According to a new survey by the Central Bank of Kenya(CBK), the number of bank accounts with over Kes100,000 rose by nearly five per cent in the 12 months ending December 2022.
The data shows that the number of accounts increased to 1.871 from 1.783 in a similar period in 2021, representing a 4.9 per cent jump.
The increase came when depositors sought to grow their savings with higher returns.
On the other hand, lenders with high-value deposits stood at 1.847 million compared to microfinance institutions with 24,257.
The Kenya Commercial Bank (KCB) hosted a huger percentage of high-value deposits at 11 per cent, followed by NCBA (10.1 per cent) and Stanbic Bank (7.5 per cent).
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