The cost of getting banking services has increased, a new survey shows.
The Kenyan Banks Tariff Survey 2016 report, released on Wednesday, March 17, an average Kenyan paid more for the services in 2016 as compared to 2015.
“The industry average cost of banking has risen from KSh 12,197 in 2015 to KSh 12,515 in 2016, an increase of 3%,” reads the report done by Think Business magazine.
The model customer used for the survey to represent the average bank customer was one in formal employment and is married with two children of school going age.
The research studied 39 commercial banks out of the out of the 41 banks that are currently operational. Smaller banks were found to be charging higher rates than the bigger banks. They key indicators were: use of cheque books, ATM withdrawals, banker’s cheques for school fees, salary deposit/clearing and ledger fees.
Here is the survey’s list most expensive banks in Kenya and the amount charged (on average) per year:
1. Standard Chartered Bank Ltd – KSh 16,860
2. Bank of India – KSh 16,308
3. Habib Bank Ltd – KSh 15,920
4. Middle East Bank of Kenya Ltd – KSh 15,840
5. First Community Bank – KSh 15,780
6. Equatorial Commercial Bank Ltd – KSh 15,520
7. Bank of Baroda (K) Ltd – KSh 15,250
8. Commercial Bank of Africa – KSh 15,180
9. Fidelity Commercial Bank Ltd – KSh 14,940
10. Jamii Bora Bank – KSh 14,860
On the opposite end, the cheapest banks in Kenya (according to the survey) are:
1. Prime Bank Ltd – KSh 5,100
2. Equity Bank Limited – KSh 6,430
3. Credit Bank Limited – KSh 6,580
4. Co-operative Bank of Kenya – KSh 8,680
4. UBA Kenya Bank – KSh 8,680
5. Consolidated Bank of Kenya Ltd – KSh 9,670
6. Family Bank Ltd – KSh 9,680
7. Barclays Bank of Kenya Ltd – KSh 9,940
8. African Banking Corporation Ltd – KSh 10,020
9. Eco-Bank – KSh 10,530
10. Housing Finance Coop – KSh 11,388
The Think Business placed the following firms being in between the most expensive banks in Kenya and the cheapest are:
1. Chase Bank Ltd – KSh 14,530
2. National Bank of Kenya Ltd – KSh 14,210
3. Gulf African Bank – KSh 14,160
4.CFC Stanbic Bank Limited – KSh 14,040
5. National Industrial Credit Bank Ltd – KSh 13,830
6. Guardian Bank Ltd – KSh 13,690
7. I&M Bank – KSh 13,680
8. Habib AG Zurich – KSh 13,060
9. Victoria Commercial Bank Ltd – KSh 12,900
10. Diamond Trust Bank Kenya Ltd – KSh 12,780
11. Giro Commercial Bank Ltd – KSh 12,680
12. K-REP Bank Ltd – KSh 12,660
13. Paramount-Universal Bank Ltd – KSh 12,520
14. Transnational Bank Ltd – KSh 12,400
15. Bank of Africa – KSh 12,288
16. Oriental Commercial Bank – KSh 12,145
17. GT Bank Limited – KSh 11,860
18. Kenya Commercial Bank Ltd – KSh 11,480
