SBM Bank Kenya
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.
- Company typePrivate
- Founded2017
- HeadquartersNairobi, Kenya
- Headcount251–500
- GTM typeB2B and B2C
- OfferingServices
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).
SBM Bank Kenya firmographics
Firmographics- 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
SBM Bank Kenya industry classification
Industry- 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
Where SBM Bank Kenya is headquartered
LocationHeadquarters
- HQ city
- Nairobi
- HQ country
- Kenya
- HQ region
- Africa
Offices1 record
Markets served
SBM Bank Kenya business model
Business model- GTM type
- B2B and B2C
- Offering type
- Services
- Cost components
- Personnel, Operations, Infrastructure, Technology or R&D, Marketing or Sales, Others
Revenue model
- Net Interest Income: Interest income from lending activities including personal loans, auto loans, mortgages, business loans, and overdrafts minus interest paid on deposits
- Transaction and Service Fees: Fees from ATM withdrawals, wire transfers, standing orders, cheque processing, and digital banking transactions
- Foreign Exchange Revenue: Revenue from currency exchange services and forex trading for retail and corporate customers
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Transaction based/ take rate | Pay-as-you-go | Jivunie Current Account - Pay-as-you-go pricing |
| Subscription | Monthly | Elite Current Account - Premium pricing |
| Subscription | Monthly | Aspire Plus Current Account - KES 899 monthly |
| Subscription | Monthly | Pebble Savings Account - Interest-earning children's account |
| One time/ perpetual license | Pay-as-you-go | Term and Call Deposits - Fixed returns |
| Usage-based | Pay-as-you-go | Mfukoni Mobile Banking - Digital transaction fees |
| Other | Monthly | Auto Loan - Competitive financing |
| One time/ perpetual license | Pay-as-you-go | Salary Advance - Short-term credit facility |
| Transaction based/ take rate | Pay-as-you-go | Mobile 2 Bank - SME payment collection |
| Transaction based/ take rate | Pay-as-you-go | Simple Payments Solution - Bulk payment processing |
Go-to-market motion1 record
Distribution channels6 records
Marketing channels6 records
SBM Bank Kenya product offering
Product offeringCore 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
Companies that use SBM Bank Kenya
Customer profileSegments4 records
Ideal customer profiles4 records
SBM Bank Kenya technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration15 records
Feature3 records
SBM Bank Kenya partnerships and signals
Strategic signalPartnerships
One partnership is on record.
- MastercardcoreSBM 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
SBM Bank Kenya competitors and assessment
Company assessmentDirect 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
SBM Bank Kenya social profiles
Digital presenceSBM Bank Kenya compliance and trust
Trust signalCompliance2 records
SBM Bank Kenya financial estimates
Financial estimateRevenue estimate
Valuation estimate
SBM Bank Kenya leadership team
Management profileNumber of profiles
Profiles24 records
SBM Bank Kenya subsidiaries and ownership
Company hierarchySubsidiaries1 record
SBM Bank Kenya funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
SBM Bank Kenya M&A and investment
M&A and investmentM&A
Investments1 record
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about SBM Bank Kenya
What does SBM Bank Kenya do?
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.
Is SBM Bank Kenya a public or private company?
SBM Bank Kenya is a private company. It is classified as corporate owned and is currently operating.
When was SBM Bank Kenya founded?
SBM Bank Kenya was founded in 2017. It employs 251 to 500 people.
Where is SBM Bank Kenya based?
SBM Bank Kenya is headquartered in Nairobi, Kenya, in the Africa region.
How does SBM Bank Kenya make money?
Three revenue lines are on record. Net Interest Income is the primary driver. The others are transaction and Service Fees and foreign Exchange Revenue.
Who are SBM Bank Kenya's main competitors?
Direct peers on record are Stanbic Bank Kenya, Equity Bank Kenya, Standard Chartered Bank Kenya, I&M Bank Kenya, Co-operative Bank of Kenya, Absa Bank Kenya, KCB Bank Kenya, Diamond Trust Bank Kenya, Bank of Baroda Kenya and NCBA Bank Kenya.
Does SBM Bank Kenya have an API?
No public API is recorded for SBM Bank Kenya.
What industry is SBM Bank Kenya in?
SBM Bank Kenya's product category is Retail Banking. Its primary akta.pro industry code is FSABABAA, General SME & Middle-Market Commercial Banking, with a secondary code of FSABABAC, SME Deposits & Business Accounts (Operating, Savings, CDs). Its NAICS code is 522110 and its SIC code is 6021.