According to the Bank Supervision Annual Report 2022, banks recorded 1.871 million accounts with over Sh100,000, a 4.9% jump from 1.783 million in 2021.

This increase is seen as a sign of improving fortunes for individuals and firms in an election year characterized by increased spending.

The reports shows that the number of accounts with more than Sh100,000 grew by 5.1% percent in banks, but dropped by 3.8% in microfinance banks.

According to the data, 24,257 accounts with more than Sh100,000 were in microfinance banks while large commercial banks took the lions share at 1.847 million.

The rising number of Kenyans with Sh100,000 in their bank accounts underscores the growing culture of saving in the country.

As financial literacy initiatives and digital banking solutions gain traction, more individuals are becoming aware of the importance of saving money for both short-term and long-term goals.

Customer deposits held by banks increased by 12.3% from Sh4.5 trillion in December 2021, to Sh5 trillion in December 2022.

The growth in deposits was due to deposit mobilization through agency banking and mobile phone platforms.

The report also shows that the total net assets in the banking industry grew by 10% from Sh6 trillion in December 2021 to Sh6.6 trillion in December 2022, with the growth being supported by the increase in loans and advances.

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