This is a list of the best banks for Small and Medium Enterprises (SMEs) in Kenya. SMEs in Kenya play a major role in economic growth and development. They contribute about 45% of the country’s GDP.
This article will focus on the best banks for SMEs in Kenya, based on awards such as Think Business Awards and Euromoney Awards, which are annual awards that seek to recognise and reward excellence in the banking sector.
In no particular order, here is a list of the best banks for SMEs in Kenya.
1. Equity Bank
Equity Bank was named Africa’s best bank for SMEs in the 2021 Euromoney Awards. This validates Equity as the country’s preferred bank by SMEs. The bank puts a priority on financing SMEs in agriculture, manufacturing, household, value chain banking and the health sector.
Absa is one of the best banks for SMEs in Kenya. This is based on the 2021 Think Business Awards. It offers trendsetting solutions and helps SMEs drive businesses by providing business accounts and affordable loan solutions.
3. Diamond Trust Bank (DTB)
DTB emerged among the top three SME banks in the 2021 Think Business Awards. It has become famous in Kenya as ‘The SME bank’ because of its support for Small and Medium-sized Enterprises. It provides good business accounts and affordable loans for SMEs.
4. Co-operative Bank
Co-operative Bank supports MSMEs in Kenya by offering solutions that address the needs and support entrepreneurs in the management and growth of their businesses. The bank offers SME loan products and business accounts that come with packages that suit your business needs.
5. Family Bank
Family Bank helps SMEs to meet their financial needs by offering business banking services and loans such as Jenga Bizna and Biashara Boost loan designed for micro-businesses that require funds to expand their existing business lines profitably.
6. Stanbic Bank
Stanbic Bank has a proven history of supporting Kenyan businesses with a full portfolio of banking services, offering reliable banking solutions such as the business current account, business overdraft and SME Bizna loan which is designed with the needs of small business people in mind.
7. Credit Bank
Credit Bank was recognized as the Best Digital Bank & the Most Innovative SME Bank in Kenya by International Business Magazine awards in 2021. The ban recently announced a programme dubbed ElevateHer that will see women-owned enterprises get loans between Ksh 75,000 to 3 million under categories such as Her Trade Up loan, Her Business Loan and Her Trade Loan that attract a preferential interest fee repayable in four years.
Best Bank in SME Banking according to Think Business Banking Awards
- Diamond Trust Bank
- Equity Bank Kenya
- Absa Bank Kenya