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HomenewsOnly 2.5 Percent Of Kenyans Have More Than KSh 100k In Bank...

Only 2.5 Percent Of Kenyans Have More Than KSh 100k In Bank Accounts

A new report has shown that about 1.8 million accounts only had more than KSh 100,000 by December 2021.

According to the Central Bank of Kenya, this was 2.5 percent of 67.2 million accounts in 53 financial institutions such as microfinance and commercial banks.

According to the report dubbed the 2021 Banking Supervision Report, 97.4 percent accounts have less than KSh 100,000.

CBK said in the report, with a total deposits of KSh 4.44 trillion, on average, an account in Kenya holds KSh 66,071.

However, there was an increase in the number of accounts with more than KSh 100,000 by 72,724.

Equity Bank had the most accounts with over KSh 100,000 estimated at 394,641 compared to 377,148 in 2020.

It is followed by KCB Bank which had 297,610 bank accounts with more than KSh 100,000 and Co-operative Bank with 272,837.

NCBA is fourth with 132,972 and ABSA is fifth with 115,089 accounts.

I&M Bank had the largest proportion of high-quality savings, with 31 percent of its 59,036 accounts having more than KSh 100,000.

“Total deposits increased by 12.2 percent to Sh4.6 trillion in December 2021, from Sh4.1 trillion in December 2020. The growth was supported by the mobilisation of deposits through digital platforms,” said the CBK.