Kenyans lost their money in banks and mobile money through five major ways, a report by the Kenya National Bureau of Statistics (KNBS) shows.
As detailed in the 2024 FinAcess Report, a majority of bank users (56.5 per cent) lost money through internal fraud followed by external fraud (19.6 per cent) .
13.9 per cent of Bank users indicated that they lost their money by accidentally sending money to the wrong people.
Agent fraud was reported as the fourth way bank users lost their money at 7.9 per cent.
For mobile money, accidental send was listed as the top way Kenyans lost money in 2024 at 70 per cent. This was followed by external fraud at 19.5 per cent.
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Meanwhile, for incidents reported by Kenyans in SACCOs, internal and external fraud dominated at 75.1 and 10.1 per cent respectively.
Internal fraud and external fraud were also listed as the major ways through which Kenyans lost their pensions. Internal fraud was recorded at 66.1 per cent while external fraud was reported at 14.6 per cent.
“Regarding money loss, respondents cited various incidences. Internal fraud in SACCOs and pension schemes was the most prevalent at 75.1 per cent and 66.1 per cent, respectively,” read the statement in part.
“Accidental sending of money was prevalent in mobile money services at 70 per cent.”
