USD business account in Kenya

USD business account options in Kenya: the short answer

A Kenyan business can hold and receive US dollars in three main ways: a USD account at a Kenyan bank, a USD account with a provider outside Kenya that accepts Kenyan businesses, or a US company with its own US account. Kenya is one of the more open markets in Africa for foreign currency. The US International Trade Administration (ITA) states that Kenya repealed all exchange control laws in 1993 and moved to a fully market-determined exchange rate.

That openness means the main questions for a Kenyan company are practical rather than legal: how a US client pays most cheaply, how long the money takes, what each bank or provider charges, and whether the provider accepts Kenyan companies at all. Exporters of tea, flowers and horticulture, software and outsourcing firms billing clients in the United States and Europe, and importers paying suppliers in China, India and the Gulf all face these questions differently.

This guide covers the Kenyan rules, dollar accounts at Kenyan banks with an example of published charges, foreign providers' own statements about Kenya, the US company route, documents, the Virtual Asset Service Providers Act 2025 and its 2026 Regulations, and options for freelancers.

The options compared

The table compares the option types. It is not a ranking: most Kenyan trading companies hold a dollar account at a Kenyan bank and add one other route.

Sources: International Trade Administration, Kenya trade financing; Safaricom M-PESA PayPal service; Central Bank of Kenya public notice on the VASP Act 2025. As published on 29 October 2026.

SWIFT is the international network banks use to send cross-border payments, identified by an 8 or 11 character bank code. A correspondent bank is a bank that holds an account for another bank and settles payments in its currency; the ITA notes that most major Kenyan banks have correspondent relationships in London and the United States. ACH is the low-cost US domestic transfer system, and Fedwire is the Federal Reserve's same-day system for large US dollar payments.

How to choose: an exporter of goods paid by letter of credit or documentary collection needs a Kenyan bank, because those instruments run bank to bank. A service firm paid by US clients gains most from US account details, because the client can pay by ACH as it pays any US vendor. An importer needs dollars to pay suppliers and can hold them at its Kenyan bank between orders.

Kenya's foreign exchange rules in 2026

Kenya has no exchange controls of the kind found in Nigeria, Pakistan or Bangladesh. The ITA's Kenya Country Commercial Guide summarizes the position.

Source: International Trade Administration, Kenya Country Commercial Guide, Trade Financing (last published 5 July 2024). As published on 29 October 2026.

The Financial Action Task Force (FATF) is the intergovernmental body that sets anti-money laundering standards; grey listing means a country is under increased monitoring. For a business it usually means more questions from banks and from foreign providers, so expect to explain the source of funds and the trade behind larger payments.

Dollar accounts at Kenyan banks

Kenya's large banks, including Equity Bank, KCB, Co-operative Bank, Absa and Standard Chartered, offer USD accounts. Charges differ by bank, and each bank publishes a tariff guide. The table shows one bank's published charges as an example.

Source: ABC Bank Kenya, Tariff Guide updated September 2025. As published on 29 October 2026. Other banks set their own charges.

A nil inward charge at the Kenyan bank does not mean the full invoice amount arrives. On SHA terms, where fees are shared, the correspondent and any intermediary bank can deduct fees on the way. Ask the payer to use OUR, under which the sender pays all fees, for invoices where the exact amount matters.

What to give a payer for a Kenyan USD account

A payer abroad needs the full set of wire details for a USD account at a Kenyan bank, not just an account number. Missing correspondent details are the most common reason a dollar wire to Kenya is delayed or returned.

• Beneficiary name: the company's registered name, exactly as on the account.
• Account number: the USD account number, not the shilling account.
• Beneficiary bank: the bank's full legal name, branch and SWIFT code.
• Correspondent bank: the US bank your bank uses for dollars, its SWIFT code, and your bank's account number there. Your bank gives you these on its standard settlement instructions.
• Reference: the invoice number, so your bank and your accountant can match the receipt.
• Charge code: OUR if the contract says the payer bears all fees.

A US client sending a wire uses Fedwire to reach the correspondent bank, and the payment then travels to Kenya by SWIFT, so allow for the time difference and for Kenyan and US public holidays. For the buyer's side of the process and how to agree payment terms, see our guide on receiving USD from overseas buyers. Check your bank's SWIFT code with our SWIFT code lookup before you put it on an invoice.

Foreign USD account providers and Kenya

Many Kenyan businesses look for US account details so US clients can pay by ACH. Eligibility is set by each provider. The table records what each provider states on its own pages.

Sources: the providers' own pages, linked below; Payoneer fees page last updated 1 January 2026. As published on 29 October 2026.

Before you apply, check three points. First, whether the US details are in your company's own name or belong to a pooled account in the provider's name. Second, which rails they accept: ACH only, or also Fedwire and SWIFT. Third, how dollars reach your Kenyan bank account when you need them there, and at what conversion cost if you withdraw in shillings.

Provider pages used: Airwallex eligible countries, Wise country list, WorldFirst Africa, Eversend Kenya, Payoneer fees and Mercury eligibility.

The US company route

Some Kenyan founders form a US company, usually a limited liability company (LLC) or a Delaware corporation, and open a US account in its name. Mercury, for example, requires the company to be formed and registered in the United States or a US territory, with existing or planned US operations, and states that founders do not need to be US citizens or residents. It also publishes a list of countries where founders cannot be supported, so check it before forming the company.

The US company needs an Employer Identification Number (EIN), the US federal tax number for a business. The IRS instructions for Form SS-4 state that international applicants may call 267-941-1099, from 6:00 a.m. to 11:00 p.m. Eastern Time, Monday to Friday, and that only international applicants can receive an EIN by telephone. Applicants outside the US can also fax Form SS-4 to 304-707-9471.

The US company is a separate legal entity with its own tax filings, and money it earns belongs to it, not to the Kenyan company. Kenyan exchange rules do not restrict holding dollars, but the Kenya Revenue Authority (KRA) taxes the Kenyan company's income, and transfer pricing between related companies needs care. Take Kenyan and US tax advice before choosing this route.

Documents you need

Banks and providers ask for a similar company file. The table is a typical checklist; each bank sets its own.

Typical requirements compiled by the Helm Editorial Team; requirements vary by bank and provider. As published on 29 October 2026.

The KRA PIN is the personal identification number the Kenya Revenue Authority issues to every taxpayer, and it is required for almost every bank account in Kenya. The CR12 is the letter from the Registrar of Companies confirming the current directors and shareholders. KYC, short for know your customer, is the identity and ownership check every bank and provider runs. Keep the company name identical on every document.

Stablecoins in Kenya: the VASP Act 2025 and 2026 Regulations

Stablecoins are digital tokens designed to hold a steady value against a currency such as the US dollar; USDC and USDT are the most widely used. Kenya has moved from an unregulated market to a licensing regime.

• The Act. The CBK's public notice of 18 November 2025 states that the Virtual Asset Service Providers Act, 2025 (Act No. 20 of 2025) was gazetted on 21 October 2025 and took effect on 4 November 2025. It names the CBK and the Capital Markets Authority (CMA) as the regulators that license and supervise virtual asset service providers (VASPs).
• Licensing status in 2025. The same notice states that the CBK and CMA had not licensed any VASPs under the Act, and that licensing would begin once the National Treasury issued regulations.
• The 2026 Regulations. As summarized by the law firm Spencer West on 28 July 2026, the Virtual Asset Service Providers Regulations, 2026 have been gazetted. They set licensing procedures for ten categories of activity, including wallets, exchanges, payment processing and stablecoin issuance, with the CBK overseeing payment-related activities and the CMA investment-related ones.

Sources: Central Bank of Kenya public notice of 18 November 2025; Spencer West summary of the VASP Regulations, 2026 (28 July 2026). As published on 29 October 2026.

For a Kenyan company paid in USDC or USDT, the practical step is to deal only with providers that are licensed, or are applying within the transition period, and to record each receipt with the invoice it settles, as for any foreign currency receipt.

Where Helm fits, and where it does not

Helm is a financial technology company, not a bank. Accounts are held with regulated partner institutions. Helm does not currently provide USD account details to companies based in Kenya. A Kenyan company that needs US account details should use a Kenyan bank or one of the providers that state they serve Kenya.

Helm accounts can receive and send USDC and USDT and convert them to USD. These features are available only where local law allows, and for a Kenyan company that means working within the VASP Act 2025 and its 2026 Regulations. Ask about current eligibility through Helm's contact page; general rules are on the eligibility page. Kenyan importers will also find our guide on paying Chinese suppliers from Kenya useful for the PVoC certificate, levies and documents.

Freelancers and sole traders

Kenyan freelancers can open personal USD accounts at Kenyan banks with a national ID or passport and a KRA PIN. Many also use M-PESA, Safaricom's mobile money service. Safaricom's M-PESA PayPal service lets a user withdraw a PayPal balance, held in US dollars, to M-PESA in shillings, with a 3% fee applied to the daily exchange rate, and limits of KES 250,000 per transaction and KES 500,000 per day. Both accounts must be in the same name.

Questions

References

1. International Trade Administration: Kenya Country Commercial Guide, Trade Financing
2. Central Bank of Kenya: Public notice on the Virtual Assets Service Providers Act 2025 (18 November 2025)
3. Capital Markets Authority: Commencement of the Virtual Assets Service Providers Act 2025
4. Spencer West: Kenya's Virtual Asset Service Providers Regulations, 2026, regulatory framework now operational (28 July 2026)
5. ABC Bank Kenya: Tariff Guide, updated September 2025
6. Safaricom: M-PESA PayPal service FAQs
7. WorldFirst: USD accounts in Africa
8. Internal Revenue Service: Instructions for Form SS-4

This guide is general information for businesses, not financial, legal or tax advice. Rules, fees and timings were checked against the sources listed on the review date and may change.