There was a significant decline in the number of Kenyans holding over KES 500,000 in their bank accounts in 2023. The number dropped by 39.89% according to the Central Bank of Kenya’s Annual Bank Supervision Report. Meanwhile, the total number of bank deposit accounts grew to 94.6 million, up from 64 million in 2022.
The report reveals that accounts holding more than KES 500,000 decreased from 1.8 million in 2022 to 1.1 million in 2023. In contrast, accounts with less than KES 500,000 grew sharply, rising by 50.4% from 62.2 million in 2022 to 93.5 million last year, reflecting a shift towards smaller deposits.
NCBA led in the number of customers with deposits over KES 500,000, boasting 416,481 accounts, followed by Equity Bank with 124,098.
