The banking industry in Kenya has grown tremendously over the past ten years, with significant expansion into the entire East African region. The shift from conventional banking systems towards automation and local adaptation is a strong factor in this expansion. The existence of some of the continent’s leading banks is another factor.
The Kenyan central bank is in charge of the entire banking industry. Kenya is home to 44 major banks, of which 31 are locally owned and 13 by foreigners. The government owns shares in three banks, one of which is a mortgage lender, and the remainder 27 commercial banks are all locally, non-government-owned.
Kenya’s biggest banks
| Rank | Bank | Asset valuation (USD $) |
|---|---|---|
| 1. | Equity bank | 10.02 billion |
| 2. | Kenya Commercial bank | 9.05 billion |
| 3. | NCBA | 4.59 billion |
| 4. | The Co-operative bank | 4.51 billion |
| 5. | Diamond Trust bank | 3.89 billion |
| 6. | Absa bank | 3.48 billion |
| 7. | Standard Chartered bank | 2.98 billion |
| 8. | Stanbic bank | 2.92 billion |
| 9. | I & M bank | 2.71 billion |
| 10. | Prime bank | 1.08 billion |
1. Equity Bank Group
Assets: $10.02 billion
Equity Bank claims to be a partner that engages its customers and attends to their basic needs. Both public and private organizations rely on it.
According to Mashinani, Equity bank has nearly as many agents and branches as there are major cities and counties across the African continent, including upcountry.
Equity Bank has also established itself as one of Kenya’s most dependable financial institutions by introducing novel and improved innovations that have revolutionized the banking industry. Equity Bank Group’s asset is worth $10.02 billion.
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2. Kenya Commercial Bank (KCB)
Asset: $9.05 billion
One of the most dependable commercial financial institutions in Kenya is the Kenya Commercial Bank also known as KCB.
Millions of Kenyans patronize the bank, not to mention the many foreign customers who use the bank for international money transfers.
The bank has a well-established and advanced technology system, which double-checks every transaction ensuring the safe custody of the client’s money.
Through its partnership with Safaricom, a telecommunications service provider in Kenya, KCB Bank has made life easier for its customers by providing mobile-based services through KCB MPESA. The Kenya Commercial Bank is worth $9.05 billion in asset valuation.
3. NCBA
Asset: $4.59 billion
The NCBA was formerly known as the CBA Bank and is one of Kenya’s best banking institutions today.
When compared to other financial institutions, NCBA Bank’s rates and service fees rank among the most affordable in the country.
In addition, the bank is on the top list of Kenya’s fastest-growing businesses, making it one of the most recommended banks to have an account within Kenya. NCBA has an asset valuation worth $4.59 billion.
4. The Co-operative Bank of Kenya
Asset: $4.51 billion
Without a doubt, the Co-operative Bank of Kenya is one of the biggest banks in the country. The bank requires no monthly maintenance fees and no operating balance.
When searching for a dependable bank in Kenya, the Co-operative bank ought to be in your rundown of banks to think about.
The bank has an asset valuation of over 4 billion dollars.
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5. Diamond Trust Bank
Asset: $3.89 billion
The Diamond Trust bank is Kenya’s 5th biggest bank with an asset valuation of over 3 billion dollars.
The bank offers a wide range of banking services, including asset finance, mortgages, investments, insurance, savings and deposit accounts, debit and credit cards, money transfer services, and more.
6. ABSA bank
Asset: $3.48 billion
ABSA bank was formerly known as Barclays Bank and has established itself as a highly successful financial institution in Kenya and throughout Africa.
The bank offers varying services for free, with the option for its customers to undertake safe and affordable money transfers. In Kenya, individuals, organizations, businesses, and students have entrusted ABSA with their savings.
ABSA was stated to be Kenya’s most recommended bank for savings and investments. The bank has a valuation of over 3 billion dollars.
7. Standard Chartered Bank
Asset: $2.98 billion
One of the most highly regarded Kenyan banks is Standard Chartered Bank.
The bank’s stellar international reputation has also contributed to a significant increase in its Kenyan customer satisfaction rate.
The bank is currently one of Kenya’s oldest offering the most transparent services to its clients and customers.
The Standard Chartered Bank is an excellent choice if you’re looking for a reliable financial institution with a stellar reputation in Kenya. The bank’s total assets are worth $2.98 billion.
8. Stanbic Bank
Asset: $2.92 billion
Stanbic Bank offers commercial, retail, and private banking, asset management, credit cards, mortgages, and other banking services.
The bank is a subsidiary of Standard Bank, Africa’s biggest bank by asset valuation headquarters in Johannesburg.
This year, the bank ranks among the nation’s best financial institutions. The bank has an asset valuation of over two billion dollars.
9. I&M Bank
Asset: $2.71 billion
The I&M Bank is a leading Kenyan financial institution that provides exceptional services to its customers.
All of the bank’s new and existing customers benefit from the bank’s outstanding currency exchange rates.
Companies, individuals, and organizations that have ever had to deal with foreign currencies in Kenya often patronize the bank.
Compared to other banks, the financial institution makes buying and selling USD, EUR, and GBP currencies simple. It has an asset value of over 2 billion dollars.
10. Prime bank
Asset: $1.08 billion
The Prime Bank is also one of the best savings and investment options in Kenya. Prime bank’s customers appreciate the bank’s low and manageable interest rates on all loans.
Prime Bank may be the bank for you if you want to open an account with a Kenyan bank that is committed to your success. Prime Bank’s asset is worth $1.08 billion.
Conclusion
There are many Kenyan banks that, among other things, promise to provide the best services, high-interest rates on savings, simple withdrawal and deposit procedures, with quick loans.
Nonetheless, this is rarely the case after registering with the bank and opening an account.
Therefore, to assist you in selecting a reputable bank in Kenya today, the following is a list of the best financial institutions in Kenya that you can rely on for both your personal and business finances.
The following is a list of the best banks in Kenya that provide dependable services to the country in terms of quality services, excellent customer service, money security, easy accessibility, savings, current accounts, affordable transactional charges, loans, and other important factors that are significant to you as a customer.
Which agency is in charge of regulating the entire banking sector in Kenya?
The Kenyan central bank is in charge of the entire banking sector in Kenya.
