Kenya recorded 353 fraud cases in 2024, totalling KES 1.6T in losses.
Mobile banking fraud, with 146 cases, was the biggest threat, causing KES 810.7B in losses.
Card fraud had only 24 cases but resulted in KES 263.3B lost, showing its high risk. Computer fraud recorded 12 cases, leading to KES 203.4B in damages.
Identity theft saw 56 cases, costing banks and customers KES 199.1B.
Online banking fraud was the second most frequent (106 cases), but losses were relatively lower at KES 111.8B.
Internet scams had the fewest cases (9) but still caused KES 6.1B in losses.
- Kenya led with 90.1 percent account ownership in 2024.
- Mauritius (89.6 percent) and Ghana (81.2 percent) also in top 3.
- Nigeria ranked 11th at 63.3 percent; Tanzania fell short at 59.8 percent.
- Only 14 African countries exceeded the 60 percent inclusion benchmark.
- Another 14 African countries have no recent data in the Global Findex
Sterling Bank's origins trace back to 1960 as Nigeria Acceptances Limited, later becoming the first merchant bank in 1969
In 2006, NAL Bank merged with four other banks, forming Sterling Bank as it is known today
Sterling explored several merger opportunities, including with Ecobank in 2008 and FirstRand in 2011, but these plans did not materialise
In 2023, Sterling transitioned into a holding company structure, spinning off its alternative finance arm as a standalone entity, AltBank
The bank began raising fresh capital in 2024, with shareholders approving a ₦200 billion equity capital raise and securing a $50 million private placement as part of its recapitalisation
