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How to Buy Crypto with Commercial Bank of Africa in Kenya

Last updated on November 12, 2023

Quick Summary: While Commercial Bank of Africa does not offer cryptocurrency trading through its own platform, you can make use of your account to purchase crypto through a third-party exchange.

There are a lot of Kenya cryptocurrency exchanges to pick from, but we suggest using the Coinbase exchange.

They offer the majority of most well-known cryptocurrencies and are simple to use. They have lots of advanced features but are also great for beginners.

Commercial Bank of Africa Homepage

As mentioned in my quick summary, like most Kenya banks, Commercial Bank of Africa doesn’t allow users to trade cryptocurrency directly on their platform, due to the complexities with setting up a cryptocurrency trading platform and comes with regulations and extra work for the banks.

There are a large number of cryptocurrency exchanges that you can use to buy Bitcoin and other cryptocurrencies.

Next you’ll want to sign up to an exchange (for this short guide I’ll use Coinbase as it’s a global and widely used exchange) and deposit funds so you can start trading crypto.

How to buy crypto or bitcoin with Commercial Bank Of Africa

Let’s get started! Just follow our 4 quick steps.

1. Pick a cryptocurrency trading platform

As mentioned above, I’ll be using Coinbase for this guide as they are a widely used exchange and have a huge range of cryptocurrencies to choose from. It’s also one of the best exchanges for beginners and allows more advanced features when you get more comfortable with trading.

The steps in this guide should be similar for most trusted crypto exchanges, so feel free to use whichever you end up going with.

Let’s get started!

2. Create account with the trading platform

You’ll first need to create an account if you haven’t already, you can do using this quick link below.

Sign Up With Coinbase

Once you’ve filled out the basic information you’ll be asked for KYC (Know Your Customer) information, this is normal for crypto exchanges to stop any bad activity. This will often be called the “verification” process.

3. Fund your account

Next, you’ll need to add funds to your account using any of their deposit methods. For Coinbase there are many options such as bank transfer, PayPal, credit/debit card, and many more.

4. Buy crypto

Lastly, you’ll need to go to the “trade” section, this will differ for each exchange but it will usually have some variation of this.

It’s that easy! You’ve now got the tools to buy your first cryptocurrency with Commercial Bank of Africa.

Buy Crypto With Coinbase

About Commercial Bank of Africa

Commercial Bank of Africa (CBA) was a financial service provider with its headquarters within Nairobi, Kenya, the largest economy of Kenya, which is part of the East African Community. CBA was granted a license from Kenya’s Central Bank of Kenya, the central bank as well as the national regulator of banks.

The bank was established around 1962, it was located in Dar es Salaam, Tanzania. Soon after, branches were established within Nairobi & Mombasa, Kenya as well as within Kampala, Uganda. After Tanzania privatized private banks at the end of 1967, this bank relocated the headquarters of its operations to Nairobi. After the political turmoil within Uganda during 1971, the institution decided to sell its assets in the country.

In the beginning, CBA was owned by a group of financial institutions, known under the designation Societe Financiere pour les Pays d’Outre-Mer (SFOM) which was headquartered in Switzerland. The original participants in the group were Banque Nationale de Paris, Bank Bruxelles Lambert, Commerzbank as well as Bank of America. In the year 1980, Bank of America acquired 84% stake and effectively bought out the remaining SFOM members. A shareholding of 16% in CBA was still in the hands of Kenyan investors. In the 1980s, Bank of America divested from the bank, placing the entire shareholding in CBA into the hands of Kenyan citizens.

In December of 2018, Commercial Bank of Africa Group (CBA Group) announced it was merging together with NIC Group creating the Kenya’s third largest bank. It was approved by the Kenyan regulators and shareholders. Transaction has been approved by Kenyan shareholder and the regulator in April of 2019. On the 27th of September the Central Bank of Kenya approved the merger effective 1 October, 2019. With the merger, the group that was merged, NCBA Group, was to consolidate their banking operations. The result was the transfer of all business operations to a single entity, named NCBA Bank Kenya Limited.