21% of the ₦17.67 billion lost to fraud in 2023 was recorded in October, totaling ₦3.76 billion

Fraud data submitted to the Nigeria Inter-Bank Settlement System by financial institutions in 2023 reveals that customers lost ₦17.67 billion across 95,630 cases, with the highest loss of ₦3.76 billion occurring in October 2023

Source:

Nigeria Inter-Bank Settlement System

Period:

2023
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Total microfinance deposits in Kenya only grew 1.66% CAGR over 10 years, ending at KSh 43.0B
  • Microfinance deposits in Kenya grew at only 1.66% CAGR between 2014 and 2024.
  • The peak occurred in 2021 at KSh 50.2B, after which deposits began a steady decline.
  • 2015 (+13.2%) and 2020 (+12.3%) posted the strongest year-on-year growth rates.
  • The sector saw consecutive contractions from 2022 (-7.3%), 2023 (-5.7%), to 2024 (-2.0%).
  • Despite small rebounds in 2018 (+7.3%) and 2019 (+12.3%), the long-term trend is weak.
Microfinance banks in Kenya have consistently posted losses since 2016, reaching KSh -3.5B in 2024
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  • The sector’s losses deepened from KSh -0.4B in 2016 to KSh -3.5B in 2024.
  • The steepest single-year decline occurred in 2020, when losses increased by 560.8% to KSh -2.2B.
  • Even in recovery years like 2019 (KSh -0.3B) and 2021 (KSh -0.7B), the sector remained in losses.
  • Over the 10 years, profitability fell at a -212.1% CAGR, reflecting a structural collapse.
  • Since 2016, there has been no single year of profit, highlighting sustained weakness.
  • The worsening losses mirror other sector struggles, such as stagnant deposits, weak asset growth, and rising NPLs.
Kenya’s microfinance banks’ total assets over the years have ranged from KSh 57.0B to KSh 76.4B (2014–2024), standing at KSh 57.9B in 2024
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  • The sector peaked in 2019 at KSh 76.4B, before entering a steady decline.
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  • The sector recorded only two notable growth spikes: 2015 (+21.9%) and 2019 (+7.9%).
  • Overall, the trend from 2020 onward shows persistent contraction in asset value.
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  • The lowest point came in 2020, with profits dropping 57.7% to KSh 6.4B.
  • A sharp rebound followed, with profits rising steadily each year from 2021 to 2024.
  • The strongest yearly growth was in 2019, with a 108% surge in profits.
  • By 2024, PAT stood at KSh 33.1B, the highest in the seven-year period.
  • Profits more than quadrupled from 2020 (KSh 6.4B) to 2024 (KSh 33.1B).
Gross premium income for Kenyan insurers posted an 89.1% growth between 2017 and 2024
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  • Premiums rose from KSh 209.0B in 2017 to KSh 395.3B in 2024.
  • The most substantial annual growth occurred in 2023 at 17.6%.
  • 2021 also recorded a significant rise of 16.6% growth.
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Kenya's insurance sector assets doubled from KSh 591B to KSh 1.2T in seven years
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