Kenya led 40 African countries with 90.1% account ownership in 2024

- 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

The 2024 Global Findex Database, released by the World Bank, shows that only 14 African countries out of 40 countries reported have surpassed 60 percent account ownership among adults aged 15 and above.

This measure includes both traditional bank accounts and mobile money usage within the past year, offering a broad view of financial access. Kenya (90.1%) and Mauritius (89.6%) top the rankings, thanks to strong mobile money ecosystems and inclusive banking practices. Nigeria, Africa’s fourth largest economy, ranks 11th at 63.3%, reflecting moderate penetration amid fintech growth.

Tanzania, despite improvements, sits just below the threshold at 59.8%. Meanwhile, 14 African countries, including Angola, Rwanda, and Sudan had no data reported in this cycle.

Source:

World Bank

Period:

2024
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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
  • Kenya’s microfinance assets grew by just 1.62% between 2014 and 2024.
  • The sector peaked in 2019 at KSh 76.4B, before entering a steady decline.
  • 2023 (-8.8%) and 2024 (-9.8%) posted the steepest year-on-year declines.
  • 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.
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' PBT grew 62.8% over five years, from KSh 159.9B to KSh 260.3B
  • Kenyan banks’ Profit-Before-Tax (PBT) grew by 62.8% between 2019 and 2024.
  • Total PBT rose from KSh 159.9B in 2019 to KSh 260.3B in 2024.
  • The lowest point was in 2020, when profits dropped to KSh 112.8B, a 29.5% decline.
  • Banks recorded their strongest recovery in 2021 with a 73.2% increase in PBT.
Kenya’s mobile banking fraud in 2024 exposed KES 981.7 billion, leading to losses of KES 810.7 billion
  • Kenya’s total fraud exposure in 2024 hit KES 2.0T, with KES 1.6T actually lost.
  • Mobile banking fraud was the largest contributor, with KES 981.7B exposed and KES 810.7B lost.
  • Mobile banking had an 82.6% loss rate, making it one of the riskiest fraud channels.
  • Computer fraud and internet scams recorded 100% loss rates, showing no funds were recovered.
  • Identity theft saw 97.9% of exposed amounts lost, translating to KES 199.1B.
  • Card fraud had a lower loss rate (59.9%) but still cost banks and customers KES 263.3B.
Kenya's local banks such as Equity Group (17% growth) recorded strong profit growth, while foreign-owned banks struggled
  • Equity Group was the most profitable bank on the list with $268M in H1 2025.
  • KCB followed closely with $250M in profits, supported by 8% YoY growth.
  • I&M Group achieved the fastest growth rate of 36%, despite a smaller base of $63 million.
  • Standard Chartered’s profits fell by 21%, highlighting the struggles of foreign banks.
  • Stanbic Holdings also declined by 9%, contrasting with local banks’ upward trend.
Mobile banking fraud cases increased by 87.2% to 146, the highest in 2024
  • Total fraud cases in Kenyan banks rose from 173 in 2023 to 353 in 2024.
  • Mobile banking fraud cases jumped by 87.2% to 146, making it the most common fraud type.
  • Online banking fraud recorded the steepest rise, growing by 457.9% to 106 cases.
  • Identity theft increased by 51.4%, reaching 56 reported cases in 2024.
  • Internet scams increased by 28.6%, totalling 9 cases in 2024.
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