There is a higher percentage of males aged 15 and above in sub-Saharan Africa with bank/mobile money accounts than females

As of 2021, 6 in every 10 males aged 15 and above in sub-Saharan Africa had an account with a financial institution, compared to almost half of all females of the same age in the region. Check out the share of sub-Saharan Africans with bank/mobile money accounts.

Source:

Global Findex Database

Period:

2011 - 2021
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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.
With 146 cases, mobile banking fraud resulted in the highest loss of KES 810.7B
  • 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.
Titan Trust acquires Union Bank, keeping its name and century-old heritage
  • Union Bank began as Colonial Bank, later Barclays Bank DCO, before indigenisation in 1979.
  • Nigerian investors took majority control, renaming it Union Bank of Nigeria.
  • The 2009 banking crisis weakened the bank; AMCON stabilised it, while Union Global Partners Ltd injected $500m for 65% control.
  • Titan Trust Bank acquired up to 100% ownership, and Union Bank was delisted from the Nigerian Exchange.
  • A court-approved scheme merged Titan Trust into Union Bank; Union Bank survived, retaining its century-old name and legacy under Titan’s ownership.
Access Bank reported the highest total salaries paid among selected Nigerian banks in 2024, reaching ₦357.6B
  • Access Bank paid the highest total salaries in 2024, amounting to ₦357.6 billion.
  • Stanbic IBTC devoted the largest share of its revenue to salaries at 9.96%, despite a much lower total salary bill than Access or FirstHoldCo.
  • Zenith Bank had one of the highest salary bills (₦137.7 billion) but spent the smallest portion of its revenue on staff at just 3.47%.
  • Wema Bank, though paying the lowest in total salaries (₦33.8 billion), had one of the highest salary-to-revenue ratios at 7.81%.
  • FirstHoldCo, with ₦229.1 billion in staff costs, maintained a moderate salary-to-revenue ratio of 7.14%.
  • The gap between total salary spend and salary-to-revenue ratios reveals more about each bank’s internal cost structure.
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