After years of growth, Kenyan banks’ asset value declined by 1.6% to KSh 7.6T in 2024

Kenyan banks’ total assets grew by 56.6% between 2019 and 2024.
In 2024, assets declined slightly by 1.6%, the first drop in five years.
The sector recorded consistent growth from 2019 to 2023 before dipping in 2024.
The highest growth came in 2023, when assets surged 17.6% to KSh 7.7T.
Assets rose from KSh 4.8T in 2019 to KSh 7.6T in 2024.
Despite the 2024 dip, banks added nearly KSh 3 trillion in assets over the five years.

Kenyan banks recorded asset growth over the past five years, with their total assets expanding by 56.6% between 2019 and 2024, rising from KSh 4.8 trillion to KSh 7.6 trillion. However, 2024 marked the first decline in that period, as total assets dropped slightly by 1.6% from the previous year.

Overall, despite the recent dip, Kenyan banks have grown their asset base significantly in five years, reinforcing their critical role in the economy. Sustaining this growth in the future will depend on how effectively they navigate economic shifts, regulatory changes, and market demands.

Source:

Central Bank of Kenya

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Period:

2019-2024

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Mobile banking fraud cases increased by 87.2% to 146, the highest in 2024

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Kenya recorded 353 fraud cases in 2024, totalling KES 1.6T in losses.
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