#8
SBM BANK
Making Payments Easy: Why Growing Businesses and Everyday Customers Trust SBM Bank
Strategic thinking, deep market understanding, and the ability to design experiences that respond to customers’ changing lives is what customer centricity is all about, beyond providing exceptional service. SBM Bank Kenya actualizes this definition, with a forward-thinking approach that has placed it among the most customer-centric financial institutions within a very short time since its inception.
The bank entered the market in May 2017. SBM Bank set out to offer more than just traditional banking. Over the years, it has developed a layered and adaptive service structure, targeting individual, business, corporate, and diaspora clients with solutions that match their lifestyles, ambitions, and financial needs.
SBM Bank is driven by the brand purpose of providing a Smarter Tomorrow for its customers. One of the most striking elements of SBM Bank ’s customer-centric evolution is its state-of-the-art, beautifully designed branch outlets, coupled with a robust investment in digital accessibility. SBM Bank constantly enhances its solutions to provide a seamless banking experience and customer journey. To this end, they launched SBM Mfukoni, a full-service mobile and online banking platform. The Mfukoni Mobile App and Internet Banking suite allows customers to access services such as balance checks, transfers, loan applications, and bill payments – all at their fingertips. In an increasingly digital-first society, SBM Bank is clearly listening to its customers’ demand for seamless and secure remote banking experiences.
At the same time, SBM Bank has not lost sight of human interaction. Through a robust Workplace Banking model, the bank takes financial services directly to employees within businesses. From tailored savings accounts to easy-access salary advances, it’s a program that embodies convenience and financial empowerment, particularly for the working population.
The bank’s broad portfolio of personal banking products showcases a deep understanding of diverse customer profiles. For instance, Platinum Saver account has proven to be a game changer for customers in terms of providing high interest rates. As of February 2025, the Platinum Saver accounts offer 10% for deposits of Ksh 100,000 and above and 4% for deposits of USD 1,000 and above, per annum. This account allows for quarterly withdrawals, thus enabling customers to save and plan their finances in a structured way. For ambitious individuals, the Aspire Plus account enables customers to access a range of benefits including unsecured lending, credit cards and mortgage and asset financing. This value proposition accelerates the customer’s growth in their pursuit of personal and business goals. For junior savers, SBM has the Pebble account that has zero monthly ledger fees and a free banker’s cheque every quarter. This gives parents the confidence and convenience to save for their children’s education and various needs as they grow.
Other key financial avenues the bank provides are the fixed deposit solutions such as the Upfront Interest Fixed Deposit (UFID) and Legacy Plus accounts, designed to help customers grow their wealth securely and efficiently; the UFID account offers highly competitive interest rates with flexible tenures tailored to individual goals, while the Legacy Plus account allows customers to lock in long-term value for themselves and future generations-both accounts reinforcing the commitment to delivering smart, customer-centric savings options that empower financial stability and growth.
To complement customers’ financial journey, SBM Bank offers a versatile suite of debit and credit cards designed for seamless spending, secure transactions, and smarter budgeting. Transactions such as shopping online, paying bills, or managing travel expenses, are made seamlessly through SBM cards, empowering customers to take control of their finances with real-time tracking, spending limits, and exclusive rewards.
When it comes to lending, SBM Bank understands that different goals require different kinds of support. From auto loans and mortgages to unsecured personal loans, overdrafts, and salary advances, the bank prioritizes access. What’s more, tools like the Loan Calculator help customers plan realistically – making borrowing a thoughtful, transparent process rather than a burden.
The bank’s corporate and institutional services reflect the same intentional design. With options like crop loans, structured term loans, asset finance, and insurance premium financing, the bank helps large enterprises drive growth and mitigate risk. In addition, corporate clients benefit from services like trade finance and iTax payment solutions, which streamline operations while ensuring regulatory compliance.
SBM Bank also recognizes that SMEs need more than just loans – they need a financial partner committed to their growth. That’s why the bank has developed tailored solutions like Jijenge Biashara, a unique offering that provides SMEs with twice their savings amount in loans. Not only do the savings earn interest, but they also give businesses the financial muscle to invest in both short-term operations and long-term expansion.
One of SBM Bank’s key advantages is its presence along the Indian Ocean Rim, particularly in Mauritius, India, Kenya and Madagascar. This strategic positioning facilitates seamless trade flows, offering businesses faster transaction processing, cost-efficient payment solutions, and access to a well-established correspondent banking network. A Kenyan electronics distributor sourcing products from India can benefit from SBM Bank’s trade finance solutions, such as Letters of Credit and Bank Guarantees, to enhance trust with suppliers and secure favourable trade terms.
In all this, SBM Bank positions itself not just as a provider of banking products, but as a financial partner in every customer’s journey and payments bank of choice. Its suite of solution-based offerings, segmented by need and lifecycle stage, reflects a deliberate and empathetic approach to customer experience.
At the centre of SBM Bank’s renewed customer-centric strategy in Kenya, is Chief Executive Officer Bhartesh Shah, appointed in May 2024. With over two decades of experience in commercial and retail banking, digital transformation, and strategic leadership across Africa, Shah brings a unique blend of global perspective and local expertise. Under his leadership, the bank has launched the ambitious Digital-First 2025 Agenda, aimed at fully digitizing operations, introducing intelligent automation, and onboarding over one million digital-first customers, particularly targeting youth, SMEs, and the unbanked.
Bhartesh Shah has driven the bank toward data-driven personalization, expanding mobile-first and agency banking solutions while fostering strategic partnerships to accelerate SME growth. Internally, he promotes a performance-driven, people-first culture that empowers teams and encourages innovation. His leadership also prioritizes strong governance, robust risk management, and enhanced cybersecurity protocols, ensuring SBM Bank Kenya remains a trusted, forward-looking financial partner.As the financial industry evolves, SBM Bank exemplifies a forward-thinking, customer-centric institution committed to redefining modern banking. Through digital innovations, customized SME solutions, diaspora empowerment initiatives, and premium banking services, the bank remains dedicated to meeting customers’ needs and supporting their aspirations. Guided by clear vision and strong leadership, SBM Bank Kenya focuses on building lasting relationships, fostering growth, and contributing to a more inclusive and sustainable future for individuals and businesses.
