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Depositors with over half a million in bank drops
In 2024, the volume of insured deposits fell by 17.3 billion to Sh1.065 trillion from Sh1.083 trillion in 2023, indicating that the cash held in the high-quality accounts (which fall above the refund threshold) grew in the year.
The share of bank accounts holding more than Sh500,000 dropped to 0.65 percent last year, reflecting the cash flow problems in a soft economy plagued by Kenya's growing income inequality.
Central Bank of Kenya (CBK) data show that banks had 739,803 high-quality depositors last year, compared to 742,556, which accounted for 0.71 percent of all bank accounts in 2023.
