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Mon - Fri, 9am - 6pm (EST)
Key regions: United States, China, Japan, Brazil, United Kingdom
Kenya's Banking market has been experiencing significant growth and development in recent years, reflecting the country's dynamic economic landscape and increasing financial inclusion.
Customer preferences: Customers in Kenya are increasingly demanding convenient and accessible banking services, leading to a rise in digital banking solutions and mobile money platforms. This shift in preferences is driven by the need for quicker transactions, easy access to financial services, and the convenience of banking on-the-go.
Trends in the market: One prominent trend in the Kenyan Banking market is the growing competition among traditional banks and fintech companies. Fintech firms are leveraging technology to offer innovative solutions such as peer-to-peer lending, online payment platforms, and digital wallets, challenging the dominance of traditional banks. This trend is reshaping the market and pushing traditional banks to enhance their digital offerings to remain competitive.
Local special circumstances: Kenya's unique market conditions, such as a high mobile phone penetration rate and a tech-savvy population, have contributed to the rapid adoption of mobile banking services in the country. The success of mobile money platforms like M-Pesa has set a precedent for digital financial services in Kenya, driving further innovation and expansion in the Banking sector.
Underlying macroeconomic factors: The growth of Kenya's Banking market is also influenced by macroeconomic factors such as GDP growth, government policies, and regulatory frameworks. A stable economic environment, coupled with supportive government policies promoting financial inclusion, has created a conducive atmosphere for the expansion of banking services in the country. Additionally, regulatory reforms aimed at enhancing transparency and consumer protection have increased trust in the banking sector, attracting more customers and investments.
Data coverage:
Data encompasses B2B and B2C enterprises. Figures are based on Net Interest Income, Bank Account Penetration rate, the value of Deposits, the number of depositors, the value of Loans, the number of borrowers, Credit Card Interest Income, the number of ATMs as well as the number of Bank Branches.Modeling approach / Market size:
Market sizes are determined by a combined Top-Down and Bottom-Up approach, based on a specific rationale for each market segment. As a basis for evaluating markets, we use data provided by the IMF, World Bank and the annual reports of the top 1000 Banks by asset size. Next we use relevant key market indicators and data from country-specific associations such as GDP, deposit interest rates, lending interest rates or bank account penetration rates. This data helps us to estimate the market size for each country individually.Forecasts:
In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, the S-curve function and exponential trend smoothing are well suited to forecast financial services for digital as well as traditional products and services.Additional Notes:
The market is updated twice per year in case market dynamics change.Mon - Fri, 9am - 6pm (EST)
Mon - Fri, 9am - 5pm (SGT)
Mon - Fri, 10:00am - 6:00pm (JST)
Mon - Fri, 9:30am - 5pm (GMT)
Mon - Fri, 9am - 6pm (EST)