92% of Banks in Kenya Have Implemented Online Banking, Says Central Bank of Kenya

92% of the financial institutions in Kenya have adopted or developed an online banking solution (mobile app or USSD) to assist in their administration of banking and customer-relationship services.

This is according to a regular survey done by the Central Bank of Kenya charting the state of innovation in Kenya’s banking sector. Only 4 institutions (two banks and two microfinance banks) have not adopted or developed a mobile banking solution (app or USSD).

According to the survey, banks in Kenya have prioritized the following innovations:

  • Application Programming Interfaces(APIs)
  • Big Data and Data Analytics
  • Biometrics Technology
  • Cloud-Computing


SEE ALSO: Cash Still Accounts for 80% of Daily Transactions in Kenya, Says Latest 2022 FSD Report


According to the report, 79% of banks and 50% of MFBs introduced a fintech product within the last year. Additionally, while banks were more interested in credit products in 2020, payments was the major product for banks in 2021.

Classification of Fintech Products Introduced By Banks

The survey also found that cyberattacks is the biggest threat banks are afraid of as they continue to inch towards digitalization.

The survey noted that:

  • 92% of banks and
  • 86% of micro-finance banks(MFBs)

identified cyber-risks as one of the top 3 innovation-related risks.

The cyber risks in banks target data privacy and threaten data security for the bank customers and the safety of their funds.

The survey collected data on the state of innovation as of December 31, 2021, from 38 commercial banks, 1 mortgage finance institution and 14 micro-finance banks (MFBs).


Read / Download the full report below:


RECOMMENDED READING: [WATCH] More Than 50% of Kenyans Use Feature Phones and a CBDC Would Lock Them Out, Says Central Bank Governor


Thank you for your support by helping us create content:

BTC address: 3CW75kjLYu7WpELdaqTv722vbobUswVtxT

ERC20 Address: 0x03139524428e40E31f13909f8D994C915FB91277

SOL address: 9cC65AWFHj848kntcoyiT8av3jiRQEqyTTmBR1GvVUb


Follow us on Twitter for the latest posts and updates

Join and interact with our Telegram community


Subscribe to our YouTube channel below for more updates: