Bank Customers in Kenya At 39 Million, Study Shows

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Kenyan banks customer base has reached 39 million, according to the 2024 Kenya Banking Industry Customer Experience Survey. This survey was carried out in Kenya’s three major cities: Nairobi (41%), Mombasa (34%), and Kisumu (25%) to gather detailed insights on customer experiences nationwide.

The Kenya Banking Industry Customer Experience Survey involved 661 participants, with an average age of 32 years. Out of these, 533 were banked, while 128 were unbanked. Additionally, 75% were retail customers and 25% were business clients.

Bank Customers in Kenya Reach 39 Million, Study Shows

The Kenya Banking Industry Customer Experience Survey indicated that 79% of adults in Kenya have active accounts in financial institutions, positioning Kenya as a leader in financial inclusion within Sub-Saharan Africa.

The remaining 21% of unbanked individuals cited lack of funds and high banking costs as barriers, along with long distances to banks and a lack of trust in financial institutions.

Kenya currently has 38 licensed commercial banks, with total net assets amounting to Ksh 6,589.8 trillion. Among the transactions carried out by Kenyan customers, 52% are withdrawals, followed by 50% deposits, and 29% savings.

Additionally, withdrawals are the most frequently used service (50%), followed by deposits (34%) and fund transfers (5%). The number of deposit account holders in Kenyan banks stands at 64,022,715, reflecting the strong growth of the banking sector.

The Kenya Banking Industry Customer Experience Survey also identified a rising trend in the use of credit and debit cards, with 44% of banking customers employing this payment method.

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Moreover, the survey further revealed a preference for mobile apps among bank customers, with 42% of respondents using them to access services, compared to 24% who visit bank branches and 14% who use bank agents.

This trend aligns with the widespread availability of mobile phones in Kenya, with 85% of respondents owning at least one mobile device.

Bank Customers in Kenya Reach 39 Million, Study Shows

The Net Promoter Score (NPS), which measures customer loyalty by asking how likely they are to recommend a company’s product or service, showed increased satisfaction in the Kenyan banking sector. Retail customers scored an NPS of 8 out of 10, while business customers rated slightly higher at 8.5 out of 10.

Regarding customers’ medium and long-term goals, the Kenya Banking Industry Customer Experience Survey revealed that 13.7% of banking customers aim to own a home, 13.8% want to buy land, and 9.8% seek to educate their children.

Additionally, 17% of banking customers spend their money on food, the same percentage as on housing and rent. Education accounts for 11% of spending, and clothing for 8.5%.