10 Best Banks in Kenya for Personal Savings

Kenya has a thriving banking sector, with various financial institutions providing different financial services. Best banks in Kenya are ranked based on their innovative practices, wide branch networks, and customer-centric solutions. These banks offer a wide range of services, including digital banking, loans, and savings accounts, to both people and companies.

In Kenya, banks are regulated by the Central Bank of Kenya (CBK).

In this article, we are going to rank banks in Kenya based on their deposits, assets owned, and customer base among other subjective factors.

Best Banks in Kenya

Commercial banks are key in offering financial solutions to individuals and businesses. This ensures the continuity of business operations and improves lives. These banks include;

1. Equity Bank

Equity Bank was ranked the second-strongest banking brand in the world in 2024. this clear strategy positions itself as a leader in the region.

The bank registered13% increase in profit after tax to Kshs. 40.9 billion. This was up from Kshs. 36.2 billion for a similar period to the previous year. The bank has a significant number of customers which defines the profitability of the financial institution.

Continuous improvement and innovations are at the core of the bank’s operations. This makes it easier to build a culture of customer centrism.

Equitel is the Group’s mobile banking platform offering services to customers conveniently. This has improved livelihoods and boosted business growth.

2. Kenya Commercial Bank (KCB)

https://ke.kcbgroup.com/KCB Group one of Kenya’s largest banks by asset size, reported an increased profit of 49% in Q3 of 2024. This was compared to the same quarter in 2023 (KES 30.7 billion).

The bank has the highest number of branches (250) in East Africa. In Kenya, 192 branches can easily be located and reach a wider customer base.

KCB Mobi innovation in Kenya offers customers a platform and means of interacting with the bank services. The platform is user-friendly and is customized to serve customers of all ages.

3. Standard Chartered Bank of Kenya

A report by Cyton Investments indicated shareholders’ funds for Standard Chartered Kenya increased by 12.2% to Kshs 64.1 bn in H1’2024, from Kshs 57.1 bn in H1’2023, supported by an increase of 8.8% in retained earnings.

They assist customers in achieving financial freedom by offering savings accounts, personal loans, credit cards & wealth solutions.

Moreover, they offer collection services that are not limited to cash pick up /delivery, e-commerce services, local/foreign currency cheques, and cash depositor machines.

They pride themselves on having 22 branches in Kenya, 107 ATMs, and employing over 1,000 employees.

4. Co-operative Bank

Co-operative Bank shareholders’ funds increased by 22.0% to Kshs 131.8 billion in Q3 of 2024; as compared to Q3’2023 which registered Kshs 108.1 billion.

MCo-op Cash mobile banking service allows customers to transact at their convenience. Customers can also use USSD *667#. MCo-opCash App is available on the Google Play Store or App Store.

Registration is easy, instant, and free. The market is segmented and products are tailored to meet diverse customer specifications.

5. ABSA Bank Kenya PLC

It was formerly known as Barclays Bank of Kenya. The brand name was changed to Absa Kenya and approved by the Central Bank of Kenya in 2018.

Absa Bank Kenya PLC posted a Net Profit Growth of 20% to Ksh14.7 Billion in Q3 2024 and shareholders’ funds also increased significantly. They have an extensive network of 84 branches and over 210 ATMs countrywide.

The bank offers mobile banking services through the Absa Banking app. Dial *224# to register and follow the simple steps.

6. NCBA Bank

The NCBA Bank serves over 60 million customers and Kenya PLC is among the leading banks by assets. It is ranked as a Tier-1 bank confirming its position in the market.

It offers mobile banking services to effortlessly interact with customers and eliminate queuing at the banking hall. In addition, branches are spread all over the country to reach out to a larger market.

7. I & M Bank

The Group registered a Profit Before Tax increase of 24% to KES 14.1 billion in Q3 of 2024, up from KES 11.4 billion over the same period in 2023.

They serve over 600,000 customers countrywide. I&M Bank is now considered one of the fastest-growing banks by customer numbers in East Africa. This attracts investors and builds customers’ confidence.

You can access your account 24/7 using the mobile banking app since it is easy, convenient, friendly, and secure.

8. Stanbic Bank Kenya

Stanbic Bank registered solid performance in Q3 2024, with profit after tax increasing by 8.4%. The Bank serves the people of Kenya with a wide range of personal banking products and solutions.

The services are accessible through their mobile banking platform. This means customers can open Stanbic Bank Accounts online without visiting any branch.

9. Diamond Trust Bank

Diamond Trust Bank (DTB) Group’s net profit for the six months ended June 2024 increased by 8.55 translating to Sh4. 34 billion.

Customers can transact conveniently via mobile banking or USSD (*382#). The DTB m24/7 mobile application is available on the Apple Store and Google Play.

DTB prides itself on having 87 branches in Kenya and 157 in the East African region.

10. Bank of Baroda

On December 22, 2024, the Bank of Baroda reduced its base rate from 16.50% to 16.00%. In January 2025, the bank revised the ROI on CBR-linked loans and advances in response to the Central Bank Rate. This was from 12% to 11.5% cautioning customers.

Online banking enables customers to access banking services. They include corporate banking, international banking, and digital banking.

Conclusion

Commercial banks are part of an advocacy group (Kenya Bankers Association). It promotes a competitive banking environment to drive success.

Traditional banking services have been replaced with automation and the creation of digital platforms, which enhance convenience and efficient customer service.