Online accounts and neobanks in Kenya: how they work

Snapshot

Kenya has a strong digital banking scene, but much of it runs through the online and mobile channels of established banks and through mobile money rather than standalone business neobanks. The Central Bank of Kenya has licensed digital providers such as Branch and approved entrants such as Fingo, and large banks like Equity and KCB run extensive mobile and online banking. M-Pesa is widely used by businesses for payments, usually alongside a bank account. Account opening often still includes an in person or document step.

Main digital route: Bank online and mobile channels
Mobile money: M-Pesa, used alongside a bank account
Licensed digital banks: Branch, with new entrants such as Fingo
Opening: Often an in person or document step

Features as of 20 August 2025Last reviewed 20 August 2025

General information, not financial, legal, or tax advice. Verify current terms and eligibility with the provider before applying.

As of 20 August 2025, a business in Kenya that wants to bank online has a few routes. The most common is the internet and mobile banking offered by established banks such as Equity, KCB, Co-operative Bank, and others, which Kenyan banks have invested in heavily. Alongside that, mobile money, chiefly M-Pesa, is used widely by businesses to receive and send payments, usually linked to a bank account rather than replacing it. The Central Bank of Kenya has licensed digital providers such as Branch and approved new entrants such as Fingo. Standalone business neobanks are fewer than in some markets, so check whether a given provider actually offers a business account. Confirm features and the opening process with the provider.

How online and neobank accounts work in Kenya

There is a difference between an online channel on a traditional bank account, a mobile money service, and a licensed digital bank. As of 20 August 2025, most Kenyan business banking online runs through the digital channels of established banks, which let a business move money, pay bills, and see balances without visiting a branch. Equity Bank has reported that the large majority of its transactions happen outside the branch through digital channels. Mobile money, chiefly M-Pesa, sits alongside this and is used heavily by businesses for everyday payments. The Central Bank of Kenya has also licensed digital providers such as Branch and approved new entrants such as Fingo. Confirm what each provider offers a business.

Bank digital channels

The established banks offer internet and mobile banking for business customers, which covers payments, transfers, and account management. These are the most common way a Kenyan business banks online, and they sit on top of a normal business account, so the usual account opening documents still apply.

Mobile money and licensed digital banks

M-Pesa is a mobile money service that businesses use to receive and send payments, commonly linked to a bank account for settlement rather than used as a standalone business account. Separately, the Central Bank of Kenya has licensed digital providers, including Branch as a digital microfinance bank, and approved entrants such as Fingo. Whether these offer a business account, and what it includes, depends on the provider, so check before relying on one.

What to weigh on going digital

Three points decide whether an online or neobank setup suits a business in Kenya, as of 20 August 2025. Verify with the provider

Whether the provider actually offers a business account, since some digital brands focus on personal accounts or lending rather than business banking.
How the account works with M-Pesa, since many businesses settle mobile money to a bank account and the link matters for day to day cash flow.
The full cost picture, including any maintenance fee, transfer charges, and mobile money costs, rather than assuming a digital account is cheaper.

The international business account providers we compare do not confirm a full business account for companies registered in Kenya as of 20 August 2025. For online business banking in Kenya, the digital channels of established banks such as Equity Bank, KCB, and Co-operative Bank of Kenya serve this market, alongside mobile money and licensed digital providers such as Branch. Confirm the digital features, the opening process, and pricing with the provider before applying.

Questions about online accounts and neobanks in Kenya

Are there neobanks for businesses in Kenya?

Kenya has a strong digital banking scene, though much of it runs through the digital channels of established banks and through mobile money rather than standalone business neobanks. The Central Bank of Kenya has licensed digital providers such as Branch and approved entrants such as Fingo, and large banks like Equity and KCB run extensive mobile and online banking. Confirm whether a given provider offers a business account and what it includes, as of 20 August 2025.

Can a business run its account online in Kenya?

Yes. Most established Kenyan banks offer internet and mobile banking for business customers, and Equity Bank has reported that the large majority of its transactions happen outside the branch through digital channels. Account opening, however, often still involves an in person step or document submission. Confirm the online features and the opening process with the bank, as of 20 August 2025.

How does M-Pesa fit into business banking in Kenya?

M-Pesa is a mobile money service that many businesses use to receive and send payments, often alongside a bank account rather than as a replacement for one. Businesses commonly link M-Pesa with a bank account for settlement. M-Pesa is a payments and mobile money service, so confirm with your bank and with Safaricom how the two work together for your business, as of 20 August 2025.

Do online and neobank accounts in Kenya cost less?

Digital channels can reduce some costs, but fees still vary by provider and by transaction type, and mobile money transfers carry their own charges. Compare the maintenance fee, transfer charges, and any mobile money costs rather than assuming a digital account is cheaper. Pricing varies by provider as of 20 August 2025, so confirm with the provider.

Fees, features, and eligibility change and vary by region. This page was last reviewed on 20 August 2025. Confirm current terms with the provider before applying.

Online accounts and neobanks in Kenya