SBM Bank Kenya

What SBM Bank Kenya does

SBM Bank Kenya is a full-service commercial bank operating in Kenya, serving retail consumers, small and medium enterprises (SMEs), corporates and institutions, and the Kenyan diaspora. It is a wholly-owned subsidiary of SBM Group, a Mauritius-listed financial services group, and entered the Kenyan market in May 2017 through the acquisition of Fidelity Commercial Bank, followed in 2018 by the absorption of the majority of assets and liabilities of Chase Bank Kenya Limited (In Receivership). The bank operates from 33 branches countrywide and serves more than 100,000 customers, regulated by the Central Bank of Kenya and dual-licensed by the Capital Markets Authority as an Authorised Depository and Authorised Securities Dealer.

The bank's core technology platform is the Mfukoni digital banking suite, comprising the Mfukoni Mobile Banking App and Mfukoni Online Internet Banking, complemented by an ATM network, agency banking, and a 24/7 contact centre. Mfukoni supports 24/7 account access, fund transfers, bill payments, loan applications, and corporate bulk EFT, and integrates with M-PESA (PayBill 552800), Pesalink instant interbank transfers, Mastercard (post-December 2025 migration), Visa, UnionPay, Western Union, MoneyGram, Xoom, Mukuru, Transfast, Xpress Money, and the Kenya Revenue Authority iTax system. The product catalogue spans current accounts (Jivunie, Aspire, Aspire Plus, Elite, Baraka, Plus, Business Plus, Genesis, Jijenge Biashara), savings and deposit products (Platinum Saver, Pebble, Instant Saver, Term and Call Deposits, Legacy Plus, Upfront Interest Fixed Deposit), lending products (Auto Loans, Mortgages, Personal Unsecured Loans, Salary Advance, SBM Overdraft, Unsecured MSME Loans, Asset Finance, Trade Finance, Structured Term Loans, Crop Loans, Construction Loans, Shamba Loans, Insurance Premium Financing), cards (debit, prepaid, credit across Visa, Mastercard, UnionPay), treasury and FX services, and bancassurance.

SBM Bank Kenya earns revenue primarily through net interest income from lending activities (personal, auto, mortgage, business, overdraft), supplemented by transaction and service fees (ATM, wire transfers, standing orders, digital banking transactions, pay-as-you-go current account charges), and foreign exchange revenue from currency exchange and forex trading. Pricing is segmented across subscription-based premium accounts (Aspire Plus at KES 899/month, Elite at KES 1,899/month), pay-as-you-go standard accounts, and usage-based digital transaction fees (Pesalink, RTGS, EFT, mobile transfers). The go-to-market is sales-led via a multi-channel distribution model combining 33 branches, agency banking, mobile and internet banking, and a contact centre, targeting mass retail, SME merchants (with Mobile 2 Bank and Merchant Short Code payment collection), corporate and institutional clients (trade finance, letters of credit, structured term loans), and diaspora customers (diaspora mortgages, construction loans, shamba loans, international money transfers).

Name

SBM Bank Kenya

Legal name

SBM Bank Kenya Limited

Website

https://sbmbank.co.ke

Company type

Private

Founded year

2017

Operating status

Operating

Headcount range

251–500 employees

Short description

SBM Bank Kenya is a Nairobi-headquartered, mid-tier commercial bank and subsidiary of Mauritius-listed SBM Group, serving retail, SME, corporate, and diaspora customers in Kenya through 33 branches and the Mfukoni digital banking platform, with revenue derived from net interest income, transaction fees, and FX services.

Ownership category

akta.pro rank

Product category

Retail Banking

NAICS

Commercial Banking (522110), Depository Credit Intermediation (5221)

SIC

National Commercial Banks (6021)

akta.pro primary industry

General SME & Middle-Market Commercial Banking (FSABABAA)

akta.pro secondary industry

SME Deposits & Business Accounts (Operating, Savings, CDs) (FSABABAC)

Keywords

• Retail banking services
• Commercial banking
• Mobile banking
• Trade finance solutions
• Diaspora banking

Headquarters

HQ city

Nairobi

HQ country

Kenya

HQ region

Africa

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Technology or R&D, Marketing or Sales, Others

Revenue model

1. Net Interest Income: Interest income from lending activities including personal loans, auto loans, mortgages, business loans, and overdrafts minus interest paid on deposits
2. Transaction and Service Fees: Fees from ATM withdrawals, wire transfers, standing orders, cheque processing, and digital banking transactions
3. Foreign Exchange Revenue: Revenue from currency exchange services and forex trading for retail and corporate customers

Pricing tiers

Go-to-market motion1 record

Distribution channels6 records

Marketing channels6 records

Core offering

SBM Bank Kenya is a commercial bank that provides personal, SME, corporate, and diaspora banking services through 33 branches, Mfukoni mobile and online banking platforms, ATMs, and agency banking. Its product portfolio spans current and savings accounts, multi-currency deposits, personal and business loans, mortgages, trade finance, treasury and forex services, cards, money transfer, and bancassurance.

Product overview

SBM Bank Kenya offers a comprehensive digital-first banking platform providing retail, SME, corporate, and diaspora banking services through an integrated multi-channel architecture. The core platform consists of Mfukoni Mobile Banking and Mfukoni Online Banking as the primary digital channels, complemented by 33 branches, ATMs, and agency banking. The product portfolio spans personal accounts (Jivunie, Aspire, Aspire Plus, Elite Current Accounts), savings products (Platinum Saver, Pebble, Instant Saver), investment solutions (Term and Call Deposits, Legacy Plus, Upfront Interest Fixed Deposit), credit facilities (Auto Loans, Mortgages, Personal Unsecured Loans, Salary Advance, SBM Overdraft), and business solutions (Baraka Collection, Plus Current, Business Plus, Genesis, Jijenge Biashara Accounts). Trade Finance services include Letters of Credit and Guarantees and Bonds, while payment capabilities feature Pesalink instant transfers, Simple Payments Solution for bulk payments, Mobile 2 Bank with M-PESA integration, and Merchant Short Codes. The bank also offers Treasury and Forex services, Bancassurance products, and specialized Diaspora banking solutions.

Differentiator

Problem solved

Functional benefit

Brands

• Mfukoni: Mobile and online banking platform offering 24/7 access to funds, transactions, and banking services. Available as Mfukoni Mobile App and Mfukoni Online Internet Banking.
• SBM Mfukoni

Products and services

• Jivunie Current Account

Quantifiable outcome

• Loan processing time of 24-72 hours for SME unsecured loans
• +2 more outcomes

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration15 records

Feature3 records

Partnerships

One partnership is on record.

• MastercardcoreTechnology or Integration · 1 December 2025SBM Bank Kenya partnered with Mastercard to enhance digital payment offerings, including migration to Mastercard-branded cards and new features like tap-to-pay, insurance, and fraud protection. The initiative aims to improve payment security, acceptance, and digital wallet integration while supporting SBM Bank's growth and digital transformation strategies.

Scale indicators3 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• Stanbic Bank Kenya: Subsidiary of Standard Bank Group offering corporate, investment, and retail banking in Kenya. Comparable international parent backing (similar to SBM Group/Mauritius for SBM Bank Kenya), strong trade finance capabilities, and SME/corporate focus.
• Equity Bank Kenya: One of Kenya's largest commercial banks by customer base, offering retail, SME, corporate, and diaspora banking with a strong mobile and agency banking focus. Comparable in product breadth and digital-first orientation to SBM Bank Kenya, though at significantly greater scale.
• Standard Chartered Bank Kenya: Multinational bank with full Kenyan commercial banking license serving retail, SME, and corporate clients. Comparable international parentage (like SBM Group/Mauritius), trade finance capabilities, and multi-currency offerings make it a direct competitor in corporate and affluent retail segments.
• I&M Bank Kenya: Kenyan mid-tier commercial bank offering retail, SME, and corporate banking with premium banking services. Most directly comparable to SBM Bank Kenya in scale, product mix, and target customer segments; notably, SBM's CEO Bhartesh Shah previously held executive roles at I&M Group.
• Co-operative Bank of Kenya: Major Kenyan commercial bank serving retail, SME, and corporate customers with a strong cooperative and savings-oriented base. Offers similar multi-channel banking (branches, mobile, internet, agency) and competes directly for SME and retail deposits.
• Absa Bank Kenya: Subsidiary of Absa Group offering retail, SME, corporate, and investment banking in Kenya. Comparable to SBM Bank Kenya as an international-affiliated commercial bank with comprehensive product range including bancassurance, trade finance, and digital banking.
• KCB Bank Kenya: Kenya's largest bank by assets, offering retail, SME, corporate, and institutional banking with extensive branch and digital network. Directly competes with SBM Bank Kenya across all major segments including diaspora banking and trade finance.
• Diamond Trust Bank Kenya: Kenyan commercial bank with regional presence (Kenya, Tanzania, Uganda, Burundi) offering retail, SME, and corporate banking. Comparable mid-tier positioning, Islamic banking window offerings, and SME focus make it a direct peer for SBM Bank Kenya.
• Bank of Baroda Kenya: Indian multinational bank with Kenyan operations focused on retail, SME, and corporate banking. Comparable international parent backing (India vs. SBM Bank Kenya's Mauritius), multi-currency operations, and diaspora banking alignment make it a relevant peer.
• NCBA Bank Kenya: Kenyan commercial bank formed from the merger of National Bank and CBA, serving retail, SME, and corporate customers with digital banking emphasis. Comparable full-service product suite and growing digital capabilities make it a direct mid-tier competitor to SBM Bank Kenya.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/sbmbankkenya
• Facebookfacebook.com/sbmbankkenya
• LinkedInlinkedin.com/company/sbm-bank-kenya
• Instagraminstagram.com/sbmbankkenya

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles24 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about SBM Bank Kenya