.
They serve their client with integrity and dignity.
It is one of the best microfinance banks in product innovation.
They offer financing products and services such as loans, savings, debit, and credit cards among others.
For that matter, let Rafiki Bank be your first micro-financing bank in product innovation.
SMEP Microfinance Bank
Another best micro-financing bank in product innovation is the SMEP microfinance bank.
It offers micro-financing products and services such as loans, savings, checking, debit, and credit cards among others.
You should feel free to open an account with the SMEP microfinance bank in Kenya.
Best bank in In Kenya for internet and mobile banking
Things have gone online and that is the truth.
With the advancement in technologies, the world has turned into a village, where people can access several products and services in their comfort zone.
The use of the internet and electronic devices has made banking very easy and effective.
Banks and other financial institutions take advantage of these technologies for the betterment of their clients’ satisfaction.
Having an overview of the best bank in internet and mobile banking services, we come across these banks with the best internet banking. They include:
- Equity bank, being the best
- Citibank Kenya
- Sidian Bank
- Guaranty Trust Bank (Kenya).
On the other hand, banks with the best mobile banking include:
- Equity Group
- Citibank Kenya
- Sidian Bank
Equity bank is not left out in mobile banking and is still the best; this is due to its efficiency and promptness in customer satisfaction.
Most efficient bank award
Not forgetting the most efficient bank award. Generally, there are banks that are most efficient in terms of their banking products and services. Some of these banks include:
Bank of Baroda
It is one of the topmost efficient bank awards, due to its overall financial products and services.
This bank offers products and services such as loans, savings, debit cards, checking, and investments among others. You can consider opening an account with them.
2. Bank of India
The second most efficient bank award is the Bank of India.
It offers a wide array of services such as transaction accounts, loans, savings, credit cards, mortgages, and investments to individuals and small and large business customers.
3. I&M Bank Ltd
In third place is I&M Bank Ltd. It also provides some of the best banking products and services for its customers’ satisfaction.
Bottom line
The overall bank with the lowest charges is the ABC bank group, Equity Bank, I&M Bank Ltd, and Standard Chartered Bank.
While the best bank for microfinance includes Faulu bank, Sumac microfinance bank, Maisha MF bank, Rafiki Bank, and SMEP microfinance bank.
You can visit these banks and open your account with them for better financial growth.