Kenya has a robust financial sector, with several banks offering different types of accounts for business purposes. Examples include Absa (formerly Barclays Bank Kenya), which provides a wide range of services for business accounts.

Absa Bank is a South African financial service conglomerate operating in twelve countries. It has at least forty branches across Kenya and a head office in Nairobi.

Suppose you already have an existing corporate bank account with a global financial institution. In that case, you may be able to open a new personal account at Absa Bank by calling them directly. Check out their website for details on how to proceed. Make sure you meet the necessary criteria before making any calls.

Absa Bank Kenya offers various types of current accounts. For example, if you need a business’s current bank, you can go to an Absa branch to find out which current bank would suit your business. If you want to open a current dollar bank, you can visit one of Absa’s s local or regional branches to learn more about their foreign exchange services.

This article provides the information needed to open a business account with Absa. You should be able to determine whether or not you meet the eligibility criteria at the bottom of this page.

How Can I Open an Absa Business Account?

If you’re a sole trader or business owner, you can open an account by visiting any Absa Bank branch or logging into Absa Bank’s official online mobile banking facility (Absa Mobile). Companies with up to three or four directors must first speak to their bank manager before opening an account.

General Requirements

Here are some of the most important things you’ll want to know before opening an account with Absa Bank:

• A color passport for directors/board members is an easy way to keep track of who
• Board Resolution for Business Account or Minutes
• Business License
• Certificate of Registration/Incorporation
• A copy of national ID cards for directors/board members
• A copy of the partnership deed or articles of association
• Employer Identification Number (EIN)
• Ownership agreements
• Proof of Identity for Company Directors
• Proof of Residence
• SSN if you’re a sole proprietor
• Your business formation documents

It would be best if you endeavored to provide your complete set of financials when applying for loans from banks, credit unions, and other lenders.

Also Read: The Best Business Bank Account For Startups

Which companies can apply online for an Absa bank business account?

Seven different bank account types are available for businesses: the core evolves package; and up to six various evolutions.

Business Evolve Core

You qualify for the total rate if you’re a sole proprietor with an annual turnover of less than R5 million.

• Monthly fee — R0
• Annual Turnover (R0 to R5 Million)
• Get free SMS alerts for NotifyMe and Absa online banking
• Exclusive to sole proprietors
• Shari’ah-compliant option available

Other Absa Bank Business Evolve Packages

Only one person at a time may use the application form. Someone else must fill out the form if you’re not authorized to represent the organization.

Business Evolve Lite

• Annual turnover (R0 to R1.4 million)
• Suitable for any kind of business sector

Business Evolve PAYT:

• Monthly fee — R85
• Annual turnover — R0 to R500

Business Evolve Ignite:

• Monthly fee — R170
• Annual turnover — from R0 to R500Million

Business Evolve Start:

• Fee — R265 per month; annual turnover — from R0 to R500million
• 35 electronic transactions
• You may deposit up to R50,000 into your account every month.

Business Evolve Grow:

• Monthly fee — R415
• Shari’ah-compliant option
• 60 electronic transactions
• You can deposit/withdraw a total of R150 000 each calendar quarter from an Absa bank account.

Business Evolve Excel:

• Monthly fee — R590
• 90 electronic transactions
• You may withdraw up to R250 000 from an Absa ATM every 30 days.