Only 1.69 million ledgers(3.41 of the total bank accounts) in Kenya have over Ksh100,000 as indicated by the most recent report by the Central Bank of Kenya (CBK).
The number has gone up by 134,000, regardless of Covid-19 mishaps which have seen the economy deteriorate and job losses.
Absolute deposits expanded by 13.9 percent from Ksh3.6 trillion in December 2019 to Ksh4.1 trillion in December 2020.
“The development was upheld by the assembly of stores through mobile banking and cell phone applications,” said the CBK.
On the downside, about 97.59 percent or 69.88 million records hold under Ksh100,000, a stressing pattern where a lot is held by the minority.
Equity Bank has the most noteworthy number of top-notch (accounts with over Ksh100,000), with 377,148 records followed by KCB (280,186), Co-operative Bank (262,614), and NCBA with 122, 535.
31% of Standard Chartered Bank’s 236,616 records have over Ksh100,000, while Stanbic Kenya Bank has 19.8 percent of its records having something similar. DTB had 10.8 percent of its accounts with over Ksh100,000.