Nearly half of the banked population in Kenyan market have multiple accounts, with the proportion of those owning single accounts declining in 2024 to 36.72% from 37.42% in 2023.
- 49.5% of respondents to the Banking Satisfaction Survey 2024 have accounts with two to three banks.
- The proportion of those with four to five accounts grew to 11.8% in 2024, up from 8.2% in 2023 and 5.8% in 2022, while those with six or more accounts rose modestly to 2.0%.
- More than 56% of customers favor self-service digital platforms for their convenience and 24/7 accessibility.
“Multiple bank relationships remain the hallmark of customer behavior. Kenya’s banking sector is witnessing a growing trend toward multi-banking, as customers balance the need for diverse financial services with enduring loyalty to trusted institutions,” notes KBA in the survey.
Banks are also making strides in improving service response, with 75.44% of complaints now resolved within two days, an increase from 66.4% in 2023.
Speaking at the report launch, Competition Authority of Kenya (CAK) Director General David Kemei emphasized the importance of transparency and financial wellness. “Kenya’s banks are making positive strides, and with only 18.3% of Kenyans financially healthy, we encourage further investment in financial literacy, consumer protection, and tailored solutions to enhance overall well-being,” he said.
KBA CEO Raimond Molenje commended the industry’s innovation and customer focus while calling for further improvements. “By strengthening digital infrastructure and ensuring inclusive banking solutions—such as expanding accessibility initiatives—we can further enhance trust and convenience for all customers,” he said.
The survey also recognized banks for their exceptional customer experience. KCB Bank ranked as the best overall bank, followed by NCBA Bank and Equity Bank. In category rankings, KCB led as the best Tier 1 bank, Family Bank was recognized as the best Tier 2 bank, and ABC Bank ranked as the best Tier 3 bank.
