How you can open a paperless bank account in Kenya

Paperless Bank Account: Last month,  The Co-operative Bank became the first Kenyan lender to adopt an all paperless account opening. This means that Kenyans can now open bank accounts without using papers as has traditionally been the case.

It also means that Kenyans can open banks accounts at Co-op Bank through internet banking. Customers seeking to open bank accounts will no longer have to fill account-opening forms. They will only need to have their National ID. The other Know Your Customer (KYC) documents and details will be automatically generated by the bank system. The system will also confirm and validate the customer’s KRA PIN, take clear and high resolution photos, and enable electronic signatures.

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Once a customer opens an account, the bank system will instantly send a text message to them, providing details of their account. This will instantly enable the customer to carry out banking transactions such as cash deposits and withdrawals.

Some of the bank accounts you can open at Co-op Bank include the Hekima Savings Account, the Current Account, the Jumbo Junior Account, the Goldfish Account, and the Salary Account.

Futures of the Hekima Account are:

1. Minimum opening balance – Nil
2. Minimum operating balance – Nil
3. Monthly maintenance fee – Free
4. Interest calculated daily on credit balances and paid quarterly
5. Permits only one withdrawal per calendar quarter
6. Regular statements every 6 months
7. No ATM or debit card

Features of the Salary Account are:

1. Minimum opening balance – Nil
2. Minimum operating balance – Nil
3. No Monthly Maintenance fee
4. Salary processing fee applicable
5. Access to Loan products such as Personal Loans and Cash Advances.
6. Debit card
7. Access to credit card.

Features of the Goldfish Access Account are:

1. Minimum opening balance of Ksh 50,000
2. Offers the highest return on balance
3. Free personal accident cover of up to Ksh 1.2 million, pegged to one’s account balance
4. Monthly maintenance fee of Ksh 400 for balances below minimum
5. Waiver of joining fees for Co-op Card Visa.
6. Minimum operating balances of Ksh 50,000