10 Biggest Banks in Kenya [Most Trusted in 2024]

I have been banking in Kenya for several years now and I have to admit that the banking sector has witnessed significant growth and development over the years. Recent reports by the Kenya Bankers Association indicate promising growth.

The best banks in Kenya are now offering a wide range of services and products to meet the diverse needs of individuals and businesses. Of course, I only use a few of these banks but as part of my job as a personal finance consultant, I have a pretty good idea of which options should go into your good list.

In this guide, I present an in-depth look at some of the best banks in Kenya, highlighting their key features, customer-centric approaches, and contributions to the country’s financial landscape.

These banks have consistently excelled in various aspects, including customer service, innovation, financial stability, and community engagement.

The Top Banks in Kenya 2023

1. Equity Bank

Equity Bank has emerged as one of the leading financial institutions in Kenya for many years, renowned for its commitment to financial inclusion and accessibility. With a vast network of branches and ATMs across the country, Equity Bank caters to individuals from all walks of life.

Equity was recently ranked by Brand Finance as the fourth strongest banking brand globally, beating other major players. ² It is also the second largest bank in Kenya by total assets. 

The bank offers a comprehensive suite of services, including personal and business accounts, loans, mortgages, insurance, and investment opportunities. Equity Bank is also a pioneer in mobile banking, leveraging technology to provide innovative solutions such as Equitel, a mobile money transfer platform.

2. KCB Bank

KCB is one of the largest and most reputable banks in Kenya. It boasts a rich history spanning over a century and has played a pivotal role in shaping Kenya’s financial landscape. KCB Bank offers an extensive range of banking services, including personal and business accounts, loans, mortgages, asset finance, and trade finance.

This is one of the most popular banks in Kenya with close to KSh 2 trillion in total assets. 

The bank has embraced digital banking, providing convenient services through its KCB Mobile App and KCB M-PESA platform, which enables customers to access their accounts and perform transactions on their mobile devices.

3. Cooperative Bank

Cooperative Bank has gained prominence for its customer-centric approach, emphasizing cooperative values and principles. The bank operates on a unique model where customers become members, allowing them to participate in decision-making and profit-sharing.

Cooperative Bank provides several services, including personal and business accounts, loans, mortgages, asset finance, and trade finance.

It is known for its robust agricultural lending program, supporting farmers and agribusinesses across the country. Additionally, Cooperative Bank has invested heavily in technology, enhancing its digital platforms and introducing innovative solutions like MCo-op Cash and Co-opNet Internet Banking.

4. Standard Chartered Bank

Standard Chartered Bank is a global banking institution that has established a strong presence in Kenya. It is renowned for its international expertise and comprehensive financial solutions. Standard Chartered Bank offers several services, including personal and business accounts, credit cards, loans, wealth management, and foreign exchange services.

The bank places a strong emphasis on digital innovation, providing customers with convenient digital banking platforms and introducing initiatives like SC Mobile, a mobile banking app that enables seamless account management and transactions.

5. Absa Bank

Absa, formerly known as Barclays Bank of Kenya, is a reputable financial institution with a long-standing presence in Kenya. It offers a diverse range of banking products and services, including personal and business accounts, loans, mortgages, credit cards, and investment opportunities.

Absa is committed to providing exceptional customer experiences and has invested in digital channels like Absa Online Banking and the Absa Mobile App to facilitate convenient banking for its customers.

The bank has also been actively involved in corporate social responsibility initiatives, focusing on education, healthcare, and environmental sustainability.

6. Commercial Bank of Africa (CBA)

The Commercial Bank of Africa (CBA) is a leading bank in Kenya known for its strong focus on innovation and customer satisfaction. CBA offers a wide range of banking services, including personal and business accounts, loans, mortgages, asset finance, and trade finance.

The bank has been at the forefront of digital banking, introducing groundbreaking products such as M-Shwari, a mobile-based banking service that provides instant loans and savings accounts. CBA’s commitment to leveraging technology to enhance banking convenience has earned it a loyal customer base.

7. I&M Bank

I&M Bank is a prominent player in Kenya’s banking sector, offering a comprehensive suite of financial solutions to individuals, businesses, and corporates.

The bank provides services such as personal and business accounts, loans, mortgages, trade finance, treasury services, and wealth management. I&M Bank has a strong focus on international banking, facilitating seamless cross-border transactions and foreign currency services.

It also prioritizes customer experience, providing efficient digital banking platforms like I&M Internet Banking and the I&M Mobile App.

8. Diamond Trust Bank (DTB)

Diamond Trust Bank (DTB) has established a strong presence in Kenya and other East African countries, offering many banking services to individuals, businesses, and institutions.

DTB provides personal and business accounts, loans, mortgages, asset finance, trade finance, and treasury services. The bank has invested in digital banking solutions, including DTB Online Banking and DTB Mobile App, allowing customers to access their accounts and perform transactions conveniently.

DTB’s commitment to social responsibility is evident through its initiatives in education, healthcare, and environmental sustainability.

9. NIC Bank (Now NCBA Bank)

NIC Bank, now known as NCBA Bank following its merger with Commercial Bank of Africa, is a prominent financial institution in Kenya. The bank offers a comprehensive range of banking services, including personal and business accounts, loans, mortgages, asset finance, and trade finance.

NCBA Bank has embraced digital banking, providing customers with user-friendly platforms such as the NCBA Mobile App and Internet Banking. The bank’s merger has strengthened its position in the market and expanded its product offerings to cater to a wider customer base.

10. Gulf African Bank

Gulf African Bank is a leading Islamic bank in Kenya, offering Sharia-compliant financial solutions to individuals and businesses. The bank provides Islamic banking products such as Murabaha, Ijarah, Musharakah, and Wakala, ensuring that customers can access banking services that align with their faith.

Gulf African Bank offers personal and business accounts, trade finance, treasury services, and investment opportunities. The bank has been recognized for its commitment to ethical banking practices and has played a significant role in promoting Islamic finance in Kenya.

11. National Bank of Kenya

The National Bank of Kenya is a government-owned bank that has been operating for over 50 years. It offers a wide range of banking services to individuals, businesses, and government institutions.

The bank provides personal and business accounts, loans, mortgages, trade finance, treasury services, and asset financing. The National Bank of Kenya has a strong presence in rural areas, contributing to financial inclusion and supporting economic development in those regions.

The bank is also committed to corporate social responsibility, particularly in education and environmental conservation.

12. Stanbic Bank Kenya

Stanbic Bank Kenya is part of the Standard Bank Group, a leading African financial institution. The bank offers a comprehensive suite of banking services, including personal and business accounts, loans, mortgages, trade finance, treasury services, and wealth management.

Stanbic Bank Kenya is known for its expertise in corporate and investment banking, serving large corporates, government entities, and multinational companies.

The bank leverages its international network and digital banking platforms to provide seamless cross-border banking solutions.

13. Credit Bank

Credit Bank is a medium-sized commercial bank in Kenya that focuses on providing personalized banking services. The bank offers personal and business accounts, loans, mortgages, trade finance, treasury services, and asset financing.

Credit Bank is known for its strong customer relationships and tailored financial solutions that cater to the specific needs of its clients. The bank has embraced digital banking platforms to enhance accessibility and convenience for its customers.

14. Family Bank

Family Bank is a leading bank in Kenya that places a strong emphasis on serving the needs of families, individuals, and small and medium-sized enterprises (SMEs). The bank offers personal and business accounts, loans, mortgages, trade finance, and microfinance services.

Family Bank has a wide branch network and innovative digital channels that enable customers to access banking services easily. The bank is committed to financial literacy and has initiated programs to empower individuals and businesses with financial knowledge.

15. Prime Bank

If you are looking for a customer-focused bank that caters to the needs of individuals, businesses, and corporates, Prime Bank should be a top priority. The bank offers a wide range of banking services, including personal and business accounts, loans, mortgages, trade finance, treasury services, and asset financing.

Prime Bank is known for its personalized service, relationship-based banking, and quick decision-making processes. The bank has a strong digital presence, providing customers with online and mobile banking platforms for convenient access to banking services.

What to Look For in the Best Banks in Kenya

I am pretty sure all of the banks I have covered here are very credible in the financial section. However, you are probably not going to need more than a few. So, how do you choose?

Well, there are a few factors you should consider when searching for the best banks in Kenya, Here are some important aspects to look for:

• Reputation and Stability: Go for banks with a strong reputation and a track record of financial stability. Ensure that the bank you choose has been operating in the country for a significant period and has earned the trust of customers and industry stakeholders.
• Range of Services: Look for banks offering a comprehensive suite of banking services to meet your needs. This may include personal and business accounts, loans, mortgages, credit cards, investment options, trade finance, and wealth management services.
• Customer Service: You want the best banking experience. So, ensure you evaluate the quality of customer service provided by the bank. A good bank should have a responsive and helpful customer support team that can assist with queries, concerns, and account-related matters. Check customer reviews and ratings to gauge the bank’s customer service performance.
• Digital Banking Capabilities: In today’s digital age, it is important to choose a bank that offers robust digital banking platforms. Look for banks with user-friendly websites, mobile apps, and Internet banking services that allow you to conveniently access and manage your accounts, make transactions, and access various banking services on the go.
• Accessibility and Branch Network: Consider the accessibility of the bank’s branches and ATMs. A bank with a widespread branch and ATM network makes it easier for you to access your funds and carry out transactions conveniently, especially if you live or work in different parts of Kenya.
• Fees and Charges: Compare the fee structure and charges imposed by different banks for various services. Look for banks that offer competitive rates and transparent fee structures to avoid unnecessary costs and ensure you receive value for your money.
• Financial Inclusion and Innovation: Assess whether the bank prioritizes financial inclusion and has initiatives in place to cater to individuals from all backgrounds. Also, consider the bank’s approach to innovation and technology adoption, as this can enhance your banking experience and provide access to innovative products and services.
• Corporate Social Responsibility: Evaluate the bank’s commitment to corporate social responsibility (CSR). Look for banks that actively engage in initiatives that benefit local communities, promote education, healthcare, environmental sustainability, and socioeconomic development.

Make sure to carefully consider these factors to help you select the best bank in Kenya that aligns with your financial goals, preferences, and values.

The Bottom Line

I have to admit, the banking sector in Kenya is highly competitive, with several notable institutions providing excellent financial services. The banks I have covered here, like Equity KCB, Cooperative, Standard Chartered, and Absa, stand out for their customer-centric approaches, innovative solutions, financial stability, and contributions to the community.

Whether it is enhancing financial inclusion, embracing digital banking, supporting agriculture, or offering comprehensive international services, these banks continue to shape Kenya’s banking landscape and contribute to the country’s economic growth.

When choosing the best banks in Kenya to work with, look at the factors I outlined above to make an educated decision. Of course, all of these banks are decently reputable but you might have to do a bit of shopping around to find one that works with your financial needs.