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How to Deposit Money to Sidian Bank via Mpesa

Sidian Bank’s, which is formerly K-rep Bank, Lipa na M-Pesa paybill number is 111999. 

The Procedure for depositing money via M-Pesa to your Sidian Bank account is as follows

  1. Go to M-Pesa menu on your phone, select “Lipa na M-Pesa
  2. Select “Paybill
  3. Select “Enter business no.” and enter the 111999 as the Sidian Bank business no and press “OK”
  4. Enter the Sidian Bank account number you are transferring money to and press “OK”
  5. Enter amount i.e. amount you want to deposit and press “OK”
  6. Enter your M-PESA PIN and press “OK”
  7. Confirm all the details are correct and press “OK”
  8. You will receive a verification window from M-Pesa where you have 1 minute to verify that the details are correct, if correct, dismiss or ignore, if wrong, enter the number 1 and press OK to cancel the transaction
  9. You will receive a confirmation SMS from M-Pesa immediately.
  10. Sidian Bank will then send you a confirmation SMS shortly.

In addition to M-Pesa, Sidian bank has launched mobile apps that will allow their customers to enjoy seamless banking. See that here.

Read about K-Rep bank rebranding to Sidian Bank

K-Rep bank rebrands to Sidian Bank as it targets entrepreneurs (Video)

K-REP BANK REBRANDS TO SIDIAN BANK

 

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Banks & Financial Institutions under Liquidation in Kenya

Financial institutions currently under liquidation in Kenya

Seventeen (17) financial institutions are currently under liquidation in Kenya.

Liquidation is an event that usually occurs when a company is insolvent, meaning it cannot pay its obligations as and when they come due. The company’s operations are brought to an end, and its assets are divided up among creditors and shareholders.

The following banks are currently under liquidation in Kenya, some of which payments to customers and shareholders is underway through the Kenya Deposit Insurance Corporation.

Institution Name Liquidation Date
1. Post Bank Credit Ltd. 20th May 1993
2.  Meridien BIAO Ltd. 15th April 1996
3.  Ari Bank Corporation Ltd. 5th December 1997
4.  Reliance Bank Ltd. 12th September 2000
5.  Trade Bank Ltd. 18th August 1993
6. Thabiti Finance Co. Ltd. 19th December 1994
7. Fortune Finance Co. Ltd.  14th September 2000
8. Daima Bank Ltd. 13th June 2005
9. Dubai Bank Kenya Ltd. 24th August 2015
10.  Prudential Building Society  18th January 2005
11. Middle African Finance Ltd. 20th August 1993
12. Pan African Bank Ltd. 18th August 1994
13. Pan African Credit & Finance Ltd. 18th August 1994
14. Kenya Finance Bank Ltd. 29th October 1996
15. Prudential Bank Ltd. 5th May 2000
16. Trust Bank Ltd. 15th August 2001
17. Euro Bank Ltd. 21st February 2003

 

Stakeholders can follow up with the Kenya Deposit Insurance Corporation which is located at 1st Floor, CBK Pension House, Harambee Avenue, Nairobi, Kenya. Their website is http://www.depositinsurance.go.ke/.

Those with questions can call the KDIC on Tel. No. 0770 887992. Customers can also contact KDIC on email: kdiccommunications@depositinsurance.go.ke for more information.

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How to Choose a Bank in Kenya

3 banks have been put under receivership over the last 2 years. It’s safe to say that banking in Kenya has become a high risk venture. How then can you choose the right bank?

CBK classifies banks into tiers. Tier 1 is made up of the big old banks. These will ALMOST certainly never go under in a similar way as Chase or Imperial. They have millions of clients and hundreds of billions in assets. Some have government participation while others are locally and foreign owned.

6 banks make up the top tier, and collectively control 49.9% of the market. The banks are as follows-:

  • KCB
  • Equity Bank
  • Cooperative Bank
  • Standard Chartered
  • Barclays Bank
  • CBA

16 other banks make up Tier 2, and collectively control 41.7% of the market. The most stable of Tier 2 being the following banks

  • CFC Stanbic
  • NIC
  • Diamond Trust Bank
  • I&M
  • Chase Bank
  • Bank of Africa
  • Family Bank
  • Ecobank
  • Housing Finance

The last tier, Tier 3 is made up of 21 small banks that control 8.4% of the market. The following diagram provides a clear picture of the classification.

3.x3 matrix of Kenyan Banks

In June 2015, CfC Stanbic lost top-tier bank classification to CBA after dropping its market share by 0.5 percentage points to 4.92 per cent.

Changes in market share in the banking sector are mainly occasioned by growth in customer deposits as banks deployed various strategies for deposits mobilisation.

CBK has previously put over 3 banks under the Kenya Deposit Insurance Corporation (KDIC) receivership which include the recently troubled Imperial Bank, Dubai Bank and now recently Chase Bank.

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HOW TO BUY A USED CAR IN KENYA SECURELY

Used Cars

Buying a used car is an easy way of getting a car for your needs, especially if you have a limited budget.

The process is always easy but not so secure. With an increase in the use of classified, ecommerce and social media websites, finding a used car is as easy as clicking a button.

You will want to buy with confidence. Here are some steps that you can take to ensure that your purchase from a vehicle seller in Kenya is authentic. Take all the necessary measures to avoid loosing your money.

1. If you are buying from a Private Seller, make sure you obtain copy of the logbook (Proof of ownership) from the owner.
2. Go to NTSA and, with a fee of Ksh. 500/-, undergo a search for the vehicle. This ensures that the all duty has been paid in full. – Also makes sure that the car has not been stolen or used for something illegal.
3. Write an Agreement of Sale, which will be signed by you, the owner and a witness.
4. It is advisable to pay in the form of a bankers cheque, which will in turn act as a receipt.
5. Obtain a copy of the previous owner’s PIN number and a copy of his/her ID card (The more information the better)
6. Fill the Log Book Transfer Form.
7. Go to NTSA to register the changes on the logbook.
8. Pay the Purchase Tax and the Transfer Fee at the KRA.
9. Get your own car insurance.

Good news about the NTSA taking over the functions above from KRA is that you can do some of those activities online through the E-Citizen Platform. The NTSA is currently piloting a system that will centralize all vehicle related functions in the country. Check out the system here.

We urge to take the following steps even when buying from classifieds on Biashara.co.ke.

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What is a Receivership?

According to PWC, a Receivership is a remedy available to secured creditors to recover amounts outstanding under a secured loan in the event the company defaults on its loan payments. A Receiver may also be appointed in a shareholder dispute to complete a project, liquidate assets or sell a business.

In Kenya, the Central Bank of Kenya (CBK) has previously put over 3 banks under the Kenya Deposit Insurance Corporation (KDIC) receivership which include the recently troubled Imperial Bank, Dubai Bank and now recently Chase Bank.

Typically, the process begins with the appointment of a Receiver either by the secured creditor under a security agreement (“Privately Appointed Receivership”) or by the Court on behalf of a secured creditor (“Court Appointed Receivership”). Only a licensed Trustee in Bankruptcy can act as a Receiver.

Privately Appointed Receivers will generally only act on behalf of the secured creditor that appointed them and will realize on the assets specifically covered by the loan agreement. Court Appointed Receivers however, are officers of the Court and act on behalf of all creditors. The powers and rights of Court Appointed Receivers are included in the Court order that appointed them.

The Receiver is appointed to take possession of and sell or liquidate the assets secured by the security agreement in order to repay the outstanding debt.

In a Receivership, a secured creditor or the Court may also appoint a Receiver-Manager to operate and manage the business until it is sold as a going concern.

The Receiver’s duties also include notifying creditors of the receivership and regular reporting to the Official Receiver (a representative of the Office of the Superintendent of Bankruptcy) and/or the Court on the status of the receivership.

Receivership and bankruptcy are not mutually exclusive, they can occur at the same time or a receivership can occur without a company being bankrupt. The same firm may act as Trustee in Bankruptcy and Receiver, but often different firms are appointed to these roles.

The Receiver is tasked with selling the assets secured under the security agreement and after deducting the receivership’s fees and expenses, distributing the proceeds from the sale to creditors on a priority basis. In situations where the proceeds from the sale of assets are not sufficient to fully repay the liabilities of the secured creditor, no realizations will be available for distribution to the unsecured creditors.

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Guest post – How to tell if your bank is in trouble

Patrick Kagunya is the Director Financial Advisory at Getworks and Chief Executive Officer at Wescotts Financial Consultants. He offers some insight on how to tell if your bank is in trouble.

With Chase Bank in receivership most depositors must be asking themselves so which bank is safe ?

Spotting trouble isn’t easy (witness the current crisis), but there are some warning signs, if you know where to look. The KDIC and CBK keeps these quarterly financial reports on every Kenya financial institution.

Clearly, economic conditions have changed in the last three months, and as detailed as these reports appear to be, there still are plenty of unknowns. However, these reports do offer some clues as to your bank’s ability to weather the storm.

First, a healthy word of warning: A few numbers in a report don’t mean you should snatch your funds and run for cover. If you’re worried that your bank might teeter, don’t panic. Talk at length with your financial adviser before making any sudden moves. If you want some extra protection in the meantime, think about diversifying your risk by making additional deposits in a few other banks.

One important measure of a bank’s financial stability is its risk-based capital ratio. By law, commercial banks need to keep a certain amount of capital on hand to cushion their loan portfolios. The CBK mandates that a bank’s risk-based capital be no less than 8% of its total assets.

Next, look at the bank’s loan-to-deposit ratio. Even if your bank didn’t lard up on mortgage-backed securities, it might still be “loaned up”–meaning that it has maxed out its percentage of loans to deposits on hand. The larger that percentage, the greater the risk the bank has taken on. If customers begin to pull deposits, the bank might be suddenly strapped for cash.

Healthy loan-to-deposit ratios typically fall between 95% to 105%,. Venture much higher than that and the bank could be courting trouble. To find this ratio, divide “loans and leases, net of unearned income and allowance” by “deposits”.

A third metric is the percentage of the amount of non-current loans (those 30 days or more past due) vs. total amount lent. Some fraction of those non-current loans will have to be written off, eating into the bank’s precious capital.

“When 10% of your loans are non-performing, that starts to become very problematic,”.

To calculate your bank’s percentage, divide the total amount of loans that are 30 days or more past due by total loans and leases.

If your bank is struggling and the KDIC takes it over, know that you may not have access to your funds for several days during the change-over period. To be safe, small-business owners should have a week’s worth of operating expenses deposited in more than one bank.

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How To Deposit On Sportpesa via Mobile Money

Depositing and withdrawing of cash from Sportpesa is fast and efficient through mobile money.

The minimum amount of money you can place a bet with is ksh 100. Withdrawing your winnings will cost you ksh 33.

FROM SAFARICOM MPESA

1. Go to Mpesa Menu
2. Select Lipa Na Mpesa
3. Paybill
4. Enter business number 955100
5. Account number as SPORTPESA or your Mobile Number
6. Enter amount to transfer to Sportpesa account
7. Enter PIN

FROM AIRTEL MONEY

1. Go to Airtel Money Menu
2. Make payment
3. Select Paybill
4. Click Other
5. Enter Business number SPORTPESA
6. Enter Amount to transfer to Sportpesa account
7. Enter PIN
8. Enter reference number as FOOTBALL

FROM ORANGE MONEY

1. Go to Orange Money
2. Select paybill
3. Click other
4. Enter paybill number 079079
5. Enter amount to transfer to Sportpesa account
6. Enter PIN

FROM YU CASH
1. Go to YU cash menu
2. Select Paybill
3. Go to other
4. Enter paybill number 107079
5. Enter business number SPORTPESA
6. Enter amount to transfer to Sportpesa account
7. Enter PIN

 

Sportpesa can be reached using the following contact details

CUSTOMER CARE: 0755 079 079/0709 079 079
Facebook: sportpesa
Twitter: @sportpesa

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Mobile Banking Apps to Manage your Finances

Mobile Banking Apps to Manage your Finances

Banking and finance apps are one of the most sought after pieces of innovation in Kenya aiming to serve millions of citizens who are banked with a possibility of luring the unbanked to diverse product offerings.

While innovation and creativity in the Kenyan banking industry has been limited to SMS banking for a while, accredited finance institutions are quickly targeting native mobile application users more on the Android platform than any other mobile operating system.

We have come up with a list of the available apps on various platforms prominent among them being the Google Play Store.

This banking apps at the least will ease your hassle and reduce the time you have to spend in queues in various banking halls.

Barclays Bank of Kenya

Barclays-Bank-Kenya-mobile-banking-appAlong with its Internet Banking service, the Barclays Bank of Kenya is among the banks in Kenya to have a complimentary mobile application launched in June 2013 that serves both personal and business clients. The application is available on the android platform for versions above 2.2. So far between 5,000 to 10,000 clients are using the application.

You can download Barclays Bank of Kenya app from the Google Play Store here.

 

Ecobank Kenya

Ecobank-Kenya-mobile-banking-app Like most banking applications in Kenya, the Ecobank mobile banking allows its banking clients to top up their mobile phones with airtime from major mobile operators such as Safaricom and Airtel. Internet and External fund transfers are on the go which cuts down on the effort to meet the bankers in person. Available on the android platform for versions above 2.2, the app has between 1,000 to 5,000 users.

You can download from the Google Play Store here.

 

Equity Bank of Kenya (Eazzy 247)

equity-bank-kenya-mobile-banking-appBeing among Kenya’s most profitable banks, Equity Bank has a mobile banking application dubbed Eazzy 247 that opens up an opportunity for its clients to access their account financials including statements as well as pay bills such as electricity, water, HELB, DSTV bills and others. The app is available on the Google play store with downloads between 10,000 – 50,000. You can download from the Google Play Store here.

The application is also complimented by unofficial apps such as the Equity Direct Mobile which is a money remittance service serving the Kenya community and a less popular Equity Virtual Banking which features ATM locations among other features.

 

Family Bank (Pesa Pap)

family-bank-kenya-mobile-banking-appFamily Bank is a financial organization that is built around the idea of family and is popular with social groups and communities. Their laid back mobile application developed by Craft Silicon is efficient for servicing utility bills from various service providers in Kenya. The application is available on the android platform for versions above 1.6. You can download from the Google Play Store here.

 

NIC Bank Kenya

NIC-Bank-Kenya-mobile-banking-appThe NIC Bank is not left out when it comes to serving up its clients with the latest innovation. Though basic, the mobile banking application offers everything a banking client is looking for including online merchants and mobile money options. The application is available on the android platform for versions above 1.6.

You can download from the Google Play Store here.

 

Kenya Commercial Bank (KCB)

kenya-commercial-bank-kcb-mobile-banking-appThough not hosted on the play or app store, KCB’s mobile application can be download on their website offering the ability for users to send money to their mobile money accounts such as M-Pesa, check their balance as well as transfer funds. The application compliments the USSD service accessible via *544# on Safaricom Lines.

You can download from their website here.

 

Chase Bank Kenya (Mfukoni)

chase-bank-kenya-limited-mobile-banking-appThe bank has an attractive mobile banking app known as mfukoni which translate in English from Swahili as ‘In the Pocket’. Othe than, the application has an attractive interface and goes beyond that to provide service beyond the usual mobile application. Mfukoni also provides access to services such as insurance and unit trusts that are a product offering by the modern financial institution. You can download from the Google Play Store here.

The have a separate application for tablet devices available for versions 3.1 and up.

Banking will remain a core primary service but sure, banking as we know it will continue to evolve decade after decade.

Leave a comment and don’t mind pointing us to any apps that might have been missed.

How to Top-up Credit in Kenya From Diaspora

One of the challenges of Kenyan business innovators in the 21st century has been to look for ways to connect Kenyan diaspora communities to opportunities in the country. This includes the sending of instant mobile phone airtime top up.

Whether on special occasions such a birthdays or festivities such as the Easter holiday, Kenyans in the diaspora like every other family member or friend are always looking for ways to send money, gifts or even packages to their loved ones in Kenya.

Recently, techpreneurs are taking advantage of the niche to develop platforms that allow people in the diaspora to send mobile phone airtime straight to the receivers phone within a few minutes. It doesn’t come cheap though since you will probably spend 10% more to send that airtime.

Here’s a list of websites that you can send mobile phone airtime by Safaricom, Airtel, Orange and Yu Mobile from the diaspora.

TelephoneKenya.com

In association with mobile operators in Kenya, TelephoneKenya by KeepCalling, a US Telecom provider supports recharge services for Safaricom, Airtel, Yu and Orange numbers with support for payment through Visa and Mastercard, Discover and Paypal. All you have to do is enter the recharge detail, make the payment and the amount will be sent to the chosen number. You will likely spend 6.15 USD (Kes 530) for a top amount of Kes 400. Other product offerings include telecom services such as voice credit, mobile recharge and virtual numbers.

Airpesa.com

A product by popular e-commerce website MamaMikes LLC, Air Pesa allows you to send airtime to any Safaricom, Airtel and Orange number in Kenya. A user can pay using Visa and Mastercard as well as Paypal. The unique thing about this service is that you can customize a message that will be sent to the recipient when the airtime is delivered. Air Pesa will also copy the recharge voucher to your email for reference. For a recharge of Kes 500, you will probably spend 7.76 USD (Kes 670). According to their website, the service is made possible by Tandaa Grant.

 Topup.com

TopUp.com, a division of UniversalCalling Inc offer the similar top up services supporting all Kenyan mobile networks. You will likely spend 5.57USD (Kes 480) for a top amount of Kes 400 while a top amount of Kes 600 will cost you 8.35 USD (Kes 725). Like AirPesa, TopUp.com has the option of adding a custom SMS message. The service supports all debit cards, Visa, MasterCard, Discover, American Express, Diners Club International, BC Card, Union Pay, JCB, and Dinacard but use of paypal is not possible.

From topping up mobiles to sending money directly to mobile money accounts, the Kenyan diaspora is set up for array of online services that bring them closer with friends and family back home.
Leave a comment and don’t mind pointing us to any apps that might have been missed.

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How to Deposit Money to K-rep Bank via Mpesa

How to Deposit Money to K-rep Bank via Mpesa

K-rep Bank’s Lipa na M-Pesa paybill number is 111999. 

The Procedure for depositing money via M-Pesa to your K-rep Bank account is as follows

  1. Go to M-Pesa menu on your phone, select “Lipa na M-Pesa
  2. Select “Paybill
  3. Select “Enter business no.” and enter the 111999 as the K-REP Bank business no and press “OK”
  4. Enter the K-REP account number you are transferring money to and press “OK”
  5. Enter amount i.e. amount you want to deposit and press “OK”
  6. Enter your M-PESA PIN and press “OK”
  7. Confirm all the details are correct and press “OK”
  8. You will receive a verification window from M-Pesa where you have 1 minute to verify that the details are correct, if correct, dismiss or ignore, if wrong, enter the number 1 and press OK to cancel the transaction
  9. You will receive a confirmation SMS from M-Pesa immediately.
  10. K-REP Bank will then send you a confirmation SMS shortly.

 

Note: K-Rep bank has rebranded to Sidian Bank, you should therefore use the following instructions to deposit to Sidian bank