Kenya now has 780 bank branches according to the Kenya Bankers Association (KBA) in a statement on how the new generational currency will be exchanged.
According to KBA, Kenya has approximately 1,700 ATM machines and a total of 66,000 bank agents making Kenya among countries with the most banks.
Kenya is said to be overbanked with more than 41 financial institutions serving a bankable population of around 20 million. New banks continue to enter the market with the recent being the Mauritius-based SBM Bank which has taken over Chase Bank.
Kenyan banks are divided into three sections known as Tiers. These are; Tier 1, Tier 2 and Tier 3 banks.
Tier 1 Banks
- Kenya Commercial Bank
- Equity Bank
- Barclays Bank
- Standard Chartered Bank
- Co-operative Bank
- Commercial Bank of Africa
- Diamond Trust Bank
Tier 2 Banks
- Bank of Africa Kenya
- EcoBank
- Family Bank
- CFC Stanbic Bank
- NIC Bank
- I&M Bank
- Housing Finance Bank
- National Bank
- Bank of Baroda
- Bank of India
Tier 3 Banks
- African Banking Corporation (ABC)
- Jamii Bora Bank
- Paramount Universal Bank
- Citibank N.A Kenya
- Consolidated Bank
- Credit Bank
- Development Bank
- Fidelity Bank
- Guardian Bank
- Transnational Bank
- Oriental Commercial Bank
- Gulf African Bank
- First Community Bank
- Equatorial Bank
- Giro Commercial Bank
- Sidian Bank
- United Bank of Africa
- Habib Bank
- Middle East Bank
- Victoria Commercial Bank
- Charterhouse Bank
Chase Bank was placed under receivership and later sold to SBM Bank. The majority of those who had their cash in Chase Bank by the time it was going down are yet to access their funds.
Imperial Bank, which is also under receivership has been bought by KCB Group with the Central Bank of Kenya has already okayed the transaction.
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National Bank of Kenya is also in the process of being 100 percent acquired by KCB Group through a share swap. KCB shareholders have given it a go-ahead.