Top 15 Best Banks In Kenya 2022 - Kenyan Magazine (2024)

Which are the best banks in Kenya?.

Here is a list of 15 of the best banks in Kenya that you should definitely consider when looking for a reliable financial facility.

Kenya has a number of banks that promise to provide the best services, high interest rates on savings, easy withdrawal and deposits, quick loans with low interest rates and cheap transaction costs just to name a few.

But that’s not usually the case after registering and opening an account with the bank.

So to make you choose a good bank in Kenya today, here is a list of Kenya’ Best Financial Institutions that you can trust and rely on with not only your financial matters but also your businesses.

With that being said, below is the list of Kenya’s Best Banks that offer reliable services in the country in terms of quality services, good customer care, money security, easy accessibility, savings, current accounts, affordable transactional charges, loans among other important factors that matter to you as the customer.

Below are reliable and most trusted banks in Kenya as of this year.

Best Kenyan Banks:

The Kenya Commercial Bank is Kenya’s most trusted commercial financial facility.

The bank has millions of Kenyan customers not mentioning the number of international customers who also use the bank to make international money transactions.

The bank has a well established and advanced technology system that ensures your money is not only safe but double checked on every single transaction done.

KCB Bank has made life easier for all their customers by offering mobile mobile services through their partnership with Telecommunication Service Provider Safaricom on KCB MPESA.

The Equity Bank is one of the largest financial institutions in Kenya today.

Equity banks claims to be your listening, caring partner and its trusted by both government and private organizations.

The bank has almost uncountable branches and agents in the country spread out in major cities and counties including upcountry (Mashinani).

Also Read: Top 20 Countries With The Highest Personal Income Tax 2022

Equity Bank is also among the most trusted bank in Kenya and the financial institution had changed how the bank sector works with new and improved innovations.

The Co-operative Bank is one of the best banks in the country without a doubt.

The Bank requires Zero operating balance and nil monthly maintenance fees.

Coop bank customers are good ambassadors of the financial institution by spending the word of how they enjoy the services offered by the bank.

If you are looking for a reliable bank in Kenya, then Coop Bank should be in your list of banks to consider in Kenya.

The Standard Chartered Bank in Kenya is one of the most recommended Kenyan banks.

The bank has an amazing international reputation which has also boosted its customer satisfaction rate in Kenya.

The bank is among the oldest banks in Kenya with the best transparency services to all their customers and clients.

If a bank with standard and amazing reputation is what you are looking for, then you should definitely consider the Standard Chartered Bank.

ABSA Bank Kenya which was formerly known as Barclays Bank has build a very successful financial institution in not only Kenya but Africa at large.

The bank offers a lot of completely free services and all their customers enjoy a secure and affordable money transactions.

Businesses, students, organizations and individuals in Kenya have trusted ABSA with their savings.

This bank is among the most recommended banks for savings and investments.

The NCBA Bank which was formerly known as CBA Bank is among the best financial facilities in Kenya today.

The rates and services of NCBA Bank are also among the most affordable in the country compared to other financial institutions.

The bank is also ranked among the most recommended banks in Kenya to open an account with, not mentioning that this bank is on the top list of the fastest growing companies in Kenya.

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The I&M Bank is a leading financial institution in Kenya with remarkable services when it comes to their existing customers.

The bank offers amazing currency exchange rates that all their new and old customers enjoy by being part of the financial facility.

The bank is loved by companies, individuals and organizations who at one point have to transact international currencies in Kenya.

The financial institution offers an easy process in buying and selling USD, EURO and GBP currencies, compared to other banks.

The National Bank is trusted by large corporations in Kenya and when it comes to having a good reputation in the banking industry, National Bank is at the top list.

The bank is among the most trusted, renowned and oldest banks in Kenya, established back in the year 1968.

The financial facility has well established branches distributed all over the country with a reliable customer care service.

The Diamond Trust Bank Kenya Ltd (DTB) provides various banking products and services, including mortgages, investments, insurance, savings and deposit accounts, debit and credit cards, money transfer services, and asset finance.

The bank is among the best bank in Kenya and East Africa. The financial institution was founded back in 1945.

The Stanbic Bank provides banking products and services such as commercial, retail, and private banking, asset management, credit cards,and mortgages.

The bank is a division of Standard Bank, which is based in Johannesburg, South Africa.

The bank is among the top financial institutions in the country this year.

The Commercial Bank of Africa is the largest of all private commercial banks in Kenya.

The bank was established back in the 1962 in Tanzania and base been among the best banks in Kenya since its launch in the country.

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The Family Bank is one the most recommended financial institutions in Kenya.

Family bank, just as the name states, it really is a family bank, they make all their customers feel at home.

Family Bank is listed as one of the top banks in Kenya with outstanding customer satisfaction rate.

If you want a bank that is all about you and your success, you should ensure Family Bank is in your list of banks before making your final decision.

The Trans National Bank is among the most advanced banks in Kenya, technology wise.

Trans National Bank makes it easy for all their customers to save money and enjoy low interest rates on loans from the bank.

If you are looking for a Kenyan bank that will be with you till you reach your financial goals, this is one the best banks to open an account with in Kenya.

The Bank of Africa Kenya has gained a lot of good reputation in Kenya in the past years and it is one of the best banks in Kenya when it comes to savings and investments.

If are looking for a savings bank in Kenya to grow your savings and invest, this is one of the best banks.

The Prime Bank is also the one of the best financial facility in Kenya for savings and investments.

Their clients enjoy loans from the bank with low and completely affordable interest rates on all loans.

If you want to open an account with a Kenyan bank that is dedicated to your success, prime bank could be the bank for you.

NB: The above list of the best banks in Kenya, has not listed the banks in any particular order.

Those are some of the best banks that you will enjoy being part of and grow financially.

Top 15 Best Banks In Kenya 2022 - Kenyan Magazine (2024)

FAQs

Which is the best performing bank in Kenya? ›

Equity Group Holdings

Which are the strongest banks in Kenya? ›

As of 2021, Equity Bank Group was the leading bank in Kenya in terms of of tier 1 capital, which reached approximately 1.4 billion U.S. dollars. Kenya Commercial Bank (KCB) followed with the second-largest volume of tier 1 capital, some 1.1 billion.

Which is the richest bank in Kenya? ›

In terms of assets, Equity Bank Group was the biggest bank operating in Kenya as of 2021. The institution registered an asset value of approximately 10 billion U.S. dollars. Kenya Commercial Bank (KCB) followed, with assets worth roughly nine billion U.S. dollars.

Which are the Tier 1 banks in Kenya? ›

However, the banking sector is essentially dominated by seven tier 1 commercial banks, namely Equity Bank, Kenya Commercial Bank, Barclays Bank of Kenya, Diamond Trust Bank, Cooperative Bank, Central Bank of Africa and Standard Chartered.

Which is the safest bank in Kenya? ›

KCB has been ranked the Safest Bank in Africa by Global Finance in the World's Safest Banks, 2021. The Group has also been ranked as the most valuable financial Kenyan brand for the year 2021 by Brand Finance.

Which bank in Kenya is international? ›

Standard Chartered Bank is the first foreign bank to start its operations in Kenya in 1911. It tops the list of international banks in Kenya offering impeccably high services to its customers. What's more, is that its investments are more diverse and in more than 60 markets all over the world.

Which is the best bank to invest in Kenya? ›

Top 10 Investment Banks in Kenya
  1. African Alliance Investment Bank (AAIB) The African Alliance Investment Bank is among the top ten investment banks in Kenya. ...
  2. AIB Capital Limited. ...
  3. Equity Bank. ...
  4. ABC Bank/ABC Capital. ...
  5. Apex Africa Capital Limited. ...
  6. Dyer and Blair investment bank. ...
  7. The Central Bank of Kenya. ...
  8. NIC Bank.
22 Jun 2020

Which bank has the most branches in Kenya? ›

Kenya Commercial Bank – KCB Bank Kenya

With 168 branches, it owns the largest banking network of any of the banks in Kenya.

Which bank has the largest market share in Kenya? ›

KCB Bank Kenya had a market share of nearly 14 percent in the Kenyan banking industry as of 2021. It was the largest financial institution in the country, considering net assets, customer deposits, capital and reserves, number of deposit accounts, and number of loan accounts.

Which bank gives high interest on savings account? ›

Savings Bank Account Interest Rates of Banks
Name of BankRates of Interest (p.a.)
Kotak Mahindra Bank Savings Account3.50% to 4.00%
State Bank of India (SBI) Savings Account2.70%
Yes Bank Savings Account4.00% to 5.25%
Citibank Savings Account2.50%
7 more rows

What is the biggest bank in the world? ›

The Industrial and Commercial Bank of China (ICBC) was established in 1984 and has grown rapidly to become the world's largest bank by assets. The total value of its assets as of this writing is staggering: $3.47 trillion.

What is a Tier 3 bank? ›

Tier 3 capital is capital banks hold to support market risk in their trading activities. Unsecured, subordinated debt makes up tier 3 capital and is of lower quality than tier 1 and tier 2 capital.

How many banks have collapsed in Kenya? ›

Kenya has experienced banking problems since 1986 culminating in major bank failures (37 failed banks as at 1998) following the crises of; 1986 - 1989, 1993/1994 and 1998 (Kithinji and Waweru, 2007; Ngugi, 2001).

Which is the largest bank in Africa? ›

Standard Bank (Stanbank) Group: At $172.9 billion, this South African bank has the largest asset size in Africa. National Bank of Egypt: This Egyptian bank's total asset size is $124.9 billion.

Which bank has more asset? ›

The largest bank in the world in terms of total assets under management (AUM) is the Industrial and Commercial Bank Of China Ltd.

Which is richest bank in world? ›

Industrial and Commercial Bank of China Limited

Which bank is the best in Africa? ›

Top Banks in Africa
RankBankCountry
1Standard Bank GroupSouth Africa
2Absa GroupSouth Africa
3FirstRandSouth Africa
4Nedbank GroupSouth Africa
66 more rows

What's the best bank in the world? ›

In 2019, DBS was named 'World's Best Bank' by leading financial publication Euromoney. The 2020 Global Finance title makes it the third consecutive year that DBS has been honoured with a global Best Bank accolade.

Which banks are owned by Government in Kenya? ›

b) Institutions with Government participation

Consolidated Bank of Kenya Ltd. Development Bank of Kenya Ltd. Housing Finance Ltd. Kenya Commercial Bank Ltd.

Is KCB a good bank? ›

KCB Bank has been named the Best Investment Bank in Kenya 2022 and Most Valued Banking Brand in Kenya by Global Finance Magazine and Brand Finance respectively.

Which bank in Kenya has the best savings account? ›

Best Banks In Kenya To Open A Savings Account And Earn High Interest [2022]
  • Absa. ...
  • Co-operative bank. ...
  • Credit bank. ...
  • Diamond Trust bank. ...
  • Gulf bank. ...
  • Mayfair bank. ...
  • Middle East bank.
6 Jul 2022

Which Nigeria bank is in Kenya? ›

Access Bank, one of Nigeria's leading multinational commercial banks has officially launched its operations in Kenya after completing the acquisition of Transnational Bank of Kenya.

What American banks are in Kenya? ›

Kenya - U.S. Banks and Local Correspondent BanksKenya - US Banks
  • Bank of Africa.
  • Bank of Baroda.
  • Bank of India.
  • Barclays Bank of Kenya.
  • Citibank.
  • Commercial Bank of Africa (CBA)
  • Guaranty Trust (GT) Bank (formerly Fina Bank)
  • Habib Bank A.G. Zurich.

Which is best bank to open an account? ›

Best Bank to Open Account in India
  • Union Bank of India.
  • HDFC Bank.
  • ICICI Bank.
  • Kotak Bank.
  • Bank of Baroda.
  • Bank of India.
  • Axis Bank.
  • Canara Bank.
15 Dec 2021

Where should I invest my money to get good returns in Kenya? ›

In Kenya, we have government securities like Treasury bills (T-bills) and Treasury bonds (T-bonds) that you can invest in. You will later get high returns on investment in the long term.

Which bank gives monthly interest on fixed deposit? ›

Interest Rates on Monthly Income FD Schemes
BankTenureInterest Rates
SBI Bank FD7 days to 10 years2.90% to 5.50%
HDFC Bank FD7 days to 10 years2.75% to 5.90%
Kotak Bank FD7 days to 10 years2.50% to 5.90%
Axis Bank FD7 days to 10 years2.50% to 5.75%
4 more rows

Who owns banks in Kenya? ›

The National Bank of Kenya's two key shareholders are the National Treasury of Kenya and the National Social Security Fund (NSSF). The NSSF holds 48.1% of the ordinary shares as well as 20.7% (253 million) of the non-cumulative preference shares in the Bank.

Which is the biggest bank in East Africa? ›

Commercial Bank of Ethiopia was the largest bank in East Africa in terms of assets as of 2021. The institution led the regional ranking, with total assets worth nearly 24 billion U.S. dollars. This value was far above that measured by Kenya's Equity Bank Group, the second in the list.

How many private banks are there in Kenya? ›

As of 2021, 39 commercial banks had operations in Kenya. Among the financial institutions with permission to operate in the country, the majority were local private banks (20).

Who owns KCB Bank Kenya? ›

In 1970, the government acquired 100 percent of the shareholding in NGB to take full control of the largest commercial bank in Kenya. NGB was then renamed Kenya Commercial Bank (KCB).

How many bank branches are there in Kenya? ›

Kenya had 1,459 bank branches in 2021, the majority located in Nairoby City. The total number slightly decreased from 1,502 in the previous year.

What are the different types of a bank? ›

The classification of banks is into the following types:
  • Central Bank.
  • Cooperative Banks.
  • Commercial Banks.
  • Regional Rural Banks (RRB)
  • Local Area Banks (LAB)
  • Specialized Banks.
  • Small Finance Banks.
  • Payments Banks.
5 Aug 2022

Which government bank gives more interest? ›

Union Bank of India has the highest savings account interest rate in the public sector, at 3.55 per cent. With effect from 01.06. 2022, the bank offers an interest rate of 2.75 per cent on savings account balances of up to Rs. 50 lakhs, 2.90 per cent on savings account balances of more than Rs.

Which bank gives 7% interest on savings account? ›

The bank is now providing savings account holders with a maximum rate of 7% on savings bank deposits of more than 1 lakh and up to 50 lakhs, effective March 4, 2022.
...
Jana Small Finance Bank.
Savings Account BalanceInterest Rate Per Annum
More than 50 Lakhs and Upto 50 Crores6.50%
More than Rs. 50 Crores6.50%
2 more rows
29 May 2022

Which bank is best for salary account? ›

Top 7 Salary Accounts in India 2022
Bank NameMaximum Interest Rate (p.a.)
ICICI Bank Salary Account3.50%
Axis Bank Prime Salary Account3.50%
HDFC Bank Regular Salary Account3.50%
Kotak Platina Salary Account3.50%
3 more rows
5 May 2022

Which bank is most popular? ›

About a year earlier, Wells Fargo had 63 more locations than Chase. But as reported by Bankrate in a September 2020 article about the most popular banks in each state, Wells Fargo was on pace to fall behind Chase as the No.
...
Bank.
BankBranches
Chase4,911
Wells Fargo4,824
Bank of America3,955
PNC Bank2,689
7 more rows
20 Jun 2022

Which bank is all over the world? ›

Top 50 Banks in the World
Current RankPrevious RankBank
11Industrial & Commercial Bank of China Limited
22China Construction Bank Corporation
33Agricultural Bank of China Limited
44Bank of China Limited
46 more rows

Which is the safest bank in the world? ›

World's safest banks
RankBankCountry
1KfWGermany
2Zürcher KantonalbankSwitzerland
3Landwirtschaftliche RentenbankGermany
4L-BankGermany
6 more rows

What is tier 1 and Tier 2 and Tier 3? ›

Cities in India have been classified into Tier 1, 2 and 3 categories. The most developed ones are called tier 1 and the underdeveloped ones are called tier 2 and tier 3 cities.

What are the big 4 investment banks? ›

Largest full-service investment banks

JPMorgan Chase. Goldman Sachs. BofA Securities. Morgan Stanley.

What are tier 1 Tier 2 and tier 3 banks? ›

* Nations are grouped in tiers based on World Bank's system for classifying national economies by income per capita. Tier 1 corresponds to the World Bank's list of high income nations and Tier 2 the upper middle income nations. Tier 3 includes all nations whose economies do not yet reach the Tier 2 level.

Why Banks Fail in Kenya? ›

The study concludes the major issues that contribute to the collapse of most of the banking institutions in Kenya could be related to: insider lending, weak corporate governance practices, weaknesses in regulatory and supervisory systems, poor risk management strategies, lack of internal controls, and conflict of ...

What is the main cause of bank failures? ›

Banks can fail for a variety of reasons including undercapitalization, liquidity, safety and soundness, and fraud.

What is the main reasons why banks fail? ›

There are several causes of bank failures and theoretically, these include credit risk, market risk, liquidity risk, capital requirements , bank regulation, inefficient management and external economic factors.

How many countries is bank of Africa in? ›

BANK OF AFRICA Group (BOA Group) is currently present in 18 countries: 8 in West Africa (Benin, Burkina Faso, Côte d'Ivoire, Ghana, Mali, Niger, Togo and Senegal), 8 in East Africa and the Indian Ocean region (Burundi, Djibouti, Ethiopia, Kenya, Madagascar, Uganda, Rwanda, Tanzania), the Democratic Republic of Congo ...

Which is the biggest bank in Dubai? ›

Mashreq Bank:

Mashreq Bank was founded in 1967 and is headquartered in Dubai. It is the oldest and the largest privately-owned top bank in the UAE. The bank is an associate company of HSBC Bank. It provides retail, commercial, and investment banking, including corporate finance.

Which is the largest bank in the Middle East? ›

Qatar's QNB Group tops the list with $300.3 billion in total assets, followed by the U.A.E.'s FAB, and Saudi's Al Rajhi Bank and Saudi National Bank. Saudi and U.A.E. are the most represented countries in the list, with 10 and seven banks, respectively. Qatar follows with four banks, while Morocco has three.

Which is the best bank to invest in Kenya? ›

Top 10 Investment Banks in Kenya
  1. African Alliance Investment Bank (AAIB) The African Alliance Investment Bank is among the top ten investment banks in Kenya. ...
  2. AIB Capital Limited. ...
  3. Equity Bank. ...
  4. ABC Bank/ABC Capital. ...
  5. Apex Africa Capital Limited. ...
  6. Dyer and Blair investment bank. ...
  7. The Central Bank of Kenya. ...
  8. NIC Bank.
22 Jun 2020

Which bank in Kenya is international? ›

Standard Chartered Bank is the first foreign bank to start its operations in Kenya in 1911. It tops the list of international banks in Kenya offering impeccably high services to its customers. What's more, is that its investments are more diverse and in more than 60 markets all over the world.

Is KCB a good bank? ›

KCB Bank has been named the Best Investment Bank in Kenya 2022 and Most Valued Banking Brand in Kenya by Global Finance Magazine and Brand Finance respectively.

Which bank has the largest market share in Kenya? ›

KCB Bank Kenya had a market share of nearly 14 percent in the Kenyan banking industry as of 2021. It was the largest financial institution in the country, considering net assets, customer deposits, capital and reserves, number of deposit accounts, and number of loan accounts.

Which bank is better for savings? ›

Top Savings Bank Accounts of 2022
S.No.Savings Bank AccountRates of Interest (p.a.)
1.State Bank of India (SBI) Savings Account2.70% p.a.
2.HDFC Bank Savings Account3.50% p.a.
3.Kotak Mahindra Bank Savings Account3.50% p.a.
4.DCB Bank Savings Account6.50% p.a.
4 more rows
10 Aug 2022

Which is best bank to open an account? ›

Best Bank to Open Account in India
  • Union Bank of India.
  • HDFC Bank.
  • ICICI Bank.
  • Kotak Bank.
  • Bank of Baroda.
  • Bank of India.
  • Axis Bank.
  • Canara Bank.
15 Dec 2021

Where should I invest my money to get good returns in Kenya? ›

In Kenya, we have government securities like Treasury bills (T-bills) and Treasury bonds (T-bonds) that you can invest in. You will later get high returns on investment in the long term.

Which bank in Kenya has the best savings account? ›

Best Banks In Kenya To Open A Savings Account And Earn High Interest [2022]
  • Absa. ...
  • Co-operative bank. ...
  • Credit bank. ...
  • Diamond Trust bank. ...
  • Gulf bank. ...
  • Mayfair bank. ...
  • Middle East bank.
6 Jul 2022

Which Nigeria bank is in Kenya? ›

Access Bank, one of Nigeria's leading multinational commercial banks has officially launched its operations in Kenya after completing the acquisition of Transnational Bank of Kenya.

Which bank has the most branches in Kenya? ›

Kenya Commercial Bank – KCB Bank Kenya

With 168 branches, it owns the largest banking network of any of the banks in Kenya.

How much are KCB interns paid? ›

You may as well want to know the KCB internship salary, which ranges from Ksh. 10,000 to Ksh. 22,000 per month based on the working category and the period of internship one is doing.

How much does KCB pay its employees? ›

While ZipRecruiter is seeing annual salaries as high as $122,500 and as low as $18,000, the majority of KCB salaries currently range between $31,000 (25th percentile) to $62,500 (75th percentile) with top earners (90th percentile) making $99,000 annually across the United States.

Why is KCB the best bank in Kenya? ›

KCB was feted as the Best Sustainable Bank in Kenya by the International Business Magazine for its efforts in driving and ensuring the adoption of sustainable and green financing initiatives, Best Sustainable Bank by International Business Magazine, Best Retail Bank and Most Valuable Banking Brand by Finance Derivative ...

Which is richest bank in world? ›

Industrial and Commercial Bank of China Limited

How many banks have collapsed in Kenya? ›

Kenya has experienced banking problems since 1986 culminating in major bank failures (37 failed banks as at 1998) following the crises of; 1986 - 1989, 1993/1994 and 1998 (Kithinji and Waweru, 2007; Ngugi, 2001).

Which bank has more asset? ›

The largest bank in the world in terms of total assets under management (AUM) is the Industrial and Commercial Bank Of China Ltd.

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