Sidian Bank is a private commercial bank known for its innovation and customer orientation in the Kenyan banking industry. Since its establishment in 1984 as K-Rep Bank, the Bank has provided diversified financial services to individuals, SMEs and institutional customers through an extensive branch network and advanced digital platforms. Its brand mission is to "Explore, Create, Innovate" to empower entrepreneurs through transition finance solutions to drive financial inclusion and economic development in Kenya. Sidian Bank occupies a unique position in the market with its flexible product design and focus on small and medium-sized enterprises.
Basic Bank Information
Sidian Bank, whose full name is Sidian Bank Limited, is a private commercial bank, founded in 1984, initially operating as K-Rep Bank, renamed Sidian Bank in 2016, headquartered in K-Rep Centre, Wood Avenue, Kilimani, Nairobi, Kenya 00603, The geographical coordinates are latitude 1°17'26.0" south and longitude 36°47'10.0" east longitude". The bank is a subsidiary of Centum Investment Company, which is listed on the Nairobi Securities Exchange, but Sidian Bank itself is not listed, and its shareholders include local and institutional investors, and the exact percentage of its holdings is not disclosed.
Sidian Bank's services cover the whole of Kenya with about 22 branches in Nairobi, Mombasa, Eldoret, Kisumu, Nakuru, Meru, Emali, etc. The bank provides convenient cash withdrawals through the 1Link ATM network, enhancing financial accessibility for customers in urban and remote areas. Sidian Bank is regulated by the Central Bank of Kenya (CBK) and is supervised by the Financial Sector Conduct Authority (FSCA). The bank participates in the Kenya Deposit Insurance Corporation (KDIC) scheme, which protects customer deposits up to Ksh100,000 (approximately US$800). There have been no recent major compliance issues, indicating stable operations.
Financial Health
As Sidian Bank is a private bank, specific financial metrics such as capital adequacy ratio, non-performing loan ratio and liquidity coverage ratio are not disclosed in detail in public information. According to the Central Bank of Kenya, the capital adequacy ratio of the Kenyan banking sector averaged 19.0% in December 2022, higher than the regulatory minimum requirement of 14.5%, indicating that the industry is generally robust. As a mid-sized bank, Sidian Bank expects its capital adequacy ratio to be close to or above this level. The non-performing loan ratio of Kenya's banking sector rose to 14.5% in 2023 from 13.6% in 2022, and Sidian Bank is likely to face a similar trend due to higher interest rates and defaults on public sector debt. In terms of liquidity ratio, the Kenyan banking sector stood at 62.9% in December 2022, well above the regulatory requirement of 20%, and Sidian Bank's liquidity position should be similarly robust.
As of December 2022, Sidian Bank's total assets were approximately Ksh42,605 million (approximately US$322.8 million) and shareholders' equity was approximately Ksh5,164 million (approximately US$39,126,000).
Deposit & Loan Products
DepositsSidian Bank offers a variety of deposit products to meet the needs of individual and corporate customers:
current accounts: such as Business Current Account and Personal Current Account, which support daily transactions without interest.
Savings Account: Such as Sidian Savings Account, which offers competitive interest rates, the specific interest rate needs to be checked through the bank.
Fixed Deposits: Includes Fixed Deposit Account with tenors from 1 month to 5 years, and the interest rate varies depending on market conditions and the amount deposited.
Featured product: Sidian Express account, which offers a fast and fee-free payment service through Sidian Till Number, suitable for small and medium-sized businesses.
LoansSidian
Bank offers a wide range of loan products covering personal and business financing needs:
Mortgages: support for the purchase or construction of a home, with fixed or variable interest rates, the specific interest rate needs to consult the bank.
Car Loan: Support the purchase of new or used cars, flexible terms, and the maximum financing amount is based on the customer's credit assessment.
Personal loans: include unsecured personal loans to meet short-term funding needs, with interest rates determined based on market conditions.
Microcredit: Provide microfinance support for small and medium-sized enterprises and low-income groups.
Flexible repayment options: Early repayment, deferred repayment or adjustment of repayment plan are supported, and customers can apply through the Sidian Credible platform.
App & Online Banking
mobile appThe sidianVibe mobile app is available for iOS and Android, and features include balance inquiry, fund transfer, bill top-up, PesaLink, bill payment, and ATM/branch locator. It can be downloaded through Google Play or App Store. Specific user ratings have not been disclosed, and user feedback mentions cumbersome logins and features that need to be improved.
Online Banking: Available through Sidian Bank Digital Banking, it supports account management, transfers, and online bid guarantee applications.
Industry RankingSidian
Bank is a significant player among Kenya's mid-sized banks, with total assets of approximately Ksh42.605 billion (approximately US$322.8 million) in 2022, ranking high among 43 banks.
The awards
won the Think Business Insurance Awards 2023, including "2nd place for the best bancassurance intermediary overall" and "2nd place for the best bancassurance intermediary for non-life insurance and non-embedded products", demonstrating its outstanding performance in the field of bancassurance services.
Conclusion
Sidian Bank is a private commercial bank with innovation and customer orientation at its core, and occupies a key position in the Kenyan banking industry with its extensive branch network, advanced digital platform and diversified financial products. The bank offers a seamless banking experience through the sidianVibe mobile app and online banking platform, especially for SMEs and customers looking for low-cost services. Its excellence in bancassurance services and financial inclusion, coupled with robust regulatory compliance and customer service, makes it a trusted financial partner in Kenya. Although some financial metrics and fee details are not disclosed, Sidian Bank's long operating history and industry recognition ensure its competitiveness in the market.
