Most Kenyans consider Equity for their primary bank account - survey

Customers queue at an Equity  ATM in Nairobi. PHOTO/FILE
Customers queue at an Equity ATM in Nairobi. PHOTO/FILE 

Kenyans are more likely to consider Equity #ticker:EQTY as their primary bank, according to new data from mobile research firm, Geopoll.

In a study carried out in August 2017, 40 per cent of respondents told Geopoll that they considered Equity their primary banker, ahead of the 35 per cent who cited Kenya Commercial Bank #ticker:KCB and the 18 per cent that said the Co-operative Bank.

Geopoll also tried to find out which features customers Kenyans best loved about the financial institutions they used.

The study finds that Kenyans are most likely to prioritise convenience over customer service or even bank efficiency.

“A majority of Kenyans (63 per cent) prefer a bank that gives them convenience first,” writes Geopoll.

At the same time, bank users were quizzed on the downsides of the financial institutions. For 37 per cent of respondents, at the top of the challenges was the loan facilities offered by banks and the processes involved in getting credit.

Transaction fees

Twenty-two per cent were concerned with high transaction fees while only six per cent thought customer service to be a problem.

The findings in Kenya match Geopoll’s discoveries in South Africa and Nigeria where customers were also most concerned about the process of acquiring credit.

Geopoll found out that GT Bank and Capitec were considered primary banking institutions by the highest proportion of Nigerians and South Africans respectively.

The study was carried out among a total of 2,825 respondents in the three countries.