Bank of Africa Kenya list of bank accounts, requirements for opening account and costs

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Bank of Africa offers you chance of operating an account, saving money, investing and taking loans. Below we provide the list of accounts, how to open an account and costs involved.

PERSONAL ACCOUNTS

Current Accounts

BOA Current Account

An account that is both convenient and flexible for both personal and business related transactions.

Target Market:

  • Entrepreneurs
  • Individuals

Benefits:

  • Low and affordable ledger fees: Kshs. 35 per item, minimum Kshs. 350 per month.
  • No over-the-counter charges when withdrawing using a cheque book.
  • VISA ATM card issued on application for personal Current account.
  • Unlimited withdrawals.

Features:

  • Minimum opening balance: Personal – Kshs. 5,000, Sole Proprietorship – Kshs. 5,000, Limited Company – Kshs 10,000.
  • No minimum operating balance.
  • Free monthly e-statements on application.
  • Can be opened for both local and foreign currencies.

Pay as you go Business

This account is designed for businesses with large daily transactions, it offers no monthly ledger fees for all its features.

Features:

  • Personal current account
  • A debit card as per bank’s tariff.
  • Transaction charge of Kshs 35 from any BOA ATM.
  • Over the counter fee of Kshs 100.

Benefits:

  • No monthly ledger fees
  • Access to mobile banking (B-Mobile) as per bank’s tariff
  • Access to online banking (B-Web)
  • Free E-statement on request

Requirements:

  • Passport size photo
  • Copy of ID
  • PIN certificate

Agence Elite

Agence Elite is a premium banking service that offers an exclusive way of banking, designed to give more quality in service delivery, convenient timing, private banking lobby and space at competitive pricing, to enable clients make the most of their money and time.

Target Market:

  • High net worth individuals/customers/non customers who can pay the monthly fee of Kshs. 1,500
  • Customers profiled and invited by Relationship Managers (RMs)
  • Signatories of key relationships

Features/Eligibility:

  • A Current Account with first cheque book free of charge.
  • Monthly overdraft facility*.
  • Opening balance- net salary of Kshs. 200,000 or monthly turnover of Kshs. 200,000.
  • Minimum operating balance of Kshs. 20,000 locked in.
  • Monthly operational fee of Kshs. 1,500.
  • Minimum interest earning balance of Kshs. 250,000.
  • Access to B-Web.
  • Exclusive banking hall.

Benefits:

  • Assignment of a dedicated Relationship Manager (RM) for personalized services.
  • Interest of up to 1% p.a. is paid to the current account.
  • Free internet banking for viewing of account statement.
  • Preferential treatment at all our branches on issues like parking spots.
  • Free Incoming EFTs.

Requirements:

  • 1 year bank statement
  • Duly filled application form
  • 3 months’ payslip

Mwanariadha Account

BOA appreciates the remarkable contribution our athletes play by lifting the Kenyan flag high and their individual contribution in the society. It is in this regard that the Bank has developed a distinctive package with features and benefits that will further contribute to your sporting activities. This package will also be suitable for other sportsmen i.e. footballers, rugby players.

Waivers:

  • No charge on incoming wire transfers.
  • No charge on withdrawal and deposit of Kenya Shillings and foreign currency.
  • No charge on internal transfers within Bank of Africa Kenya (BOA-KENYA).
  • No charge on monthly ledger fees on both Kenya Shillings and foreign currency accounts.

Benefits:

  • Interest payable every end of the month on the monthly average credit balances.
  • Competitive foreign currency exchange rates.
  • Prepaid VISA card issued on application.
  • Regular seminars on investment, financial planning and life skills.
  • Advance payment on earnings expected (terms and conditions to apply).

Features

  • Low opening balance: USD 100, EUR 100 and GBP 100; Kshs. 1,000
  • Cheque book issued.
  • Interest on current account is up to 0.5% P.A.

Investment Accounts

Deposit Accounts

These provide investment opportunities to those with higher savings amounts and wishing to earn higher rates of interest.

Target Market:

  • Individuals
  • Business Entrepreneurs
  • Non-profit organizations
  • Limited companies
  • Law firms

Benefits:

  • Higher rates of return
  • Advice is provided showing transactions and basis of interest calculated
  • Competitive Interest rates
  • Investment funds can be withdrawn on short notice to the bank
  • Can easily top up from savings or current accounts and also transfer back

Features:

There are 2 types of deposit accounts for investment purposes;

  • Call Deposit
    • Preferable for very short investment periods i.e. for a few days
    • Suitable when the funds can be required or called up anytime e.g. funds held on behalf of a client by a law firm
    • Minimum amount to invest is Kshs 50,000
    • Has no defined investment period
    • Funds can be invested and liquidated at any time without penalty
    • Earns lower rates of interest than fixed deposit
    • The rates payable are advised every month by the Treasury and Liabilities departments and are based on current market conditions
  • Fixed (term) deposit
    • Earns higher rates of interest than call deposit
    • Preferable for longer investment periods i.e. for a few months
    • Minimum amount to invest is Kshs 50,000
    • Has defined investment periods of 1 month, 2 months, 3 months, 6 months and 1 year
    • The rates payable are advised every month by the Treasury and Liabilities departments and are based on current market conditions
    • Funds can only be liquidated after the expiry of the investment period
    • In the event the funds are prematurely withdrawn, the customer unreservedly accepts that all the interest that had accrued on the deposit shall be forfeited. The Bank may however, at its sole and absolute discretion, pay the customer interest which will be determined by the bank.

Salary Accounts

Pay as you go Salary

A product geared to cater for individuals earning a net salary of less than Kes 25,000

Target:

Employees earning less than 25,000 a month.

Features:

  • Personal Current account
  • No Cheque book
  • Debit card Charges as per bank’s tariff
  • Access to mobile banking as per banks tariff
  • Access to online banking as per Bank’s tariff
  • Salary processing at Kes. 100

Benefits:

  • Access to personal loans
    • Tenor: Upto 6 (six) months
    • Maximum amount: Three times of gross salary up to Kes 100,000
  • Access to salary advance of up to 50% of net with a maximum of Kes 15,000

Requirements:

  • 1 Colour passport sized photo
  • Certified copy of national ID
  • Letter of Introduction from Employer/Copy of Payslip

Jisort Account – The Employee Pack

The Jisort Account is a bundled products & services offering. It offers you tariff advantages on a range of products and services linked to a Current account.

Features:

  • Personal Current account.
  • Savings account (BOA Savings Account).
  • First cheque book is free (25 leaves); other subsequent cheque books to be charged as per tariff.
  • Free debit card.
  • Access to mobile banking (B-Mobile).
  • Access to online banking (B-Web).
  • Monthly flat fee  of Kshs. 350.

Benefits:

  • 5 free ATM transactions per month (on BOA ATMs).
  • Free viewing option on B-Web online banking.
  • Free standing order for internal accounts.
  • Eligible for an overdraft facility with attractive rates
  • Access to personal loan at an attractive interest rate
  • Interest of 1%  is paid  to the savings account for balances above Kshs. 20,000

*All Credit facilities are subject to Debt Service Ratio and BOA-KENYA Credit Policy.

Requirements:

  • Passport size photo
  • Certified copy of national identity card
  • Documents of proof of residence
  • Last 3 payslips
  • Letter of undertaking from employer

Savings Accounts

Chama Savings Account

The objective of the product is to provide investment groups with an opportunity to organize monthly contribution through deposits made and to earn an interest of funds maintained. They are also able to access credit facilities based on deposits held among other credit assessment criteria.

Target Market:

Tailor made for formal and informal savings groups (Chamas) such as investment clubs, merry-go-round groups, dynamic groups etc.

Benefits:

  • Access to e-Chama
  • No monthly charges
  • Interest is paid to the savings account for balances above Ksh 20,000 with one withdrawal allowed per month.
  • No minimum monthly contribution
  • Chama Loan can be advanced up to 6 times the groups savings
  • Free standing orders to the Chama Account for BOA account holders
  • Assignment of a dedicated Relationship Manager
  • Access to free regular Chama clinics

Features:

  • Minimum opening balance of Kes 5000
  • Unsecured loans ranging from Kes.100, 000 to Kes 1,500,000 Secured loans ranging from Kes. 100,000 to 50MIO
  • Borrowing can be done by both registered and unregistered groups.
  • Need to have saved for 6 months with BOA for borrowing purposes.
  • Scope of loans include but not limited to Plot/Property purchase, asset finance, mortgage and treasury bills.
  • Longer repayment period, up to 48 months and 60months for unsecured loans
  • Security to be provided including Directors guarantees
  • Group members can co-guarantee one another

123 Cool Kids Savings Account

Offers parents and guardians an opportunity to save for their children’s future. It is also aimed at educating the youth and motivating them to develop a savings culture.

Target Market:

  • Young children
  • Teenagers
  • Parents and guardians

Account Features:

  • Open with as little as Kshs 500
  • Minimum operating balance is Kshs 500
  • One free Bankers cheque per term
  • Balance to get Hippo Bank is Kshs 700
  • Access to school fees loan
  • Interest is paid to balances above Kshs. 5,000

Account Opening Requirements:

  • Certified copy of birth certificate of the child
  • 1 Passport size photograph of the child and the parent’s/guardian’s
  • Certified copy of passport/ID of parent/guardian

Tariffs:

  • No Ledger fees charged

BOA Savings Individual

Offers individuals a much more convenient and easier way to finance management.

Target Market:

  • Individuals

Benefits:

  • No monthly charges
  • Interest is paid to the savings account for balances above 20,000
  • No ATM card and Cheque book issued
  • Over the counter withdrawals allowed once per months
  • Access to loans – up to 80% of savings

Features:

  • Low opening balance of Kshs 5,000
  • Minimum balance to earn interest Kshs 20,000
  • Interest paid every 3 months

Tarajio Account – Savings Plan

Tarajio Savings Plan is your ordinary savings account backed by a Current Account. This allows customers to accumulate progressive savings according to their financial capacity. At the end of a minimum 12 months’ period and 12 regular payments, the customer can automatically benefit from a loan to finance an ambition/ project. The loan amount is up to twice the saved amount in 12 months.

Features:

  • The savings plan must be backed by a current account with a letter of undertaking.
  • Account opening is free
  • Savings must be made through 12 payments via a standing order from the Current account.
  • The standing order is for a minimum of Kshs 2, 000.
  • The savings plan cannot be terminated before complete loan repayment.

Benefits

  • Interest of up to 1% p.a. is paid to the savings account.
  • The loan amount is equivalent to twice the amount saved and a maximum Debt Service ratio (DSR) of 50% (whichever is lower)
  • Maximum loan duration is 48 months.
  • The customer can start another savings plan while benefiting from loan.
  • Attractive interest rates on loans.

Requirements:

  • Passport size photo.
  • Original ID or passport.
  • 3 last pay slips.
  • Letter of undertaking from employer reference.

Student Savings Account

PRODUCT DESCRIPTION

This is an account for students in university or college. The account will enable students to access money conveniently through mobile banking and BOA Debit Card.

TARGET MARKET

Tailor-made for college and university students between 18 – 25 years

FEATURES

  • The minimum opening and operating balance is Kshs 500
  • Minimum operating balance to earn interest – Kshs 5,000

BENEFITS

  • No over-the-counter withdrawals
  • Withdrawals restricted only to ATMs and mobile banking
  • Half-year statements
  • Kshs 100 for school fees Banker’s Cheque

REQUIREMENTS & DOCUMENTATION

Documents required to identify students include:

  • Introductory letter from college or university
  • Original National Identity card and a student ID card
  • KRA Pin certificate

CHARGES & FEES

  • No monthly service/maintenance charge

Business Accounts

Current Accounts

BOA Current Account

An account that is both convenient and flexible for both personal and business related transactions.

Target Market:

  • Limited Companies
  • Business Entrepreneurs

Benefits:

  • Low and affordable ledger fees, Kshs 35 per item, minimum Kshs 550.
  • No over the counter charges when withdrawing using a cheque book.
  • Unlimited withdrawals.

Features:

  • Minimum opening balance:
  • Sole Proprietorship Kshs 5000
  • Limited Company Kshs 10,000
  • No minimum operating balance
  • Free e-statements on request
  • Can be opened for both local and foreign currencies

Transactional Current Account

Through the Transactional account, the bank has made it possible for business owners, Church managers, Institutions, NGO’s to instantly access funds paid via the Lipan an M-Pesa service. This gives business owners real time access to funds credited from either the M-Pesa Paybill numbers or Till number. A critical move that unlocks csh making it readily available for the customer to efficiently run their business, church, organization, institution.

The Transactional account is a solution

  • The account takes NO ledger fee for Mpesa deposits.
  • The SME client acquires their Till number FREE within 24 hrs.
  • The account gives SMEs clients access to their Mpesa Till payments INSTANTLY.

Transactional Account Benefits.

  • Deposits received through Tills and Paybill payments will be sent to the account at no additional cost.
  • Real-Time Lipa na Mpesa settlement to your BOA account, offering operational efficiency on reconciliations
  • Efficient cash management as a result of free e-receipts for debits and credits to the account.
  • We will aid in acquisition of Till number, FREE within 24 hrs for new applicants.
  • We will facilitate bulk Salary Processing.

Target Market

Entities that receive payments from both banked and unbanked individuals such as policy holders, farmers, dealers, tenants, church members, tenants paying rent and periodic fee payers. They include but not limited to:

  • Customers with Pay bills/tills and don’t use BOA as their settlement bank
  • Existing customers who wish to start offering Lipa a Mpesa as a means of payment in their outlets
  • Insurance companies & Real Estate Agents
  • Educational & Religious institutions
  • Fast-Moving Consumer Goods (FMCG) companies
  • Corporate accepting Mpesa as a mode of their payments from both banked and unbanked payers.

Account Opening requirements:

  • Standard BOAK KYC documents
  • Duly filled MPESA Till form as additional compulsory requirement.

Tariff (Key)

  • Monthly Flat Fee – Nil
  • Cash handling fees – Nil
  • Opening Balance Ksh 5,000
  • Cash withdrawal over the counter – Ksh 200
  • Ledger fee per transaction Kes 35.00 with an exempt Mpesa tills transactions
  • All other transactions will be charged as per the tariff.

Goodwill Current Account

Part of a comprehensive account package that is tailor-made and suitable for Non Profit Organizations (NPOs).

Target Market:

  • Suitable for Non Profit Organizations (NPOs)
  • Non Governmental Organizations (NGOs)
  • International organizations
  • Donor funded projects
  • Religious organizations
  • Diplomatic missions
  • Trusts
  • Foundations
  • Membership clubs
  • Associations
  • Community Based Organizations (CBOs)
  • Children’s homes
  • Charities

Benefits:

  • Interest of up to 1% p.a. is paid to the current account
  • Zero charge on monthly ledger fees on both Kshs and foreign currency current accounts.
  • Free cheque books.
  • Zero charge on withdrawal and deposit of both Kshs and foreign currency cash.
  • Free internal transfers from one account to the other within BOA.
  • Free incoming wire transfers.
  • No minimum operating balance requirement.
  • Free interim statement.
  • Free banker’s cheques.

Concessions:

  • Preferential exchange rates for foreign currency conversions in all major currencies.
  • Reduced handling charge on deposited foreign currency cheques drawn abroad.
  • Reduced charges on SWIFT transfer sent abroad at Kshs 1,500.
  • Low opening balance – USD, EUR and GBP 100, Kshs 1,000.

SME Account

This account gives you peace of mind with flexible and convenient business transactions

Features:

  • Minimum opening balance of Kshs 5,000
  • No minimum operating balance
  • Minimum monthly service fee Kshs 300
  • Ledger fee per transaction Kshs 35
  • Over the counter withdrawal Kshs 200

Benefits:

  • No cash handling fees
  • Access to online banking as per the bank’s tariff
  • Unlimited withdrawals
  • Access to loan facilities and overdrafts
  • Cheque book available

Requirements:

  • Passport photo (s)
  • Copy of National IDs
  • Documents of proof of residence
  • Company registration
  • Pin Certificate

Wakili Current Account

Target Market:

Tailor made and suitable for law firms which are required by law to maintain 2 types of current accounts, for clients and office administration. Both accounts will benefit from similar terms and conditions.

Waivers

  • No charge on withdrawal or deposit of Kenya shillings over the counter
  • No charge on internal transfers from one account to the other within BOA
  • No charge on incoming wire transfers
  • No minimum operating balance requirement
  • No charge on bi-weekly or monthly statements
  • Free processing of salaries for staff with accounts in BOA
  • Free mail box in the banking hall
  • No charge on interim statement

Concessions

  • Reduced charge on monthly ledger fees for both Kshs and foreign currency current accounts of Kshs 15 per item minimum Kshs 500 per month
  • Lower charges on bankers cheques at Kshs 200
  • Low opening balance
    • USD, EUR and GBP 100
    • Kshs 10,000
  • Preferential exchange rates for foreign currency conversions in all major currencies
  • Reduced charges on SWIFT transfer sent abroad at Kshs 1,500
  • Lower charges on cheque books, Kshs 500 (50 leaves) Kshs 750 (100 leaves)

Premium Deposit Rates

For all law firms, preferential higher rates for deposit will be offered with room for negotiation on all call and fixed deposits. The indicative rates will be regularly advised to the law firms. This has the following advantages:

  • Law firms will be aware of the indicative rates applicable beforehand
  • Law firms would at an instant be able to estimate the interest and withholding tax the deposit would accrue before hand, and thus advice their clients accordingly
  • Simplifying the rate negotiation process thus saving time

Investment Accounts

Chama Savings Account

The objective of the product is to provide investment groups with an opportunity to organize monthly contribution through deposits made and to earn an interest of funds maintained. They are also able to access credit facilities based on deposits held among other credit assessment criteria.

Target Market:

Tailor made for formal and informal savings groups (Chamas) such as investment clubs, merry-go-round groups, dynamic groups etc.

Benefits:

  • Access to e-Chama
  • No monthly charges
  • Interest is paid to the savings account for balances above Ksh 20,000 with one withdrawal allowed per month.
  • No minimum monthly contribution
  • Chama Loan can be advanced up to 6 times the groups savings
  • Free standing orders to the Chama Account for BOA account holders
  • Assignment of a dedicated Relationship Manager
  • Access to free regular Chama clinics

Features:

  • Minimum opening balance of Kes 5000
  • Unsecured loans ranging from Kes.100, 000 to Kes 1,500,000 Secured loans ranging from Kes. 100,000 to 50MIO
  • Borrowing can be done by both registered and unregistered groups.
  • Need to have saved for 6 months with BOA for borrowing purposes.
  • Scope of loans include but not limited to Plot/Property purchase, asset finance, mortgage and treasury bills.

Deposit Accounts

These provide investment opportunities to those with higher savings amounts and wishing to earn higher rates of interest.

Target Market:

  • Individuals
  • Business Entrepreneurs
  • Non-profit organizations
  • Limited companies
  • Law firms

Benefits:

  • Higher rates of return
  • Advice is provided showing transactions and basis of interest calculated
  • Competitive Interest rates
  • Investment funds can be withdrawn on short notice to the bank
  • Can easily top up from savings or current accounts and also transfer back

Features:

There are 2 types of deposit accounts for investment purposes;

  • Call Deposit
    • Preferable for very short investment periods i.e. for a few days
    • Suitable when the funds can be required or called up anytime e.g. funds held on behalf of a client by a law firm
    • Minimum amount to invest is Kshs 50,000
    • Has no defined investment period
    • Funds can be invested and liquidated at any time without penalty
    • Earns lower rates of interest than fixed deposit
    • The rates payable are advised every month by the Treasury and Liabilities departments and are based on current market conditions
  • Fixed (term) deposit
    • Earns higher rates of interest than call deposit
    • Preferable for longer investment periods i.e. for a few months
    • Minimum amount to invest is Kshs 50,000
    • Has defined investment periods of 1 month, 2 months, 3 months, 6 months and 1 year
    • The rates payable are advised every month by the Treasury and Liabilities departments and are based on current market conditions
    • Funds can only be liquidated after the expiry of the investment period
    • In the event the funds are prematurely withdrawn, the customer unreservedly accepts that all the interest that had accrued on the deposit shall be forfeited. The Bank may however, at its sole and absolute discretion, pay the customer interest which will be determined by the bank.

Payroll Accounts

BOA Payroll Account

This is a corporate salary processing current account that enables employers to conveniently transfer staff salaries.

Target Market:

  • Employers

Benefits:

  • Provide a comprehensive service to employees at low administrative costs
  • Facilitates easy and cost efficient electronic salary processing and salary payments to all staff
  • Free internal funds transfers to salary accounts maintained
  • Grow the Bank’s non-interest income

Features:

  • Payroll agreement to be signed between BOA and the company
  • BOA-K to install software which remains the proprietary asset of the Bank
  • Employee data to be loaded in software provided by BOA-K
  • A charge of Kshs 100 per item for external funds transfer
  • Employer avoids cost of cash in transit
  • Our IT and relationship team will give you support at no extra charge when needed

Savings Accounts

BOA Savings Account

Offers businesses and organizations a much more convenient and easier way to finance management.

Target Market:

  • Businesses
  • NGOs and religious organizations
  • Learning institutions

Benefits:

  • No monthly charges
  • Interest  of 1.5% p.a  is paid to the savings account for balances above 50,000
  • Free statement every 6 months
  • No ATM card and Cheque book issued
  • Over the counter withdrawals allowed once per months
  • Access to loans – up to 80% of savings

Features:

  • Low opening balance of Kshs 5,000
  • Interest is paid to balances above Kshs. 50,000
  • Interest paid every 3 months

Pack My Business Account

Starting out in business? The Inuka account is the perfect stepping stone on your journey to success in business.
The Inuka Account gives you all the tools and support you need to help your business grow and thrive.

Benefits:

  • Access to mobile banking (B-Mobile)
  • Access to online banking (B-Web)
  • Cheque book available on request
  • the savings account earns interest of 1%

Features:

  • Opening balance of Kshs 500
  • No minimum operating balance
  • An Inuka current account
  • An Inuka savings account with the possibility of carrying out automatic money transfers from a current account
  • Free debit card
  • Monthly flat fee of Kshs 199

Requirements:

  • Passport size photo
  • Original ID or passport
  • Photo of address/Utility bill

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