The Central Bank of Kenya (CBK) has revealed the number of bank accounts holding Sh. 100,000 and above and bank accounts holding less than Sh. 100,000.

According to the CBK data, there are 1.871 million bank accounts that hold Sh. 100,000 and above.

This is an improvement from the 1.783 million accounts that were recorded as holding the same amount in the year 2021.

On the opposite extreme, a total of 65.2 million deposit accounts held less than Sh. 100,000 at the end of December 2022.

Equity Bank gets initial approval to start General Insurance business

The CBK data also shows that commercial banks hold the biggest number out of these accounts. Commercial banks hold at least 1.847 million accounts compared to micro-finance banks which hold just 24,257 accounts with Sh. 100,000 and above.

The data shows that the highest amounts of cash was held in KCB, NCBA and Stanbic Bank accounts. These three banks recorded year-on-year growth of 11 per cent, 10.1 per cent and 7.5 per cent.

Mid-sized banks such as the Bank of Baroda, Family Bank and Prime Bank saw their major accounts grow by 8.1 per cent, 7.7 per cent and 7.5 per cent.

The data also showed that Victoria Commercial Bank has the largest share of high-value accounts as a percentage of total deposits with 75.71 per cent of its deposit accounts holding Sh. 100,000 and above.

The other smaller banks with a majority of high net worth accounts include Citibank Kenya which has 73.11 per cent of its accounts woth Sh. 100,000 or more, Bank of India with 66.42 per cent, Habib Bank A.G. Zurich with 62.99 per cent and Bank of Baroda with 62.51 per cent.

Nine of Kenya’s largest banks held more than three-quarters of all customer deposits or Sh. 3.736 trillion, handing them a combined market share of 74.76 per cent.

Among these, I&M, Standard Chartered and Stanbic Bank have the largest share of high-value accounts as a percentage of total deposit accounts with I&M at 29.44 per cent, Standard Chartered at 26.12 per cent and Stanbic Bamk at 17.74 per cent.