By Central Bank of Kenya data, Nairobi, Mombasa and Kiambu counties hog county shares of bank branches: 794 branches or 53percent of Kenya’s 1,502 branches or banking outlets. The Busines Daily’s July 6, 2021 piece, “Bank branches reveal wealthy, poor counties” links this to their contribution of 30.9 percent to Kenya’s GDP, with Nairobi accounting for 73 percent of Kenya’s billionaires.
Banks can be indicators of inequality of economic development, wealth and income. It fits with monetary theory but invites focus on mobile money and digital lenders (Fintechs). The segment is a growing hotbed of non-regulated lending in Kenya piggybacking on M-Pesa since 2007.
