Kenyans Holding Over U.S.$700 in Bank Accounts Rise to 1.9 Million

18 May 2023
Capital FM (Nairobi)
By Phidel Kizito

Nairobi — The number of bank accounts with over Sh100,000 rose by nearly five percent in the 12-month period ending December last year, a new survey shows.

Data from the Central Bank of Kenya (CBK) shows that the number of accounts increased to 1.871 from 1.783 in a similar period in 2021, representing a 4.9 percent jump.

The increase came at a time when depositors were looking to grow their savings with higher returns.

Lenders with high-value deposits, on the other hand, stood at 1.847 million compared to microfinance institutions with 24,257.

The Kenya Commercial Bank (KCB) hosted a huger percentage of high value deposits at 11 percent followed by NCBA (10.1 percent) and Stanbic Bank (7.5 percent).

Read the original article on Capital FM.

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