Current Account

This is a non-interest bearing account that is operated using a cheque book. It can be operated by individuals as a Personal Current Account and by Companies, Partnerships, Society or Associations as a Non-personal Account.

Basic Requirements:

The requirements for opening a Current Account depend on the legal status of the prospective customer, varying as to whether it is Personal, Sole Proprietor, Company, Partnership, Cooperative Union or Society as detailed below.

(a) Personal

• 2 passport size photographs.
• Valid identification documents like ID, DL, Passport or Voter’s card.
• Letter of introduction from either employer or local authorities.
• Opening cash deposit of only UShs 100,000.
• One Reference from existing Centenary Bank customer.

(b) Sole Proprietor

• Copy of certificate of registration.
• Trading licence.
• Certificate of registration of business name where applicable.
• Statement of particulars.
• 2 references.
• Valid identification documents of the Sole Proprietor.
• Opening cash deposit of UShs. 200,000.
• 2 Passport size photographs of the account signatory.
• L.C Letter of introduction.

(c) Companies

• Registered Resolution by Directors to open a bank account
• Certified copy of Certificate of Incorporation.
• Certified copy of Memorandum and Articles of Association.
• Particulars of Directors certified by the Registrar of Companies.
• Copy of the company trading license.
• Valid identification documents of account signatories.
• 2 references.
• 2 Passport size photographs of each of the account signatories.
• Opening deposit of UShs.300,000.
• Physical presence of all signatories during opening of account.
• Company Tax Identification Number (TIN).

(d) Cooperative Unions or Societies

• Copy of the Union or Society by-laws
• Copy of the certificate of registration issued by the Registrar of Co-operatives.
• AGM Resolution to open the account with the seal and original signatures.
• 2 references.
• 2 passport photographs of each of the account signatories.
• Valid identification documents of account signatories.
• Opening cash deposit UShs. 200,000.
• Physical presence of all signatories during opening of the account.

(e) Partnerships

• Copy of Partnership Deed.
• Statement of particulars of partners.
• Copy of certificate of registration.
• Copy of trading license.
• Copy of certificate of registration of business names.
• Valid identification documents of account
• Signatories.
• 2 Passport size photographs of account signatories.
• Opening cash deposit of UShs. 200,000.
• Physical presence of partners during opening of account.
• Written application letter to open up an account
• Tax Identification Number (TIN).

Benefits of Current Accounts

• Unrestricted cash and cheque deposits & withdrawals within the customer's balance.
• Access to a variety of loan products and overdraft facilities.
• Access other bank services like money transfers, POS, SMS and PC banking services.
• Free ATM Card (Centecard) with 24 hours access to Centepoints.
• Daily balances and mini-statements available on request.
• Can be held in both local and foreign currencies.
• Authority to operate the account can be delegated to third parties and dependants.
• Account can be jointly operated as a Joint Current Account.