- Rich Kenyans deposited more money in banks in the financial year ending December 2023 compared to 2022
- Data from the Central Bank of Kenya (CBK) indicated that bank customer deposits grew 18% to KSh 5.9 trillion
- CBK governor Kamau Thugge attributed the increase to mobilisation via agency banking and mobile phone platforms
- Equity Bank Kenya and NCBA are among the top lenders with more personal deposit accounts holding KSh 500,000 and above
TUKO.co.ke journalist Wycliffe Musalia has over five years of experience in financial, business, and technology reporting and offers deep insights into Kenyan and global economic trends.
Rich Kenyans stashed more money into bank accounts in 2023 compared to 2022.
Source: Twitter
This saw the banking sector in the country register improved financial strength in the year ending December 2023.
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How bank deposits grew in 2023
The Central Bank of Kenya (CBK) published the Bank Supervision Annual Report 2023 in October 2024, which shows the sector’s growth and performance.
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According to the report, customer deposits increased from KSh 5 trillion in December 2022 to KSh 5.9 trillion in December 2023, representing an 18% growth.
CBK governor Kamau Thugge attributed the increase to mobilisation via agency banking and mobile phone platforms.
“The growth in deposits was due to deposit mobilization through agency banking and mobile phone platforms,” said Thugge.
Which banks had more accounts holding over KSh 500k?
Equity Bank Kenya8 and NCBA Bank led in the number of deposit accounts with savings above KSh 500,000 per individual.
Following closely was KCB Bank, with 113,368 accounts holding more than KSh 500,000.
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Below is the list of banks with the highest deposit accounts holding more than KSh 500,000.
| Bank | Deposit accounts below KSh 500,000 | Deposit accounts above KSh 500,000 | Total deposit accounts |
| 1. Equity Bank Kenya Ltd | 12,777,270 | 124,098 | 12,901,368 |
| 2. KCB Bank Kenya Ltd | 37,620,706 | 113,368 | 37,734,074 |
| 3. Co-operative Bank of Kenya Ltd | 4,107,142 | 86,033 | 4,193,175 |
| 4. NCBA Bank Kenya Ltd | 30,387,485 | 416,481 | 30,803,966 |
| 5. ABSA Kenya PLC | 2,176,639 | 59,326 | 2,235,965 |
| 6. Standard Chartered Bank (K) Ltd | 271,635 | 38,998 | 310,633 |
| 7. Diamond Trust Bank (K) Ltd | 726,998 | 58,996 | 785,994 |
| 8. I & M Bank Ltd | 212,504 | 31,225 | 243,729 |
| 9. Stanbic Bank Kenya Ltd | 268,245 | 25,645 | 293,890 |
| 10. Family Bank Ltd | 2,858,611 | 22,008 | 2,880,619 |
| 11. National Bank of Kenya Ltd | 512,654 | 16,947 | 529,601 |
| 12. Bank of Baroda Ltd | 38,597 | 29,244 | 67,841 |
Kenyan banks with largest value of mortgage loan
Nine financial institutions accounted for 89.5% of the total mortgage loans, with KCB Bank Kenya Ltd holding the largest share at 31.3%.
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Non-performing mortgage loans rose from KSh 37.8 billion in December 2022 to KSh 40.8 billion in December 2023, highlighting a growing challenge in the sector.
There were 30,015 mortgage loans in the market by December 2023, reflecting an 8.0% increase from 2022, driven mainly by new loans issued during the year.
The average mortgage interest rate rose to 14.3% in 2023, compared to 12.3% in 2022, with the increase aligned with the general rise in interest rates during the year.
What to know about banks
- Kenyan banks are opening new branches in populous towns and urban centres, expanding their reach beyond traditional cities like Nairobi, Nakuru, and Mombasa.
- Out of the 39 banking institutions in Kenya, 37 are privately owned, 20 are locally owned, and 17 are foreign-owned.
Source: TUKO.co.ke
