The Kenya Banking Industry (“the Industry”) remains resilient despite the prevailing macroeconomic headwinds in the Country and plays a crucial role in Kenya’s economy, which is the largest in the East African region with a real Gross Domestic Product (GDP) of Kshs 9.9 trillion (US$ 84.1 billion) in 2022.
As at 31 December 2022, the Industry’s total assets stood at Kshs 6.5 trillion, corresponding to 66% of Kenya’s GDP in the same period. The Industry’s growth over the past decade has been attributed to thriving mobile money systems, rising virtual banking solutions and substantial investments in technology infrastructure. Despite the Industry’s remarkable growth, there are still notable opportunities which include offering sustainable finance products, extending services to include bancassurance and advancing digital banking solutions. Going forward, climate-related financial risk assessment and management (on the back of the guidance note issued by the Central Bank of Kenya in 2021) and environmental, social and governance (ESG) appraisals, reporting and disclosure will be part of the key emerging issues for the Kenya Banking Industry, especially with the growing importance of sustainable and responsible business practices globally.
Coverage of the 2023 Kenya Banking Industry Report
