Study reveals local banks 'leading the way' in Kenya
Research has revealed the top seven banks in Kenya control the majority of the country's financial activity.Figures released by auditing and consultancy firm RSM Ashvir show the institutions account for 59 per cent of customer deposits and assets, the Daily Nation reports.
Furthermore, four of these seven banks are local companies - Kenya Commercial Bank, Equity Bank, Commercial Bank of Africa and the Co-operative Bank of Kenya, which was registered under the Co-operative Societies Act in 1965 before going public in 2008.
James Macharia, Managing Director of NIC Bank which is ranked tenth in the study, said there are up to 15 smaller institutions that have the capacity to challenge bigger players.
"Given that mid-tier banks usually have quicker turnaround mechanisms in decision-making, they tend to have an edge over the very large banks" he stated.
Barclays Bank of Kenya and Standard Chartered Bank of Kenya were the only multinational enterprises in the top seven.