Geopoll Survey Ranks Equity Bank as Most preferred lender in Kenya

Equity Bank, GT Bank and Capitec are among the most preferred banks in Kenya, Nigeria and South Africa according to a recent GeoPoll Straw Poll.

In an August 2017 survey conducted among 2,825 unique survey respondents in the three countries on customer satisfaction in retail banking, the level of customer service is the single biggest reason why bank account holders prefer one bank over another.

Respondents were asked in which bank was their primary account. 40% of respondents from Kenya mentioned Equity, followed by KCB at 35%. Co-operative bank was the third highly mentioned at 18%. As for Nigeria, 31% said that they used GT Bank as their primary bank. First bank was the second highly mentioned at 18% while Ecobank was the third at 10%. In South Africa, 39% of the respondents mentioned that Capitec was their primary bank, First National Bank was second at 29% and Absa third at 13%.

Upon rating the overall performance of the primary bank on a scale of 1 to 10, where 1 was the lowest and 10 highest, South Africa’s Capitec had the highest average rating of 8. In Kenya, Equity’s average rating performance was 7. Nigeria’s GT bank had the least average rating performance of 6. The overall average performance rating for the three banks namely Equity, GT Bank and Capitec was 7, implying that on average the banks were performing well.

The survey further noted that 63% of Kenyan prefer a bank that gives them convenience first.

Transaction fees, lack of good loan facilities and complicated loan processes are among the most noted by respondents as the reason they were unhappy with their banks.

Source; GeoPoll