In this article, you will find the top 10 banks in Kenya. The Kenyan financial market and banking industry are growing at a high rate. Due to this growth, the banks in Kenya are also developing a lot, and new ones coming up. Most of these banks offer similar products.
Top Banks in Kenya
1. Equity Bank Kenya
Equity Bank was incorporated as a non-trading organization in 2014. Before that, Equity Group was operating as a holding bank for its affiliates and a licensed bank. Their main products and services are; mortgages, loans and savings, investment, credit cards, and debit cards. The bank operates in other countries like South Sudan, Uganda, and Rwanda. Equity Bank is licensed by the Central Bank of Kenya. Its headquarters are located in Nairobi.
Equity Bank introduced Agency Banking in 2010 which was approved by CBK. The bank is owned completely by Equity Group Holdings with assets totaling over $3.83 billion. The company prides itself on its customer base of over 9.2 million members in six countries across East Africa. Equity bank has over 173 branches in Kenya, 38 of them in Nairobi only. James Mwangi is the company’s managing director and David Ansell is the chairman of the board of directors.
2. Standard Chartered Bank Kenya
Standard Chartered Bank Kenya was established in 1911 making it one of the oldest Banks in Kenya. The bank offers services like loans, debit cards, transaction accounts, investments, and savings. Their headquarters are in Nairobi. Standard Chartered Bank Kenya has over 30 branches and 90 ATMs all around the country. In 2013, Standard Chartered Bank Kenya was given the title of the 4th largest bank in Kenya with its assets summing to over $2.539 billion. The bank’s stock is listed on Nairobi Stock Exchange where it offers over Ksh. 21 million to the general public. It trades under the symbol SCBK.
3. Absa Bank Kenya
Formerly known as Barclays Bank Kenya, Absa Bank started its operations in 1916. The bank is known for its national and international resources and financial strength. The bank is licensed by the Central Bank of Kenya (CBK). Their main products include; savings, mortgages, loans, credit cards, and investments. Headquarters for Absa Bank is found in Nairobi, Absa Westend Building. As of 2014, Barclays Bank was the 5th largest bank in Kenya. Absa bank trades with NSE with its symbol as BARC. The bank has over 240 ATMs and 121 branches across Kenya. Their board of directors is made up of 10 individuals with Charles Muchene as the chairman and Jeremy Awori as the managing director.
4. Kenya Commercial Bank (KCB)
KCB traces its roots back to 1896 where it was trading in Mombasa as the National Bank of India. The National Bank of India merged with Grindlays Bank in 1958 and was named National and Grindlays Bank. The Government of Kenya attained 60% of shares in the bank and took full control of it. It changed its name to Kenya Commercial Bank Group (KCB Group).
In 2015, the KCB Group was incorporated into a non-trading organization. KCB is one of the largest commercial institutions in Kenya with more than 200 branches across the country and over 7 million account owners. Their main products are; loans and savings, investments, mortgages, credit cards, and investments. Their headquarters are located in Nairobi. The bank operates in Kenya, Uganda, Tanzania, Rwanda, South Sudan, Ethiopia, and Burundi. The KCB Chairman is Andrew Wambari and the managing director is Joshua Oigara.
5. Cooperative Bank of Kenya
Cooperative Bank was founded in 1965 as Cooperative Society. Cooperative Bank was given a banking license in 1968. In 2013, the bank accounted for over 3.5 million member accounts. The products offered by the bank include; loans, debit cards, savings, investments, and checking. In 2010, the London Financial Times awarded Cooperative Bank the Best Bank of Kenya. The bank is open to individuals, large corporations, and small businesses.
The bank’s assets total over 3.9 billion US dollars. Cooperative Bank trades under NSE under the symbol COOP. The bank has a board of directors of 18 members with John Murigu as the chairman and the chief executive officer is Gideon Muriuki.
6. Diamond Trust Bank of Kenya
Diamond Trust Bank of Kenya, also known as DTB was established in 1946. The bank offers products and services like; credit cards, savings, loans, mortgages, insurance, investments, and asset finance. The bank operates in other countries like Burundi, Uganda, and Tanzania. Their headquarter offices are found in Diamond Trust Bank Center along Mombasa Road.
In 2013, DTB was ranked as the 8th largest bank in Kenya due to its asset accumulation of about Ksh. 166.52 billion. In 2017, Diamond Trust Bank collaborated with Habib Bank a d International Financial Corporation, and acquired full ownership of the Habib Bank Kenya. DTV was listed in NSE in 2017. DTB operates not only in Kenya but other countries across East Africa with a total of over 100 branches in these countries.
7. National Bank of Kenya
The National Bank of Kenya, or simply the National Bank, is a government-owned bank that was founded in 1968. The bank offers services like; credit cards, loans, savings, checking, debit cards, and many more. The bank is open to the general public, SMEs, and large corporations. The National Bank’s headquarters are situated in Nairobi. The bank owns NatBank Trustee and Investment Service Limited. By the end of 2018, the NBK’s total assets were about Ksh. 115.143 billion, not including the shareholders’ equity. The bank got delisted from NSE in 2019. The chairman of the bank is John Nyerere and Paul Russo is the managing director.
8. Stanbic Bank
Stanbic Bank was founded in 1986. The bank acquired its name “Stanbic Bank” in 1992 from Grindlays Bank. Stanbic Bank was formerly known as CFC Stanbic Holdings Limited. Stanbic Bank offers products like mortgages, credit cards, retail, asset management, and private baking. The bank is open to individuals, small businesses, and large businesses. The bank’s assets sum to over Ksh. 180.51 billion excluding the shareholder’s equity value.
9. Commercial Bank of Africa
Commercial Bank of Africa (CBA)was established in the year 1962. The bank was established in Tanzania before expanding its operations in Kenya. The Nairobi headquarters for the Commercial Bank of Africa was established in 1971. The bank’s subsidiaries are found in Rwanda, Uganda, Ivory Coast, and Tanzania which is the main founder of the bank. CBA has a strong financial background of assets worth over Ksh. 234.79 billion and shareholders’ equity value of Ksh. 28.38 billion.
10. NIC Bank
National Industrial Credit Bank, also known as NIC Bank was established in 1959. The company traces its roots from its parent company, the NIC Group. In 2016, NIC Bank Group reorganized to incorporate NIC Bank Kenya Plc. The bank offers various products such as loans and savings, credit cards, debit cards, transaction accounts, and investments.
In 2018, the NIC bank announced its merger with Commercial Bank of Africa. After approval from the Kenyan regulators and shareholders, NIC Bank changed its name to NCBA. After the merger, NCBA became the 3rd largest bank in Kenya in terms of assets. NCBA has over 64 branches and 5 banking agencies across the country. NCBA has a board of directors of 11 members.
With the number of banks in Kenya, Kenyans are presented with several corporations to choose from. Kenyans can easily access loans for their businesses and transfer money in and out of the country. Follow Bizna Kenya to know more about Kenya’s banking industry.