#Business Bank Account Kenya

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Mobile Banking in Kenya: Open a Business Bank Account with SBM Bank

Discover the ease of mobile banking in Kenya with SBM Bank. Open a business bank account and manage your finances effortlessly through our business banking online services. SBM Bank offers convenient solutions to open a business bank account in Kenya, ensuring seamless financial operations for your business. Enjoy secure and efficient mobile banking, designed to meet the needs of modern businesses. Experience the future of banking with SBM Bank today.

[livingstyleup]

Streamline Your Business with Advanced Internet Banking Services

Elevate your business banking experience with SBM Bank. Our robust Business Internet Banking platform offers seamless access to your online business bank account, providing a secure and efficient way to manage your finances. Enjoy convenient features, real-time transactions, and a user-friendly interface designed to meet the unique needs of your business. Trust SBM Bank for a banking solution that empowers your enterprise.

[onlinewordworld]

Kenya Loan Calculator - Estimate Your Loan Payments at SBM Bank

Planning your finances is easy with the SBM Bank Kenya Loan Calculator. Whether you're considering a personal loan, home loan, or any other financing, our online tool empowers you to calculate your potential loan payments. Simply visit our website, input the loan amount, term, and interest rate, and get instant estimates to make informed financial decisions. Take control of your financial future and explore your loan options with the SBM Bank Kenya Loan Calculator today.

[cloneloverrrrr]

get to know me 💁🏻‍♀️

thanks for the tag my lovely @lune-de-miel-au-paradis 🩶

Relationship Status: Single & not ready to mingle happy on my own right now🫶🏻

Favourite colour: Black, emerald green, pastel pink 🤩

Song stuck in my head: In The Year 2525 by Zager & Evans 🤓

Last song I listened to: System Of A Down Spiders 🤘🏻

Last thing I googled: why is my Instagram business page not working 💀 yep it still playing up

Dream trip: A safari in Kenya 🩷 I’ve already travelled a lot but that is my dreammmm

Anything I want right now: Commander Wolffe as my husband he forever makes me question everything🥵🤯 full bank account and to live my best life 😂😂

Nah for my 1 year old ginger & white tabby kitten to be well again as he’s just had surgery for a blocked bladder 😩🙏🏻

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[sageglobalresponse]

Kenya’s Asset Recovery Agency drops fraud charges against Nigerian fintech startup, Kora

The Kenyan Directorate of Criminal Investigation also cleared the company of any wrongdoing

Kenya's Asset Recovery Agency drops fraud charges against Nigerian fintech startup, Kora

Kenya’s Asset Recovery Agency (ARA) has dropped the fraud allegation charges against Nigerian payment infrastructure company, Kora.

The agency in new court documents filed at the High Court of Kenya at Nairobi Anti-Corruption and Economic Crimes Division said that it had withdrawn its suit in its entirety.

The document was drawn and filed on the 19th of October 2022 and signed by state counsel Stephen Githinji on behalf of Kenya’s Asset Recovery Agency director.

Meanwhile, another document issued by the Kenyan Directorate of Criminal Investigation earlier this week cleared Kora of any wrongdoing in the ARA application.

Case not established: The DCI in a document exonerating the company said it could not establish any case against the company after its investigations. Part of the statement from the DCI read:

“Please note that investigations are now finalised. I would like to confirm that allegations of money laundering and card fraud against [Kora] were not established. Please treat this communication as final”

Innocence proved: Reacting to the development, Kora said the withdrawal of the case confirmed its earlier claim that it was innocent of all the allegations. Kora’s Chief Operations Officer, Gideon Orovwiroro, said:

“Kora has always maintained its innocence in this matter and we are glad that finally the ARA and the DCI have dropped all charges and ratified Kora. We’d also like to commend both agencies for their professionalism and thoroughness in seeing this investigation to the conclusive end,” says,

“Kora acknowledges the potential Kenya presents as we pursue our mission to make it easy for global businesses to accept payments in Africa, and for African businesses to accept global payments. We are delighted to get back to building the most robust payment product on the African continent.

“We have some exciting announcements coming soon, including multi-currency bank account products for African businesses. This will empower merchants to have bank accounts in GBP, EUR, USD, and other in-demand currencies. Kora is excited about this development as it is further proof of its commitment to enrich the quality of merchants’ payments and build more meaningful financial products.”

The allegation: Kora had come under the spotlight in July when the ARA filed two suits against the businesses and the Kenyan High Court froze its accounts on the suspicion that they brought over $50 million (KES6 billion) into Kenya as part of a money laundering scheme.

Lady Justice Esther Maina froze $249,990 (KES 29.5 million) held in Korapay’s Equity Bank account while another company being investigated, Kandon Technologies had $126,800 (KES 15 million) in 2 UBA accounts frozen by Justice Maina.

Korapay and Kandon Technologies Limited were accused of card fraud and international money laundering.

[startanidea3]

How to Start a Business in Kenya: A Comprehensive Guide

Kenya is emerging as a hub for business and investment in Africa, thanks to its strategic location, growing economy, and supportive government policies. For entrepreneurs looking to expand into new markets, Kenya offers immense potential. This guide will walk you through the steps involved in starting a business in Kenya, with a focus on the essentials, including the process of business registration in Kenya.

1. Research the Market

Before diving into the registration process, it’s crucial to conduct thorough market research. Understand the local market dynamics, target audience, competition, and regulatory environment. Identify the demand for your product or service and assess the feasibility of your business idea in the Kenyan market.

2. Choose the Right Business Structure

Kenya offers several business structures, including sole proprietorship, partnership, limited liability company (LLC), and branch office. Each structure has its benefits and legal implications:

Sole Proprietorship: Ideal for small businesses, with fewer legal requirements but unlimited liability.

Partnership: Suitable for businesses owned by two or more people, with shared profits and liabilities.

Limited Liability Company (LLC): Offers limited liability protection, making it the most popular option for foreign investors.

Branch Office: Allows foreign companies to operate as an extension of their parent company.

3. Register Your Business Name

Once you have chosen a suitable business structure, the next step is to register your business name. This process involves searching for the availability of your desired name through the eCitizen portal, the online platform provided by the Kenyan government. It is essential to ensure that your chosen name is unique and not already registered by another entity.

4. Obtain a Certificate of Incorporation

After registering your business name, you need to obtain a Certificate of Incorporation from the Registrar of Companies. This certificate officially recognizes your business as a legal entity in Kenya. To apply, you must submit the necessary documents, including:

Memorandum and Articles of Association.

Form CR1 (Application for Registration).

Form CR2 (Model Articles for a Company Limited by Shares).

Form CR8 (Notice of Registered Address).

5. Apply for Business Licenses and Permits

Depending on the nature of your business, you may need specific licenses and permits. For example, a trading license (Single Business Permit) is required for all businesses, while specialized businesses like healthcare, education, or manufacturing may require additional permits. You can apply for these through the eCitizen portal or relevant local authorities.

6. Register for Taxation

Registering for taxation is a mandatory step for all businesses operating in Kenya. You must obtain a Personal Identification Number (PIN) from the Kenya Revenue Authority (KRA) to file taxes, including VAT, PAYE, and corporate tax. This registration can be completed online through the KRA portal.

7. Open a Corporate Bank Account

To facilitate business transactions, it is essential to open a corporate bank account in Kenya. Choose a reputable bank that offers convenient services for foreign investors. Ensure that you have all the required documents, such as the Certificate of Incorporation, tax registration details, and a resolution from the company’s board of directors authorizing the account opening.

8. Secure an Office Location

Finding a suitable office location is critical for business success. Consider factors like proximity to your target market, accessibility, and rental costs. Nairobi, the capital city, is a popular choice for many businesses due to its status as an economic hub, but other cities like Mombasa and Kisumu also offer great opportunities.

9. Hire Local Talent and Comply with Labor Laws

Kenya has a growing pool of talented professionals across various sectors. When hiring employees, ensure compliance with local labor laws, including contracts, working hours, minimum wage, and employee benefits. You may also need to register with the National Social Security Fund (NSSF) and the National Hospital Insurance Fund (NHIF).

10. Promote and Grow Your Business

After completing the business registration in Kenya and setting up operations, focus on promoting and growing your business. Develop a marketing strategy that resonates with the local audience, leveraging both digital and traditional marketing channels. Establish strong networks within the local business community and explore partnerships to accelerate growth.

Conclusion

Starting a business in Kenya offers vast opportunities for growth and expansion. By following the outlined steps, including thorough market research, business registration in Kenya, obtaining the necessary licenses, and adhering to local regulations, you can establish a successful and compliant business presence. With its strategic location, favorable business environment, and diverse market, Kenya is a prime destination for entrepreneurs looking to tap into the African market.

Embark on your journey with confidence, knowing that Kenya’s vibrant economy and supportive ecosystem provide a fertile ground for business success.

[puppyandmau]

Manage your finances from anywhere with Kenya's online banking options!

Experience convenient banking from home in Kenya with SBM Bank. Easily open an online business bank account tailored to suit your needs. Use our personal loan calculator Kenya to plan your finances effectively. SBM Bank offers seamless online services to ensure you manage your finances effortlessly from the comfort of your home. Enjoy secure and efficient banking solutions designed for both individuals and businesses.

[livingstyleup]

Tailored Business Bank Account for Small Enterprises

Elevate your small business with SBM Bank's specialized business bank account. Offering tailored solutions designed for small enterprises, experience seamless financial management. Benefit from low fees, efficient transaction tools, and personalized support tailored to your business needs. With SBM Bank, empower your venture with the right financial foundation, enabling growth and success in every transaction.

[onlinewordworld]

Personal Loan Calculator: Estimate Your Loan Repayments

Calculate your personal loan options with precision using SBM Bank's Personal Loan Calculator. Make informed financial decisions by entering your desired loan amount, interest rate, and tenure to estimate your monthly repayments. Access this user-friendly tool at SBM Bank to plan your loan and manage your finances responsibly. Whether you're considering a new purchase, investment, or debt consolidation, our loan calculator empowers you to tailor your borrowing to your specific needs. Stay in control of your financial future with SBM Bank's Personal Loan Calculator – your trusted financial companion.

[industrynewsupdates]

Corporate Cards Procurement Intelligence: A Comprehensive Guide

The corporate cards category is expected to grow at a CAGR of 7.3% from 2023 to 2030. There is a high degree of acceptance of corporate cards by merchants in developing countries. The rise in merchant acceptance is driven by the convenience of accepting payments through widely used network providers like Visa, MasterCard, Amex, etc. Additional factors driving industry growth include the switch to non-cash payments for better payment visibility, management, and working capital optimization as well as the development of flexible laws to reduce interchange costs. The European region accounts for the largest category share due to rising business trip costs and a growing preference for digital payment methods among businesses in this region.

This category has undergone some significant technological innovation phases that have facilitated the quick adoption of cutting-edge technologies like blockchain, AI, and fully automated systems. These technologies are transforming the payment space's structure and typical platform architectures.

• For instance, BitPesa, a Kenya-based startup utilized distributed ledger settlement in 2021, which enabled users to send and receive low-cost, nearly instantaneous payments even without a bank account or registered wallet. The company leveraged Blockchain, which allowed high transaction-per-second throughput and faster settlement than their current card-based systems. The technology is distributed; consensus-based, real-time transaction verification makes it very difficult to fraudulently utilize systems.

• In order to generate a distinctive biometric signature, Amazon Go launched a contactless identity service linking consumers' credit cards with palm prints in 2020. When paying in a store, customers could do so by simply placing their palm over an Amazon One device.

When IoT technologies and blockchain are combined, they will serve as decentralized credit card processing platforms. This combination has reduced the value of plastic cards, which encouraged the use of customer's digital IDs being a crucial part of payment execution.

Charges associated with this category are payment-processing fees, assessment fees, and interchange fees. Payment processing fees are the costs imposed on merchants for handling client credit cards and online payments. The preferred pricing model of the payment processor as well as the transaction’s level of risk determine the amount of payment processing fees. Assessment fees are frequently calculated as a percentage of the overall volume of transactions in a specified period. Interchange fees depend on the type of credit or debit card used, the card brand, the areas or jurisdictions, and the transaction type (online, in-person, etc.). The interchange fee assists in reducing the risk of fraud and handling expenses for the card issuer. For instance, a consumer makes a USD 100 purchase with a credit card. For that USD 100 item, the merchant would get approximately USD 97.81. The remaining USD 2.19 is divided up in the following way: USD 1.75 goes to the issuing bank (defined as an interchange fee), USD 0.14 goes to the card network processor (defined as an assessments fee), and USD 0.30 goes to a payment processor (defined as payment processing fee).

Order your copy of the Corporate Cards Procurement Intelligence Report, 2023 - 2030, published by Grand View Research, to get more details regarding day one, quick wins, portfolio analysis, key negotiation strategies of key suppliers, and low-cost/best-cost sourcing analysis

Other charges involved are acquirer processing fee (APF), fixed acquirer network fee (FANF), kilobyte access (KB) fee, network access and brand usage (NABU) fee, and negotiable fees (which consist of account fees, address verification system (AVS) fee, batch fee, chargeback fee, contract cancellation fee, hosting fee, IRS (internal revenue service) reporting fee, marked-up discount rate, minimum monthly processing fee, monthly fee, payment gateway fee, PCI (payment card industry) compliance fee, service fee, terminal lease fee, and wireless access fee). The threat of substitutes is expected to be medium in this category. There is less scope for new entrants to bring down the industry's dominant player and compete with the incumbents due to high capital and regulatory requirements, historic market dominance by huge enterprises, and major players who have a large customer base in the market. The major regions of North America and Europe such as the U.S., Canada, the U.K., Ireland, France, Germany, Spain, Italy, and Switzerland are the preferred business destinations to attract customers in this category. The use of card and card program maturity are high in these regions. 

A well-planned and effective negotiation strategy will be beneficial to provide businesses with better credit card fees and rates. One of the important negotiation strategies is to negotiate card-processing fees. It is crucial to understand the key players involved in finalizing processing fee rates. The banks, the credit card network, and the payment processor negotiate with each other to offset risks and split costs. The business and the customer have little say in credit card processing fees. Customers and businesses have limited control over credit card processing costs. However, before signing a contract and implementing a processing system, firms might try to negotiate and reduce the processing prices. Firms should request rates and fees that are less expensive than the ones businesses already pay. In fact, businesses need to make continuous requests for cheaper rates from the processing firm, bank, and any cloud software that is being used for online sales.

Browse through Grand View Research’s collection of procurement intelligence studies:

• Order Fulfillment Procurement Intelligence Report, 2023 - 2030 (Revenue Forecast, Supplier Ranking & Matrix, Emerging Technologies, Pricing Models, Cost Structure, Engagement & Operating Model, Competitive Landscape)

• Credit Bureau Services Procurement Intelligence Report, 2023 - 2030 (Revenue Forecast, Supplier Ranking & Matrix, Emerging Technologies, Pricing Models, Cost Structure, Engagement & Operating Model, Competitive Landscape)

Corporate Cards Procurement Intelligence Report Scope 

• Corporate Cards Category Growth Rate: CAGR of 7.3% from 2023 to 2030

• Pricing growth Outlook: 4% - 7% (Annually)

• Pricing Models: Tiered and flat rate pricing models

• Supplier Selection Scope: Cost and pricing, Past engagements, Productivity, Geographical presence

• Supplier Selection Criteria: By corporate card type (Standard corporate card, Virtual card, Purchasing card), Loyalty and reward (cashback, reward points, lounge access), Credit limits, Credit score requirements, technical specifications, Operational capabilities, Regulatory standards, and mandates, Category innovations, and others

• Report Coverage: Revenue forecast, supplier ranking, supplier matrix, emerging technology, pricing models, cost structure, competitive landscape, growth factors, trends, engagement, and operating model

Key companies 

• American Express

• Citi

• HSBC

• AirPlus

• Bank of America

• Chase Commercial Banking

• J.P. Morgan

• Barclays

• Mastercard

• Wells Fargo

Brief about Pipeline by Grand View Research:

A smart and effective supply chain is essential for growth in any organization. Pipeline division at Grand View Research provides detailed insights on every aspect of supply chain, which helps in efficient procurement decisions.

Our services include (not limited to):

• Market Intelligence involving – market size and forecast, growth factors, and driving trends

• Price and Cost Intelligence – pricing models adopted for the category, total cost of ownerships

• Supplier Intelligence – rich insight on supplier landscape, and identifies suppliers who are dominating, emerging, lounging, and specializing

• Sourcing / Procurement Intelligence – best practices followed in the industry, identifying standard KPIs and SLAs, peer analysis, negotiation strategies to be utilized with the suppliers, and best suited countries for sourcing to minimize supply chain disruptions

[jobkash]

Assistant Manager, Product House Finance at Equity Bank Kenya

Equity Bank Limited (The “Bank”) is incorporated, registered under the Kenyan Companies Act Cap 486 and domiciled in Kenya. The address of the Bank’s registered office is 9th Floor, Equity Centre, P.O. Box 75104 – 00200 Nairobi.Purpose:Providing support to product house team in accounting and business performanceScope:Procurement support, Software Accounting, Value for Money Performance, general…

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Business Internet & Mobile Banking - SBM Bank Kenya

Manage your business finances seamlessly with SBM Bank Kenya's comprehensive suite of banking solutions. Access your accounts securely and conveniently through our user-friendly business internet banking platform and mobile app. Experience the ease of conducting transactions, monitoring balances, and accessing essential services anytime, anywhere. Streamline your business banking experience with SBM Bank Kenya today.

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Why you should choose SBM Diaspora Banking

Choose SBM Diaspora Banking for a seamless and secure financial experience. With innovative services, tailored solutions, and global accessibility, we empower your financial aspirations wherever you are in the world.

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Convenient Mobile Banking with SBM Kenya

Enjoy seamless banking on the go with SBM Kenya's mobile app. Experience hassle-free access to your accounts, transfer funds, pay bills, and manage finances securely, all from the convenience of your smartphone. Experience banking like never before, with SBM Kenya's feature-rich mobile app.

[olgbenga-agboola]

Report: African FinTech Flutterwave Planning an IPO

Nigerian payments company Flutterwave is reportedly planning to go public. In an interview with Bloomberg News published Tuesday (Aug. 22), the company’s chief executive said it is moving forward with a planned initial public offering (IPO).Olugbenga Agboola, also one of the co-founders of Flutterwave, told Bloomberg the company had made progress in resolving financial impropriety claims in Kenya so it could find new and bigger global partners. The interview with Bloomberg came nearly a year after another company official — Chief Financial Officer Oneal Bhambani — told the news outlet Flutterwave was preparing for an IPO despite the troubles in Kenya. As noted here at the time, a Kenyan court had frozen Flutterwave’s accounts over allegations of anti-money laundering rule violations. The company had denied any wrongdoing.According to the Tuesday Bloomberg report, Agboola also downplayed claims that his company had refused to honor former employees’ stock rights, and that workers were harassed and bullied, saying these were “very, very isolated,” cases and they wouldn’t impact the IPO.In a statement to PYMNTS, Flutterwave said the case to unfreeze its accounts had been twice postponed and that it looked forward to the matter being resolved, but could not comment on specifics while the case was before the court.“However, we would like to emphasize the company has always been and will continue to conduct itself in strict compliance with the law,” the company said. “Our commitment to ethical practices and adherence to regulatory requirements is unwavering and we are actively cooperating with all the relevant authorities to ensure an expeditious resolution.”Flutterwave, which operates in more than 30 African countries, has gotten approvals that put it on the road to doing business in Kenya, a crucial African market, Agboola added. The company also won licenses from Rwanda’s central bank earlier this year, allowing it to expand its operations in that country, PYMNTS reported.“There’s some kind of customers we’ll attract when we are public,” he said in the interview. “The large global clients who need you to have the same level of compliance and level of global view that they have.”The news follows Flutterwave’s announcement earlier this month that it had extended its remittance solution Send App to Canada and the U.S., allowing for money transfers from those countries to customers in Africa.“The Send App is a user-friendly remittance solution built on our cross-border experience and global payment infrastructure reach that empowers diaspora Africans to make money transfers to the African continent quickly and easily,” Agboola said at the time.Flutterwave noted that remittances to Africa were $100 billion in 2022, with funds going to 200 million people.This year has also seen the company launch Tuition, a product that lets African users pay fees to educational institutions both within Africa and overseas by using local currencies, and form a partnership with Token.io to offer pay-by-bank capabilities.

[startanidea3]

Business Registration in Kenya

At Start an Idea, we specialize in facilitating Business Registration in Kenya. Our comprehensive services ensure a seamless process for setting up your business in this rapidly growing economy. From entity formation and banking solutions to regulatory compliance management, we cover all aspects of establishing your business in Kenya. Our expert team provides strategic business planning, accounting and tax planning, mergers and acquisitions, and exit advisory. Whether you're looking to expand your operations or start anew, our tailored solutions and extensive local knowledge guarantee a smooth and efficient registration process. Partner with us for expert guidance and unparalleled support in your Business Registration in Kenya.