The nine largest banks operating in Kenya have further entrenched their dominance in the financial sector, capturing nearly 90 percent of the industry’s profitability in 2024, a sign of growing market concentration that threatens competition and consumer choice.
The 2024 Banking Supervision Report by the Central Bank of Kenya (CBK) shows that the pre-tax profit of the sector rose to Sh260 billion last year, up from Sh219.2 billion in 2023, with the top-tier lenders scooping a massive 89.3 percent of the earnings in the review period.
