Top List of Banks in Kenya
The banking and finance industry in Kenya is one of the most critical sectors that promote financial inclusion and economic growth. The biggest banks in Kenya are listed by asset value and market capitalization. Kenya has shown remarkable economic performance and has started to see an overall increase in its population's well-being, which is very impressive. This is attributed to the increase in the number of bank branches, mobile, and internet banking channels, and the increase in the number of bank loan products and new banking regulations.
Kenya boasts 42 banks, which has doubled over the past decade. Of these banks, 14 are commercial and 28 domestic banks. The 28 banks have branches spread out across the country and subsidiaries in other East African countries. Let's take a look at the banks making moves in Kenya now.
Equity Group Holdings
Equity Group Holdings is the parent company of Equity Bank, the largest commercial bank in Kenya by number of customers with over 8 million customer accounts. The bank operates a network of more than 335 branches and operates 720 ATMs across Kenya and subsidiaries in Uganda, South Sudan, Rwanda, and Tanzania.
They give various products services to meet their clients' financial needs across personal, SME, and corporate banking, wealth management, and investment banking. Equity Group Holding has an asset of kes 1.02 trillion (USD 8.9 billion).
Standard Chartered Bank Kenya
Standard Chartered Bank Kenya is the biggest commercial bank in Kenya, with a product range that includes: loans to individuals, SMEs, and corporations; savings and current accounts; credit cards; international trade finance; foreign exchange services; money transfers; and bank assurance. The bank also has an extensive network of branches across the country and 24-hour Internet Banking services. Standard Chartered Bank has been in existence since 1911, overseeing a network of 36 branches and 108 ATMs across the country. SCBK has total assets of KES 325.61 billion (USD 2.84 billion).
Barclays Bank Kenya
Barclays Bank Kenya Limited, commonly referred to as Barclays Bank of Kenya, is a commercial bank in Kenya and a subsidiary of Barclays Africa Group. The banks that license Barclays Bank Kenya are the Central Bank of Kenya, the central bank, and the national banking regulator. It strives to offer the leading corporate and investment banking, wealth management, and personal banking products and services in Kenya. Barclays Bank boasts 117 branches with ATMs of over 230 in Kenya. It has reported a total asset of KES 1.02 trillion as of 2020, which is equivalent to USD 8.9 billion.
Kenya Commercial Bank-KCB Bank Kenya
The Kenya Commercial Bank is the biggest commercial bank in Kenya. The bank was established in 2015 and ranked as the largest bank in Eastern Africa. The bank has its subsidiaries spread across the East African region. The banks that license KCB are the Central Bank of Kenya, the central bank, and the national banking regulator.KCB has several branches within Kenya and other neighboring countries. Its assets are worth USD 6.9 Billion (KES:758.3 billion) as of 2020.
Cooperative Bank of Kenya
Cooperative Bank of Kenya is a Kenyan commercial bank licensed and supervised by the Central Bank of Kenya. Its headquarters are currently located along Haile Selassie Avenue in Nairobi City. The bank used to be a subsidiary of Cooperative Bank of South Africa until September 2007, when it became fully independent. The Cooperative Bank's subsidiaries include Cooperative Insurance Company Co-op Trust Investment Services Limited. They have services like using a debit card or ATM card, real-time transfers, payments, and cash withdrawals.
COOP Bank has 155 branches and 583 ATMs spread across the country and neighboring countries.
Diamond Trust Bank of Kenya
Diamond Trust Bank of Kenya is one of the leading medium-sized commercial banks in Kenya, providing banking solutions and products to individuals and businesses. It is licensed by the Central Bank of Kenya. DTB was founded in 1945 and now has branches of over 67 with a strong presence in the neighboring countries too. DTB has assets worth KES 425.04 billion, which is around USD 3.71 billion.
National Bank of Kenya
National Bank of Kenya (NBK) is a financial services provider headquartered in Nairobi and operates as a commercial bank, serving retail, business, corporate and institutional Clientele throughout Kenya. National Bank is a wholly-owned State Corporation established in 1968. NBK has over 100 branches with 1500 ATMs all over the country. Its assets value at KES 126.84 billion (USD 1.11 billion).
Stanbic Bank Kenya is a subsidiary of South African Standard Bank Group Limited, which is home to Africa's largest banking network. The brand represents the largest individual contributor to Standard Bank Group's bottom line and a key driver for Standard Bank's growth initiatives in East Africa.
Stanbic Bank offers a variety of both personal and business clients, including investments, savings and loans, corporate banking, SME banking, and priority banking. Its total assets stand at KES 328.59 billion ()USD 2.87 billion).
NIC Bank Limited, formerly NCBA, is a financial services provider in Kenya, the largest economy in the East African Community. The bank maintains a network of branches in East Africa. NIC offers a range of financial products and services to individuals and corporate customers. NIC has a network of 69 branches spread across the country, with 67 self-service ATMs and 95 agency banking outlets. Its total assets are worth KES 507.37 billion (USD 4.43 billion).
I&M Bank is the region's most rewarding bank, with a range of tailored products and services for personal and corporate banking customers. It has over 74 branches and 300 ATMs countrywide. This bank has a small footprint but is big on customer service. I&M Bank Kenya offers best-of-breed banking services, including; personal loans, car loans, credit cards, deposits, and current accounts. I&M boasts of KES 315.3 billion (US$2.95 billion) as of 2019.
Which is the most secure bank in Kenya?
KCB was the only Kenyan bank to list the world's safest banks. The Safest Banks by Country were chosen based on an analysis of long-term foreign currency ratings from Moody's, Standard & Poor's, and Fitch, as well as the total assets of the world's 1,000 most prominent banks.
The ratings reflect the bank's position in loss-absorbing capital buffers, potential risks related to asset quality and profitability, and the implementation of stronger resolution plans in the event of bank failure.