Requirements To Open An Equity Bank Account In Kenya

This article focuses on the requirements to open an Equity Bank account in Kenya. Equity Bank is an award-winning bank and one of the best banks in Kenya. It is licensed under the Kenya Banking Act (Chapter 488) and offers retail banking, microfinance and related services. It has more than 9 million customers making it the largest bank in terms of customer base in Africa and having nearly half of bank accounts in Kenya.

Requirements To Open An Equity Bank Account In Kenya

(a). Personal Accounts

1. Equity Ordinary Account

This account is your perfect medium for personal deposits, daily business transactions and remittances. It is ideal for individuals (singly or jointly), groups and registered entities.

Features

No minimum operating balance.
No monthly charges.
Full access to mobile banking and internet banking.
A customer can choose a payment card that best suits his/her needs. They include prepaid cards, debit cards and credit cards.
Cash and cheque deposits.

Requirements

Individuals (singly or jointly)- original ID and KRA PIN.
Registered groups- registration certificate, constitution, minutes of resolution to open account certified by the District Social Development Officer.
An introduction letter from the District Social Development Officer.

2. Current Account

This is a convenient and flexible medium for a range of transactions. With this account, you are free to make deposits, receive money, make payments, make withdrawals and set up standing orders. It isideal for individuals (singly or jointly), groups, registered entities groups and registered entities be separated from the individual.

Features

No minimum operating balance.
None interest earning.
No monthly charges.
Full access to mobile banking.
Customer can choose a payment card that best suits their needs. They include prepaid cards, debit cards and credit cards.
Cash and cheque deposits.
Chequebook.

Requirements

Individuals (singly or jointly)- Original ID and KRA PIN.
Registered groups- Registration certificate, constitution, minutes of resolution to open account certified by the District Social Development Officer (DSDO).
An introduction letter from the DSDO.

3. School Fees Collection Account

Equity Bank has partnered with various higher learning institutions across the country to ease the process of paying tuition, and thus allow you to access your education more easily.

4. Investments Accounts

(i). CDSC Account

This is an electronic account that holds your shares and manages the process of transferring shares that are traded in the NSE. You may open a CDSC account through a stockbroker, investment bank or custodian (Equity Bank) authorised by the Central Depository and Settlement Corporation.

Features

It allows immediate transfer of shares upon purchase or sale.
There is no paperwork involved during the transfer of shares from a buyer to seller.
Account automation eliminates risks of forgery, damage to the document, clerical errors etc.
An investor’s shares are held in one account making it easy for management.
The investor receives an electronic statement of his/her account holdings.

Requirements

An Equity Bank account.
A copy of your Kenyan ID/Passport, a passport size photo and your KRA PIN.
A fully executed and signed CDS 1 form.

(ii). CBK CDS Account

This is an electronic account managed by the Central Bank of Kenya that holds an investor’s treasury bills and treasury bonds and manages the purchase and sale of the securities.

Features

The account is for trading in treasury bills and treasury bonds only.
The account is opened by the Central Bank of Kenya on behalf of investors.
The investor receives an electronic statement of his/her CDS account holdings.

Requirements

An Equity Bank account.
A copy of your Kenyan ID/ passport and KRA PIN.
A fully executed and signed CDS 1 form.

(b). SME/Small Business Accounts

1. Equity Current Account

This is a convenient and flexible medium for a range of transactions. With this account, you are free to make deposits, receive money, make payments, make withdrawals and set up standing orders.

Features

No minimum operating balance.
None interest earning.
No monthly charges.
Full access to mobile banking.
Customer can choose a payment card that best suits their needs. They include prepaid cards,debit cards and credit cards.
Cash and cheque deposits.
Chequebook.

Requirements

Individuals (singly or jointly)- Original ID and KRA PIN.
Registered Groups- Registration certificate,constitution, minutes of resolution to open account certified by the District SocialDevelopment Officer (DSDO).
An introduction letter from the DSDO.

2. Social Institutions Account

This account allows institutions dealing in non-profitable ventures such as churches, public schools and self help groups to manage their funds efficiently.

Features

No operating balance required.
No charges while making withdrawals.
Access to customised loans.
Multiple approval feature that ensures security of funds.

Requirements

School registration certificate from the Ministry of Education.
An introduction letter duly signed by the Deputy County Commissioner for education.
School Board of Governors resolution to open an account and signing mandate signed by the Deputy County Commissioner for education.

3. Investment Account

(i). CDSC Account

Features

It allows immediate transfer of shares upon purchase or sale.
There is no paperwork involved during the transfer of shares from a buyer to seller.
Account automation eliminates risks of forgery, damage to the document, clerical errors etc.
An investor’s shares are held in one account making management easy.
The investor receives an electronic statement of his/her account holdings.

(ii). CBK CDS Account

This is an electronic account managed by the Central Bank of Kenya that holds an investor’s treasury bills and treasury bonds manges the purchase and sale of the securities.

Features

The account is for trading in treasury bills and treasury bonds only.
The account is opened by the CentralBank of Kenya on behalf of investors.
The investor receives an electronic statement of his/her CDS account holdings.

Requirements

Kenyan ID/Passport for the directors, passport size photos and KRA PIN for directors and the company.
A fully executed and signed CDS 1 form.
Certificate of incorporation/ registration.
Board resolution.

(c). Corporate Accounts

1. Current Account

This is a convenient and flexible medium for a range of transactions. With this account you are free to make deposits, receive money, make payments, make withdrawals and set up standing orders.

Features

No minimum operating balance.
None interest earning.
No monthly charges.
Full access to mobile banking.
Customer can choose a payment card that best suits their needs.They include prepaid cards, debit cards and credit cards.
Cash and cheque deposits.
Chequebook.

Requirements

Individuals (singly or jointly)- Original ID and KRA PIN.
Registered groups- Registration certificate, constitution, minutes of resolution to open account certified by the District Social Development Officer (DSDO).
An introduction letter from the DSDO.

2. Ordinary Account

The account is your preferred medium for personal deposits, daily business transactions and remittances.

Features

No minimum operating balance.
No monthly charges.
Full access to mobile banking and internet banking.
Cutomer can choose a payment card that best suits their needs. They include prepaid cards, debit cards and credit cards.
Cash and cheque deposits.

Requirements

Individuals (singly or jointly)- Original ID and KRA PIN.
Registered groups- Registration certificate, constitution, minutes of resolution to open account certified by the District Social Development Officer (DSDO).
An introduction letter from the DSDO.

3. Social Institutions Account

This account allows institutions dealing in non-profitable ventures such as churches, public schools and self-help groups to manage their funds effectively.

Requirements

School registration certificate from the Ministry of Education.
An introduction letter duly signed by the Deputy County Commisioner for education.
School Board of Governors resolution to open an account and signing mandate signed by the Deputy County Commissioner for education.

4. Investment Account

(i). CDSC Account

The CDSC account is an electronic account that holds your shares and manages the process of transferring shares that are traded in the NSE. You may open a CDSC account through a stockbroker, investment bank or custodian (Equity Bank) authorised by Central Depository and Settlement Corporation.

It allows immediate transfer of shares upon purchase or sale.
There is no paperwork involved during the transfer of shares from a buyer to seller.
Account automation eliminates risks of forgery,damage to the document, clerical errors etc.
An invetor’s shares are held in one account making it easy for management.
The investor receives an electronic statement of his/her account holdings.

(ii). CBK CDS Account

This is an electronic account managed by the Central Bank of Kenya that holds an investor’s treasury bills and treasury bonds and manages the purchase and sale of the securities.

Features

The account is for trading in treasury bills and treasury bonds only.
The account is opened by the Central Bank of Kenya on behalf of investors.
The investor receives an electronic statement of his/her CDS account holdings.

Requirements

A Kenyan ID/ Passport for the directors, passport size photos and KRA PINs for directors and the company.
A fully executed and signed CDS 1 form.
Certificate of incorporation/ registration.
Board resolution.

(d). Chama/ Groups Accounts

1. Group Account

This account allows institutions dealing in non-profitable ventures such as churches, public schools and self-helpgroups to manage their funds efficiently.

Requirements

Group registration certificate.
Groups’s constitution.
Minutes of the meeting where a resolution was passed to open an account with Equity Bank duly certified by the District Social Development Officer (DSDO).
An introduction letter from the DSDO.

2. EazzyChama

This account enables you to manage your group, joint or chama account activities with ease. It allows you to keepfinancial records and carry out blank transactions while maintaining transparency in your group.

Features

Any group member can monitor group activities through this account.
A member is able to track his personaltransactions in the account such as their monthly or lifetime contributions, penalties,group statement and other financial activities.
The platform has a reminder management functionality that helps you easily keeptrack of tasks and activities.
Because it is operated digitally, there is no need for paperwork, thus ensuring efficiency.

3. Investment Account

(i). CDSC Account

Features

It allows immediate transfer of shares upon purchase or sale.
There is no paperwork involved during the transfer of shares from a buyer to seller.
Account automation eliminates risks of forgery, damage to the document, clerical errors etc.
An investors shares are held in one account making it easy for management.
An investor can receive an electronic statement of his/her account holdings.

(ii). CBK CDS Account

This is an electronic account managed by the Central Bank of Kenya that holds an investor’s treasury bills and treasury bonds and manages the purchase and sale of securities.

Features

The account is for trading in treasury bills and treasury bonds only.
The account is opened by the Central Bank of Kenya on behalf of investors.
An investor can receive an electronic statement of his/her CDS account holdings.

Requirements

An Equity Bank account.
A copy of your Kenyan ID/Passport, a passport size photo and your KRA PIN.
A fully executed and signed CDS 1 form.

(e). Diaspora Accounts

1. Equity Ordinary Account

This account is your perfect medium for personal deposits, daily business transactions and remittances. It is ideal for individuals (singly or jointly).

Features

No minimum operating balance.
No monthly charges.
Full access to mobile banking and internet banking.
Customer can choose a payment card that best suits their needs. They include prepaid cards, debit cards and credit cards.
Cash and cheque deposits.

Requirements

Recent coloured passport size photo.
Proof of address document.
Copy of Kenyan ID or passport.
Copy of KRA PIN.
Filled in email indemnity form.
FATCA W-9 and confidentiality waiver forms for US clients.

2. Diaspora Business Account

This account allows you to effortlessly manage your business finances while overseas.

Features

It is free to open with no required minimum balance.
You get free monthly e-statements.
No monthly maintenance fee is required for the account.
There is no limit on the frequency of withdrawals.
Your money earns interest which is credited to your account at the end of the year.
Account holders have access to visa services.
Account holders have access to the internet and mobile banking.

Requirements