Deposits in commercial banks in Kenya rose by 430.4 billion shillings ($34.16 billion) in the first six months of 2023 to exceed 5 trillion shillings for the first time in June, driven by five-year high-interest rates, according to the central bank report.
Deposits grew 6.9% to hit a record Sh5.16 trillion in June compared to Sh4.82 trillion in March, Business Daily reported. Banks have stepped up efforts to retain customers’ deposits by offering the highest interest rates in five years, contributing to a decent increase in time and savings deposits.
The central bank attributed the growth to agency banking and increased digitisation of banking services.—Zawya News
