Opening a bank account

Member since 18 April 2018

Polepole3434Member18 April 2018 14:32:32

What is the best bank to save your money as a foreigner?
We have visited several banks and they all need a business permit.
Is a business Permit the same as a business license?
I'm currently on tourist visa but intend to stay.

Longonot62 Kenya Advisor

Member since 05 March 2010

Longonot62Kenya Advisor29 April 2018 05:29:30

1499

I imagine that they might be referring to the type of visa/permit that you may hold to allow you to reside in Kenya.

I am confused though, as your profile says you are a Kenyan Citizen.

It certainly used to be possible to open a bank account as the holder of a single entry visa, provided that you had a referee who held an account at the same bank. I understand that things have tightened up a lot and it is now much more difficult.

For investment, it might be best to look at investment funds such as Old Mutual rather than a traditional bank.

There is always M-shwari (part of M-Pesa) which has savings and loan facilities. It is straight forward to register with them.