Around 60% of Kenyans use their mobile phones for financial and banking transactions, according to a survey by the Kenya Bankers Association (KBA).
The study, which was conducted in collaboration with Think Business, found that three out of every ten Kenyans go to banks, while 8% use the Automated Teller Machines (ATMs).
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
KBA CEO, Habil Olaka, said with the growth of technology use in their economy, banks and financial institutions have seen the need to make a paradigm shift from the traditional models of operation in the banking and microfinance sectors.
"The uptake by customers of services that are fast, convenient, reliable and safe has influenced in a significant magnitude the services banks offer their clientele," Olaka added.
Among rural and urban areas in Kenya, rural people (71%) use mobile phones more than people in urban areas (51%), with Eastern Kenyans the highest and Coastal Kenyans the lowest.
The study also found that the main banking transactions were cash withdrawals (76%) and deposits (67%).
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataOlaka said, "The report indicates that while cost savings is a crucial consideration for mobile banking uptake, security, time saving and convenience are also considered vital."
