Consumer Insight

Switching Intent: Stability With Tension Beneath It

Switching intent across the sector remains relatively restrained. Measured on a 5-point scale — where 1 indicates “very unlikely to switch” and 5 represents “very likely to switch” — Equity records a mean of roughly 2.6, while KCB sits lower at about 2.3. Most customers cluster within the “unlikely to switch” range. The Kenyan banking market therefore appears stable on the surface. Yet slight variations between institutions reveal pockets of vulnerability — proof that stability does not necessarily mean immunity.

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Current Usage: Where Momentum Lives

Equity remains the most used bank today at 58% current usage, with KCB following at 49%. The leadership structure is stable, but the competitive field is tightening. Absa has doubled its usage share, while I&M has also climbed. These movements signal growing relevance among challenger banks. Historical relationships matter — but active usage reveals where customers are placing their financial lives now.

Lifetime Pe*******on: The Depth Story

Equity leads lifetime pe*******on at 74%, with KCB at 65% and Co-op at 55%. These banks have accumulated the broadest historical relationships in the market. But the more telling movement occurs beneath the leaders, where I&M and Absa have risen steadily from much lower levels in earlier waves. Lifetime pe*******on reflects years of account acquisition — and the trajectory suggests some mid-tier banks are quietly expanding their footprint.

Retail Payments: Digital Has Won the Checkout

At retail, mobile money dominates at 71%, far ahead of every alternative. Cash, once the default, has fallen to a striking 6%. This is not incremental change — it is behavioural consolidation. Consumers have standardised how they pay. Cards, internet banking and cheques remain marginal in comparison, reinforcing a clear reality: the checkout moment now belongs to digital rails.


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Financial Inclusion Has Already Been Rewritten

Kenya’s financial ecosystem has quietly restructured itself — and the bank branch is no longer at the centre of it. Mobile money stands at 87% usage, while mobile banking holds 79%. Even with minor fluctuations over time, both remain structurally ahead of every other financial service. Meanwhile, savings accounts are growing steadily, signalling that formal banking is expanding — but beneath digital rails, not above them. Cards, internet banking and traditional lending remain far less embedded in daily behaviour. The consumer hasn’t merely adopted digital access. They’ve institutionalised it — and the handset, not the branch, now anchors the financial system.

Main Bank Status: The True Loyalty Metric

When asked which bank anchors their financial life, 31% name Equity as their main bank. KCB follows at 21%. Beneath them, incremental movement is visible. I&M now holds marginal bank share, while Absa and NCBA show gradual gains. Main bank status is not casual; it reflects salary deposits, credit relationships and primary trust. The concentration remains clear — but the edges of that loyalty are beginning to shift.

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Spontaneous Recall Is Not Democratic

Unprompted awareness remains concentrated. Equity records 93% spontaneous recall, KCB stands at 92%, and Co-op at 81%. These three brands occupy a different tier of mental availability — the kind that influences choice before comparison begins. But momentum is building beneath them. NCBA and I&M have risen sharply, while Absa and several mid-tier players are showing incremental movement. Memory leadership remains concentrated — yet the competitive gap is slowly narrowing.

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The Cash Withdrawal Power Shift

Cash access has migrated away from the ATM. Mobile money agents now command 55% preference, up from 48% in 2023. ATM reliance has also declined, and liquidity has decentralised. The dominant withdrawal channel is no longer the ATM machine — it is the neighbourhood agent. What was once a bank-controlled touchpoint has shifted into a distributed ecosystem where visibility and convenience sit outside the branch network.
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Digital Banking in Kenya: Exploring Technological Preferences

Customer insights and patterns in tech adoption
In the intricate web of digital banking, users find themselves at the nexus of innovation and efficiency. As they traverse the digital terrain provided by their banks, patterns begin to emerge. While mobile apps are the preferred choice for the majority of users across different banks, there are variations in the usage of USSD and internet banking. Co-op Bank, Absa, and National Bank stand out, with USSD being the dominant channel, indicating diverse preferences among customers based on their banking habits and needs.
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Tech Advocacy: Navigating the Waters of Banking Loyalty

Accolades and exemplary user experiences as a business strategy
Kenya’s banking technology users have spoken, and they express a strong likelihood to recommend their preferred institution's technology. This underscores a benign sense of trust and confidence in the reliability of both app and internet banking services. Amidst the sea of options, among mobile money and banking, and online banking services users aged 18 and above, whom we surveyed, KCB, Absa, Family, StanChart, NCBA, Stanbic, and I&M shine brightest for their apps, while the Internet Stars’ are KCB, Stanbic, and I&M, earning accolades for exemplary user experiences and forward-thinking tech solutions. Other banks also stand out as leaders in customer advocacy, with their mobile banking apps and Internet banking services garnering exceptionally high Net Promoter Scores. This recognition reflects the successful integration of technology into banking operations, driving superior customer satisfaction and loyalty.
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