Here Are The Most Expensive Bank Accounts In Kenya

By Juma / Published January 31, 2020 | 11:46 am

Kenya has a total of 44 banks of which 31 are locally owned and 13 are foreign-owned serving a population of at least 12 million banking population.

The locally-owned financial institutions comprise three banks with significant shareholding by the Government of Kenya and State Corporations, 27 commercial banks and one mortgage finance institution, Housing Finance according to Soft Kenya.

Banks in Kenya have been instrumental in enabling financial inclusion as pioneers of the process. The process of financial inclusion has largely been amplified by the coming of mobile money platforms such as M-Pesa, Airtel Money and Telkom Kenya’s T-Kash.

As Kenyans continue to embrace banking, (though the majority prefer mobile banking), are banks affordable? How much does it take you to maintain your bank account in a Kenyan bank? How much does your bank charge you to withdraw cash or transfer cash between accounts?

According to Financial Sector Deepening (FSD), it will cost one at least 17,750 shillings to maintain one of Kenya’s most expensive bank account annually.

The Standard Chartered Bank with its “all in one account” is the most bank account to maintain in Kenya. The lender charges a total of 17,750 shillings annually, a 31 percent increase from what customers paid a year earlier.

The second most expensive bank account is with Barclays Bank of Kenya according to the survey. The lender’s “ultimate account” costs one 14,558 shillings annually to maintain, followed by NIC Bank with its “move pay as you go” that costs 13,393 shillings to maintain annually.

Stanbic Bank has 2 of its accounts as the most expensive. The “smart” that takes 12,312 shillings to maintain per year and the “silver pay as you go” that needs 11,676 shillings to maintain.

Diamond Trust Bank’s current account was the cheapest with a customer having to pay only 845 shillings per year to run and maintain it.

READ: M-PESA: Shaping The Financial Inclusion Journey For Kenyans

“Accounts that charge a monthly ledger fee have higher annual costs. However, the line between pay-as-you-go accounts and flat-fee accounts is blurred as some pay-as-you-go accounts charge a monthly ledger fee. Likewise, some flat fee accounts also charge per-transaction fees such as withdrawal and transfer fees,” says FSD in its annual report for 2018.

Here is a list of 10 most expensive bank accounts in Kenya:

BANK	ACCOUNT	AMOUNT
Standard Chartered Bank	All in one	17,750
Barclays Bank of Kenya	Ultimate Account	14,558
NIC Bank	Pay as you go	13,393
Stanbic Bank	Smart	12,312
Stanbic Bank	Silver pay as you go	11,676
Standard Chartered Bank	Hifadhi	10,504
NIC Bank	Salary	8,493
CBA Bank	Pay as you go	8,076
CBA Bank	Freedom	7,289

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: info@sokodirectory.com

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