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Best SME bank
Rank: New-farer Joined: 5/13/2013 Posts: 14
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Hi Entrepreneurs!
We are looking for an Excellent bank for SME with minimum account balance and extremely fast account opening time.
Which bank would you recommend?
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Rank: Hello Joined: 5/13/2013 Posts: 1
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Hi, if you wouldn't mind, kindly provide me with your email address or phone number we can keep in touch
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Rank: Elder Joined: 4/30/2008 Posts: 6,029
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lindachepp wrote:Hi, if you wouldn't mind, kindly provide me with your email address or phone number we can keep in touch Multiple threads!!!!Keep off wazua!!!!
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Rank: Chief Joined: 5/9/2007 Posts: 13,095
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BambooProductsKe wrote:Hi Entrepreneurs!
We are looking for an Excellent bank for SME with minimum account balance and extremely fast account opening time.
Which bank would you recommend? Chase Bank, Consolidated Bank. I can give you a contact in Chase who can ensure u r sorted faster faster
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Rank: New-farer Joined: 5/13/2013 Posts: 14
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washiku wrote:BambooProductsKe wrote:Hi Entrepreneurs!
We are looking for an Excellent bank for SME with minimum account balance and extremely fast account opening time.
Which bank would you recommend? Chase Bank, Consolidated Bank. I can give you a contact in Chase who can ensure u r sorted faster faster HI! Kindly provide me with the contact person's number/name or email me at hautelifestyle.KE@gmail.com
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Rank: Chief Joined: 5/9/2007 Posts: 13,095
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BambooProductsKe wrote:washiku wrote:BambooProductsKe wrote:Hi Entrepreneurs!
We are looking for an Excellent bank for SME with minimum account balance and extremely fast account opening time.
Which bank would you recommend? Chase Bank, Consolidated Bank. I can give you a contact in Chase who can ensure u r sorted faster faster HI! Kindly provide me with the contact person's number/name or email me at hautelifestyle.KE@gmail.com I have asked him to contact you. If they dont let me know so that I can whip them up to action.
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Rank: Elder Joined: 4/22/2010 Posts: 11,522 Location: Nairobi
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washiku chase bank...really? possunt quia posse videntur
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Rank: Elder Joined: 4/30/2008 Posts: 6,029
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maka wrote:washiku chase bank...really? For SME's the banks to use are Family Bank,Consolidated Bank,Chase Bank,DTB,Equity,KCB but it is prudent to have more than one account as a bank may not be all round good eg Family bank does not have internet banking but is good in its loans and bidbonds.I have 27 accounts and these enable me receive payments immediately if the cheque is from the same bank,instead of waiting for 4 working days but the main accounts are 3.It also depends on your race eg if you are Mhindi the above may not apply to you. You should also note that Nakumatt is an SME.
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Rank: Member Joined: 2/1/2010 Posts: 272 Location: Nairobi
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I'd recommend Chase Bank. I've also heard good things about Bank of Africa. The harder you work, the luckier you get
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Rank: Elder Joined: 6/2/2011 Posts: 4,818 Location: -1.2107, 36.8831
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mawinder wrote:maka wrote:washiku chase bank...really? For SME's the banks to use are Family Bank,Consolidated Bank,Chase Bank,DTB,Equity,KCB but it is prudent to have more than one account as a bank may not be all round good eg Family bank does not have internet banking but is good in its loans and bidbonds.I have 27 accounts and these enable me receive payments immediately if the cheque is from the same bank,instead of waiting for 4 working days but the main accounts are 3.It also depends on your race eg if you are Mhindi the above may not apply to you. You should also note that Nakumatt is an SME. @Mawinder, 27 a/c? Are you CBK? Receive with simplicity everything that happens to you.” ― Rashi
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Rank: Elder Joined: 4/30/2008 Posts: 6,029
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dunkang wrote:mawinder wrote:maka wrote:washiku chase bank...really? For SME's the banks to use are Family Bank,Consolidated Bank,Chase Bank,DTB,Equity,KCB but it is prudent to have more than one account as a bank may not be all round good eg Family bank does not have internet banking but is good in its loans and bidbonds.I have 27 accounts and these enable me receive payments immediately if the cheque is from the same bank,instead of waiting for 4 working days but the main accounts are 3.It also depends on your race eg if you are Mhindi the above may not apply to you. You should also note that Nakumatt is an SME. @Mawinder, 27 a/c? Are you CBK? This ensures I don't wait for 4 working days for the cheques to clear.
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Rank: Member Joined: 4/20/2010 Posts: 412 Location: nairobi
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mawinder wrote:dunkang wrote:mawinder wrote:maka wrote:washiku chase bank...really? For SME's the banks to use are Family Bank,Consolidated Bank,Chase Bank,DTB,Equity,KCB but it is prudent to have more than one account as a bank may not be all round good eg Family bank does not have internet banking but is good in its loans and bidbonds.I have 27 accounts and these enable me receive payments immediately if the cheque is from the same bank,instead of waiting for 4 working days but the main accounts are 3.It also depends on your race eg if you are Mhindi the above may not apply to you. You should also note that Nakumatt is an SME. @Mawinder, 27 a/c? Are you CBK? This ensures I don't wait for 4 working days for the cheques to clear. From June 16th 2013 cheques will clear after 1 day  The only time you should be looking down on others is when you are helping them up.
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Rank: Chief Joined: 5/9/2007 Posts: 13,095
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washiku wrote:BambooProductsKe wrote:washiku wrote:BambooProductsKe wrote:Hi Entrepreneurs!
We are looking for an Excellent bank for SME with minimum account balance and extremely fast account opening time.
Which bank would you recommend? Chase Bank, Consolidated Bank. I can give you a contact in Chase who can ensure u r sorted faster faster HI! Kindly provide me with the contact person's number/name or email me at hautelifestyle.KE@gmail.com I have asked him to contact you. If they dont let me know so that I can whip them up to action. Bamboo, he says u write to him on: wwaiganjo@chasebank.co.ke
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Rank: Member Joined: 11/15/2007 Posts: 22
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"Excellent" and "bank" in the same sentence? Not in Kenya.
Same monkeys, different forests!!
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Rank: New-farer Joined: 5/13/2013 Posts: 14
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THANKS. I did. Signing up for DTB as we speak. Will open another with chase! Many thanks. washiku wrote:washiku wrote:BambooProductsKe wrote:washiku wrote:BambooProductsKe wrote:Hi Entrepreneurs!
We are looking for an Excellent bank for SME with minimum account balance and extremely fast account opening time.
Which bank would you recommend? Chase Bank, Consolidated Bank. I can give you a contact in Chase who can ensure u r sorted faster faster HI! Kindly provide me with the contact person's number/name or email me at hautelifestyle.KE@gmail.com I have asked him to contact you. If they dont let me know so that I can whip them up to action. Bamboo, he says u write to him on: wwaiganjo@chasebank.co.ke
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Rank: New-farer Joined: 4/1/2013 Posts: 20
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@Bamboo, you have posed a very intriguing question whose answer would be all banks. When we talk of an SME account, what comes to mind is a business current account which across all banks would have no minimum balance requirement. The trick would be in the monthly ledger fees and maintenance fee. And how easy would it be to get an overdraft. If you drew a cheque of Kes.900K while your account balance is 895K, would your bank clear it for you or return it to the drawer with those two words that are every entrepreneur's nightmare; "Insufficient funds". Would your bank take note if your monthly turnovers started growing from say Kes.500,000 p.m to Kes.2M p.m ? And would your bank be willing to stand with you before you get your footing or would they rather watch from a distance until your risk profile drops to an acceptable level ?
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Rank: Veteran Joined: 3/26/2012 Posts: 1,182
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mawinder wrote:maka wrote:washiku chase bank...really? For SME's the banks to use are Family Bank,Consolidated Bank,Chase Bank,DTB,Equity,KCB but it is prudent to have more than one account as a bank may not be all round good eg Family bank does not have internet banking but is good in its loans and bidbonds.I have 27 accounts and these enable me receive payments immediately if the cheque is from the same bank,instead of waiting for 4 working days but the main accounts are 3.It also depends on your race eg if you are Mhindi the above may not apply to you. You should also note that Nakumatt is an SME. That is comforting for me,no more worries.
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Rank: Veteran Joined: 2/2/2012 Posts: 1,134 Location: Nairobi
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What's the definition of SME in Kenya?
In terms of turnover.
In terms of employees.
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Rank: Elder Joined: 4/30/2008 Posts: 6,029
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chiaroscuro wrote:What's the definition of SME in Kenya?
In terms of turnover.
In terms of employees. Definition of an SME in Kenya An SME is defined as an entity that, a) Does not have public accountability b) Publishes general purpose financial statements for external users eg owners not involved in day to day management; Kenya Revenue Authority; existing and potential creditors; credit rating agencies. c) Whose debt and equity instruments are NOT traded in the public market (A domestic or foreign stock exchange or over the counter market) AND d) Does NOT hold funds in a fiduciary capacity for a broad group of outsiders as one of its primary businesses such as banks, credit unions, insurance companies, securities brokers/dealers, mutual funds and investment banks SMEs will have the option to use IFRSs for SMEs or the full IFRSs Non SMEs are Publicly Accountable entities that, a) Have their debt and equity instruments traded in the public market (A domestic or foreign stock exchange or over the counter market) AND/OR b) Hold funds in a fiduciary capacity for a broad group of outsiders as one of its primary businesses such as banks, credit unions/Saccos, insurance companies, securities brokers/dealers, mutual funds and investment banks
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Rank: Chief Joined: 5/9/2007 Posts: 13,095
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All the best! BambooProductsKe wrote:THANKS. I did. Signing up for DTB as we speak. Will open another with chase! Many thanks. washiku wrote:washiku wrote:BambooProductsKe wrote:washiku wrote:BambooProductsKe wrote:Hi Entrepreneurs!
We are looking for an Excellent bank for SME with minimum account balance and extremely fast account opening time.
Which bank would you recommend? Chase Bank, Consolidated Bank. I can give you a contact in Chase who can ensure u r sorted faster faster HI! Kindly provide me with the contact person's number/name or email me at hautelifestyle.KE@gmail.com I have asked him to contact you. If they dont let me know so that I can whip them up to action. Bamboo, he says u write to him on: wwaiganjo@chasebank.co.ke
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