Banking in Kenya is controlled by the Central Bank of Kenya (CBK) and may belong to individual companies while others belong to foreign individuals or organizations. There are over 30 commercial banks in Kenya that perform a wide range of banking services. Out of these, banks have been ranked according to the proficient. There are the top ten best banks in Kenya that provide the required services to their best
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In addition, banking has contributed to the tremendous growth of the economy and well-being of Kenyan since independence. The first commercial bank in Kenya that was fully owned was the cooperative bank.
List of the top 10 best banks in Kenya preferred for savings
Here is a list of the top 10 best banks in Kenya as of the year 2023
1. Equity Bank Kenya
Equity Bank is a licensed commercial bank in Kenya whose headquarters is in Nairobi.
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The bank is owned by Equity Group Holding which has 14 million customers access in six East African countries. The bank has a board of 8 directors chaired by Ambassador Erastus J O Mwencha. Nevertheless, Gerald Warui serves as the managing director.
2. KCB Bank Kenya
KCB Bank is the largest bank in Kenya that provides banking services. The bank is licensed by the Central Bank of Kenya to provide the listed banking services (Loans, credit cards, savings, investment, mortgage insurance). The bank’s total asset is estimated to be around KES760 Billion by the year 2020.
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2021 was the bank’s breakthrough when it recorded a customer depot growth. Because of these, the bank received both the Kenyan Best Bank and African Most Responsible Bank awards in the Euromoney Award for Excellence.
3. Standard Chartered Bank of Kenya
Standard Chartered Bank is one of the licensed banks in Kenya by the( CBK), licensed in the year 1910, and the following second year it opened its first two branches one in Nairobi and the other one at the port of Mombasa.
The bank offers financial services. It is a subsidiary of the British multinational conglomerate whose headquarters is located in London, United Kingdom. As per the 2013 report the bank’s total assets as estimated to be USD 417.1 million. The bank is owned by the standard chartered group the largest shareholder owning about 74% of the share and the rest 3200+ institutional and individual investors.
4. ABSA Bank of Kenya
Absa is a commercial bank in Kenya and a subsidiary of South Africa. The bank is licensed by the CBK ( in 1953 and in 1978 it was incorporated locally as Barclays Bank of Kenya ), the central and national banking regulator. Its headquarters is located in Nairobi.
The current CEO of the Absa is Abdi Mohamed.
5. Cooperative Bank kenya
Cooperative Bank is among the best banks in Kenya and was established in 1966 initially as a cooperative society and then licensed by the CBK in 1968.
Co-op Bank is a large financial service institution that generates large sums of yearly revenue, of example in the year 2021 the bank’s revenue was USD 684 million. The net asset of the bank is estimated to be around USD 5.29 billion.
The bank is governed by the 8 board of directors. John Murugu is the chairman and Gideon Muruiki the CEO assisted by seven other senior managers.
6. NCBA Bank of Kenya
NCBA is a commercial bank in Kenya that is licensed by the CBK, the country’s central bank and national banking regulator.
The bank whose headquarters is located in Nairobi was founded in the year 1959 and provides banking services such as loans provision savings, transaction accounts, investments, debit cards, and credit.
The bank provides all the banking services with the most proficient making it secure its place as among the top-performing banks in Kenya.
7. Diamond Trust Bank Kenya
DTB ground is the Diamond Trust Bank(Kenya) was founded in the year 1946. The bank was first named the eighth largest commercial bank in Kenya with a net worth of USD$1.924 billion with shareholder equity of US 242.1 Million.
The bank has over 90 branches in East African countries and offers banking services most appropriately thus securing its place as among the best banks in Kenya
8. I &M Group Holding Kenya
I&M is a commercial bank in Kenya that was founded in the year 1974. It is licensed by the CBK, the central bank and banking regulator.
The group’s headquarters is located in Nairobi with a subsidiary in Kenya. It is governed by nine board of directors and Daniel Ndonye has served as an independent chairman since 2013.The industry majors in banking and insurance.
9. Stanbic Holding Kenya
Stanbic Bank Kenya Limited was established in 1958 and is licensed by the CBK.
The Stanbic Holdings is a member of the Standard Bank Group, a financial services based in South Africa.
The CEO of the bank is Greg Brackenridge and the chairman is Fred N. Ojiambo. As of 2023, the bank attributed to strong revenue and balance sheet growth. Total revenue increased by 38% to KES21 billion.
10. Ecobank Kenya
Ecobank is a pan-African banking conglomerate, with banking operations in 33 countries.
It is among Kenyan licensed banks and is owned by Ecobank Transnational. The chairman of the 10 board of directors is Charles Ogalo, a businessman and non-executive Samuel Ashitey Adjei.
In a nutshell, the Kenyan banking sector is experiencing significant trends driven by digital transformation, mobile banking and payments, Fintech innovation, financial inclusion, and an enhanced regulatory framework. The article above discusses the top ten best banks in Kenya that offer banking services for savings.
