Only 1.4 Million Kenyans Have Ksh 100,000 In Their Bank Accounts

By Juma / October 8, 2019



Funds

Only 1,450,000 Kenyans had more than 100,000 shillings in their bank accounts at the end of 2018 down from 1,583,000 recorded in 2017 by the Central Bank of Kenya.

The drop in the number of Kenyans with more than 100,000 shillings in accounts is the largest in 13 years showing the reality of how Kenyans are challenges in cash flows, an indication of a struggling economy.

In just three months, more than 2,000 Kenyans have lost their jobs as companies struggle to cut on costs and keep their businesses going. Some like SportPesa and Betin which fired 100 percent of their employees have decided to exit the Kenyan market.

The drop in the numbers of Kenyans with more than 100,000 shillings in their bank accounts tells a story of shrinking savings as well as cash flows for both individuals and Small Medium Enterprises (SMEs).

The number of bank accounts in Kenya in 2018 increased by 13.4 percent to 53.83 million but a large number of them have less than 100,000 shillings in them.

Kenya’s economy seems to be staggering though numbers show that the GDP is on the right trajectory. In 2018, the Kenya National Bureau of Statistics (KNBS) said that Kenya’s economy expanded by 5.8 percent.

Kenya’s middle class is receiving the heat from the struggling economy coupled with job cuts. Traditionally, it is said that the middle class is among the majority in Kenya who keep the economy going and who facilitate the flow of cash to the lower class.

Overall, 97 percent of bank accounts have less than 100,000 shillings in them with less than one percent of bank accounts holding more than 1 million shillings.

As things continue to become tough for millions of Kenyans, the SME sector which has been key in making sure that cash trickles down to the people is shrinking, with at least 1,000 closing don daily.

Read



About Juma

Juma is an enthusiastic journalist who believes that journalism has power to change the world either negatively or positively depending on how one uses it.(020) 528 0222 or Email: [email protected]

View other posts by Juma


More Articles From This Author








Other Related Articles










SOKO DIRECTORY & FINANCIAL GUIDE

ARCHIVES

2019
  • January 2019 (256)
  • February 2019 (216)
  • March 2019 (285)
  • April 2019 (254)
  • May 2019 (272)
  • June 2019 (251)
  • July 2019 (339)
  • August 2019 (293)
  • September 2019 (307)
  • October 2019 (134)
  • 2018
  • January 2018 (291)
  • February 2018 (219)
  • March 2018 (278)
  • April 2018 (225)
  • May 2018 (238)
  • June 2018 (178)
  • July 2018 (257)
  • August 2018 (249)
  • September 2018 (256)
  • October 2018 (287)
  • November 2018 (284)
  • December 2018 (187)
  • 2017
  • January 2017 (183)
  • February 2017 (195)
  • March 2017 (207)
  • April 2017 (104)
  • May 2017 (169)
  • June 2017 (205)
  • July 2017 (190)
  • August 2017 (195)
  • September 2017 (186)
  • October 2017 (235)
  • November 2017 (253)
  • December 2017 (266)
  • 2016
  • January 2016 (165)
  • February 2016 (165)
  • March 2016 (190)
  • April 2016 (143)
  • May 2016 (245)
  • June 2016 (182)
  • July 2016 (271)
  • August 2016 (248)
  • September 2016 (234)
  • October 2016 (191)
  • November 2016 (243)
  • December 2016 (153)
  • 2015
  • January 2015 (1)
  • February 2015 (4)
  • March 2015 (166)
  • April 2015 (108)
  • May 2015 (116)
  • June 2015 (120)
  • July 2015 (148)
  • August 2015 (157)
  • September 2015 (188)
  • October 2015 (169)
  • November 2015 (174)
  • December 2015 (207)
  • 2014
  • March 2014 (2)
  • 2013
  • March 2013 (10)
  • June 2013 (1)
  • 2012
  • March 2012 (7)
  • April 2012 (15)
  • May 2012 (1)
  • July 2012 (1)
  • August 2012 (4)
  • October 2012 (2)
  • November 2012 (2)
  • December 2012 (1)
  • 2011
    2010
    2009
    2008
    2007
    2006
    2005
    2004
    2003
    2002
    2001
    2000
    1999
    1998
    1997
    1996
    1995
    1994
    1993
    1992
    1991
    1990
    1989
    1988
    1987
    1986
    1985
    1984
    1983
    1982
    1981
    1980
    1979
    1978
    1977
    1976
    1975
    1974
    1973
    1972
    1971
    1970
    1969
    1968
    1967
    1966
    1965
    1964
    1963
    1962
    1961
    1960
    1959
    1958
    1957
    1956
    1955
    1954
    1953
    1952
    1951
    1950