The banking industry in Kenya is the financial services sector in Kenya, which includes commercial banks that provide banking services to individuals or corporations.
Overview of Commercial Banks in Kenya
Kenya is the hub for commercial banks in Africa because of its diversity in the market. Kenya has a wide range of financial institutions that are licensed by the central bank to carry out banking business on behalf of the customers. The Central Bank of Kenya regulates all financial institutions listed here except for Islamic banks, which are regulated by Central Bank of Kenya, Sharia law.
Banki Kuu ya Kenya or the Central Bank of Kenya (CBK) supervises banks in Kenya. Founded in 1966 in Nairobi, CBK succeeded the East African Currency Board. Ultimately, the central bank has the responsibility of establishing a monetary policy aimed at price stability.
What is a bank?
Banks are financial institutions that accept deposits from the public and create demand deposits. They perform their activities either directly or indirectly and work with various institutions across Kenya.
What is a commercial bank?
In a commercial bank, deposits are maintained for people and loans are made to individuals and companies.
How many commercial banks are there in Kenya?
The country presently has 28 domestic commercial banks and 14 foreign commercial banks with branches, agencies, or other outlets. The banks are 42 in number as of this research work.
What is commercial bank lending rate
Bank lending rate in Kenya is the rate of interest charged on unsecured loans by commercial banks to private individuals and companies.
Commercial banks lending rates in Kenya
Kenya commercial bank lending rate was reported at 12.120 % pa in Aug 2021 and the records increase from the previous number of 12.090 % pa for Jul 2021.
42 Commercial banks in Kenya
- KCB Bank
- Investments & Mortgages Bank Limited – I&M Bank
- Imperial Bank Limited
- Housing Finance
- Guardian Bank Ltd.
- Giro Commercial Bank Ltd
- Fina Bank
- Fidelity Bank
- UBA Kenya Bank Ltd
- The Co-operative Bank
- Suntra Investment Bank Ltd
- Sterling Investment Bank
- Standard Investment Bank
- Standard Chartered
- Prime Bank
- Paramount Bank
- Oriental Commercial Bank Ltd.
- NIC Bank
- ABC Bank
- National Bank
- K-Rep Bank
- Kenya Post Office Savings Bank
- Faida Investment Bank – FIB
- Equity Bank
- Equatorial Investment Bank
- Equatorial Commercial Bank Limited
- Dyer & Blair Investment Bank
- Dubai Bank Kenya Ltd
- Dry Associates Limited
- Development Bank of Kenya Ltd
- Co-operative Bank
- Consolidated Bank
- Commercial Bank of Africa
- Citibank N A
- Chase Bank
- CFC Stanbic Bank Limited
- Central Bank of Kenya
- Bank Of Baroda (Kenya) Ltd.
- Bank of Africa Kenya Ltd
- Afrika Investment Bank
- African Development Bank Group
- African Banking Corporation
Conclusion
You can now see all commercial banks in Kenya, check out our list of banks operating in the country today. The existence of commercial banks is essential in every nation for saving money and getting other essential financial services. Therefore, they are crucial to both the people and entrepreneurs because, without funds, they cannot grow.