• Home
  • /
  • Banks
  • /
  • How to Buy Crypto with Credit Bank in Kenya

How to Buy Crypto with Credit Bank in Kenya

Last updated on November 12, 2023

Quick Summary: While Credit Bank 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.

Credit Bank Homepage

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

Thankfully there are many cryptocurrency trading platforms to pick from that allow you to buy Bitcoin and other cryptocurrencies.

Once you’ve signed up to a crypto exchange (in our example I’ll be using Coinbase as it’s a highly trusted and global exchange), you can easily move money from your bank account to the trading platform., and exchange it for a variety of cryptocurrencies.

How to buy crypto or bitcoin with Credit Bank

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 Credit Bank.

Buy Crypto With Coinbase

About Credit Bank

Credit Bank Limited (CBL) is often referred to in the context of Credit Bank, is a commercial bank located in Kenya which is the most populous economy of the East African Community. The bank is licensed and regulated by the Central Bank of Kenya, the central bank as well as the national regulator of banks.

It is a commercial bank located in Kenya East Africa’s biggest economy. Prior to the year 2010, the primary focus of the bank was on large corporations as well as upscale businesspeople. In September of 2010, Credit Bank changed strategy and became a retailer bank that served all segments of society and businesses. In December 2018 the total assets of the bank were estimated at US$178.28 millions (KES:17.805 billion) as well as shareholders’ equity of US$28.67 millions (KES:2.86 billion).

The bank was established in 1986, and was originally an bank that was not a financial institution (NBFI); Credit Kenya Limited. It was in the year 1995 that the company was granted a commercial bank license and was rebranded as Credit Bank Limited.

In January of 2016 the shares of the Stock of Credit Bank are privately owned by investors from both private and corporate sources. In January, Fountain Enterprises Programme Group (FEP) announced plans to acquire a majority 75 percent share of Credit Bank for KSh4 billion (approx. 40 million dollars) in exchange for approval from Kenya’s Central Bank of Kenya.