East Africa hosts some of the most dynamic banking sectors in Africa. The region’s banks play key roles in financial inclusion, economic growth, and cross-border trade. In this post we’ll review several of the leading banks in East Africa, what account types they offer, and the other banking services they provide.
Equity Bank Group (Kenya)
Equity Bank has become one of the leading Banks in East Africa with a large customer base, strong branch and digital network. Key account types and services include:
- Account types offered
• Jijenge Savings Account in Tanzania: flexible savings with low fees, free standing orders, and access to instant loans of up to 90% of savings.
• Group/Chama/Joint Accounts: for savings or investments by groups; supports group transactions. - Other banking services
• Digital banking (mobile, internet) for transfers, bill payments, account monitoring.
• Loans and credit facilities tied to both savings and other credit products.
• Diaspora banking / remittance services.
KCB Group (Kenya Commercial Bank) (Kenya)
KCB is another major player, strong both in Kenya and regionally, known for both retail and corporate banking.
- Account types offered
• Transactional/Current Accounts for individuals who want to transact freely, use ATMs, make deposits and withdrawals, access mobile and internet banking.
• Bankika Transactional (youth-oriented) account.
• Jiinue Salary Account.
• Student Account with low/no monthly charges.
• Mapato Account (multi-currency): for savings/growth; permits access to larger loans.
• Diaspora Transactional Accounts: for non-resident Kenyans, foreign currency options, 24/7 banking and other benefits. - Other banking services
• Mobile banking and express ATMs for cash deposits.
• Global access via debit/visa cards (access to millions of outlets).
• Instant and overdraft-style loans, e.g., “Kopa Bill”, “Mobi Loans”.
• Wealth or platinum banking for high-net-worth individuals: relationship management, preferential rates, online banking.
Commercial Bank of Ethiopia (CBE) (Ethiopia)
CBE is state-owned and by asset size & outreach among the largest in the region, dominant in Ethiopia.
- Account types offered
• Savings Accounts: ordinary, women’s, youth, teen youth, education savings.
• Current / Demand Deposit Accounts: non-interest bearing, various categories.
• Fixed-Time Deposit Account: interest-bearing, fixed period (≥ 3 months).
• Non-Resident Accounts: for Ethiopians abroad or foreign nationals; some in foreign currency. - Other banking services
• Card Banking: various domestic and international cards (Visa, prepaid, gold, platinum, etc.).
• Digital Banking: mobile banking (USSD/app), internet banking; utility payments, government payments; transfers.
• Trade & corporate services: letters of credit, guarantees, international remittance, forex, etc.
NMB Bank (National Microfinance Bank) (Tanzania)
NMB is a key bank in Tanzania with strong retail coverage and banking services to different segments.
- Account types offered
• Personal / Transactional Accounts: deposits, withdrawals, payments via branches, ATMs, agents, digital channels.
• Savings Accounts: multiple options (e.g. NMB Bonus, Mtoto Akaunti, Pamoja, Chipukizi) with varying minimum balances and free features.
• Fixed Deposit / Time Deposit Accounts: fixed periods, guaranteed returns.
• Student Accounts: e.g. ‘Mwanachuo’ account for students, fewer fees, lower requirements.
• Premium / Executive Accounts: high net worth individuals, special perks like relationship manager, lounge access, preferential rates. - Other banking services
• Digital banking: mobile app (NMB Mkononi), internet banking, USSD; SMS alerts.
• Foreign currency accounts for some products (USD, GBP, EUR).
• Overdraft facility, treasury and international payment services.
CRDB Bank (Tanzania)
CRDB is another very strong bank in Tanzania, with many account options and services targeting both retail and business.
- Account types offered
• Current Account (for individuals) in multiple currencies.
• Savings Account, including special accounts (e.g. Malkia which is for women, “Junior Jumbo” for children)
• Salary Account: for employment income payments.
• Scholar Account: for students.
• Diaspora Account: for Tanzanians abroad.
• Business / SME Accounts: “Biashara” accounts, with foreign currency options; Sharia-compliant options under Al Barakah Banking. - Other banking services
• Digital channels (internet banking, mobile banking, SimBanking), POS, ATM services.
• Treasury services and foreign currency transactions.
• Premier / premium banking for high net worth clients (exclusive cards, higher limits, preferential treatment).
Stanbic Bank Uganda (Uganda)
Stanbic is part of Standard Bank Group and is among leading Banks in Uganda.
- Account types offered
• PureSave Account: savings in multiple currencies with competitive interest; ability to open more than one; no breach fee.
• Everyday Banking Account: current account for day-to-day transactions; minimal charges; Silver Visa debit card; digital access.
• Smart Banking / Smart Current Account: includes linked savings account, debit card, insurance / cover benefits, etc.
Other banking services
• Debit and credit cards, international ATM, POS, e-commerce support.
• Mobile and internet banking, SMS/email alerts.
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