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Only 1.69 Million Bank Accounts Have Over Ksh100,000 – Report

[PHOTO/ COURTESY]

Only 1.69 million bank accounts in Kenya have over Ksh100,000 according to the latest report by the Central Bank of Kenya (CBK).

The number has gone up by 134,000, despite Covid-19 setbacks which have seen the economy stagnate and several people lose jobs.

Total deposits increased by 13.9 percent from Ksh3.6 trillion in December 2019 to Ksh4.1 trillion in December 2020.

“The growth was supported by mobilisation of deposits through agency banking and mobile phones platforms,” said the CBK.

Read: CBK Nods To Liquidation Of Fallen Chase Bank As Resuscitation Efforts Fail

On the flipside, about 97.59 percent or 69.88 million accounts hold less than Ksh100,000, a worrying trend where wealth is held by a few.

Equity Bank has the highest number of high-quality accounts (accounts with over Ksh100,000), with 377,148 accounts followed by KCB (280,186), Co-operative Bank (262,614) and NCBA with 122, 535.

31 percent of Standard Chartered Bank’s 236,616 accounts have over Ksh100,000, while Stanbic Kenya Bank has 19.8 percent of its accounts having the same. DTB had 10.8 percent of its total accounts with over Ksh100,000.

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Written by Francis Muli

Follow me on Twitter @francismuli_. Email francis@kahawatungu.com

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