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Yes, it is mandatory, this is a requirement by the Central Bank of Kenya for all RTGS payments.

There is a drop down to choose the purpose from if you are processing using online banking and Mfukoni, the system will then generate the code for the transaction as per your selection.

You can find the closest that relates to the transaction, the Central Bank released an initial list which might be reviewed later to accommodate additional purpose of payment codes

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To apply for SBM Platinum Saver Account, visit any SBM (K) Branch to fill in an account opening form with the following:

1. Original Kenyan national ID card and copy or
2. Original and copy of valid passport
3. Valid VISA for immigrants
4. Alien Certificate, work permits/dependent pass/student pass/internship or research pass/certificate of permanent residence
5. KRA PIN
6. 1 passport size colored photo
7. FATCA completed forms for qualifying persons or entities
8. Fully completed and signed Common Reporting Standard (CRS) certification forms. The following are Member Countries of CRS Reporting.

You can open a Platinum Saver account on Mfukoni if you are an existing SBM Bank customer. Login to Mfukoni to open your account.

The recommended account opening balance is KES. 100,000 and USD 1,000 for the KES and USD accounts respectively. We however encourage customers to take up the solution by depositing any amount and grow their balances to Kes. 100,000 or USD 1,000 and more to enjoy the more best interest rate.

Mobile for Businesses is an integrated mobile and online based solution that issues a customer with a Bank business account and a Lipa Na Mpesa paybill or buygoods number to enable them receive & collect MPESA payments. The received payments is credited in real-time into the customer SBM bank account.

The service is available to All SBM Bank Kenya account holders be it small or medium businesses, corporate or individual account holders.

Kindly call your SBM Bank Kenya Relationship Manager, our contact Centre or visit your nearest SBM Bank Kenya branch to apply for this service.

Tel: +254 (0) 709 800 000 / +254 (0) 730 175 000

WhatsApp Chat: +254 (0) 773 758 196

Email: atyourservice@sbmbank.co.ke

Twitter: @sbmbankkenya

Facebook: SBM Bank Kenya

This may happen when systems are down interfering with real time settlement. Kindly allow time to pass for the credit to be processed. In case the funds are not credited within 24hrs, please call SBM bank contact centre for assistance.