This article will focus on Tier 1 banks in Kenya.
Do you know there is a classification of banks in Kenya by the Central bank of Kenya? If you don’t know, Tier 1, Tier 2, and Tier 3 banks in Kenya exist.
List of Tier 1 Banks in Kenya
Here is a list of tier-1 banks in Kenya:
1. Absa Bank Kenya PLC
Number one on our list is Absa. It was formerly known as Barclays Bank, and in Feb of 2020, Barclays Bank of Kenya officially changed its name to Absa Bank Kenya PLC, following all necessary regulatory approvals.
The bank has gotten better with time and is a leading financial institution. Absa Bank Kenya PLC provides a wide range of banking products and services to SMEs and large corporations.
2. KCB Bank
KCB Bank is number two on our tier one banks in Kenya.
KCB has been a leading financial Institution and Customer Service Provider for more than 120 years, with a customer base that spans several East African countries.
Since 1970, it has been operating as Kenya Commercial Bank until 2015, when KCB Bank Kenya was incorporated 2015 due to the corporate restructure of Kenya Commercial Bank Group.
3. Equity bank
Number three on our tier-one banks in Kenya is Equity bank. Equity Bank, headquartered in Nairobi, was founded as a small finance company to help low-income earners to access affordable credit and other financial services.
This organization has over 21 branches across the country that offer various banking products such as savings accounts, current accounts, loans for individuals and businesses.; insurance policies – life cover and home mortgage, among others. Equity Bank also offers online banking facilities to its clients.
4. Cooperative Bank
The Co-operative Bank of Kenya is a commercial bank in Kenya licensed by the Central Bank of Kenya, the national banking regulator. Co-operative Bank of Kenya was established in 1991 and is a leading financial institution in all 47 counties of Kenya, serving over two million customers through its network of 270 branches.
Global Finance Magazine has ranked Co-op Bank among Africa’s Top 50 Safest Banks for eight consecutive years. Co-operative Bank ranks first out of 14 Kenyan banks on World Economic Forum’s 2018 list.
The bank provides various services such as loans, mortgages, and insurance to individuals and corporate clients. It offers credit cards, payroll management solutions, and internet banking facilities.
5. NCBA Bank
Another tier 1 bank in Kenya is NCBA Bank (NCBA Bank Kenya Plc). In October 2019, CBA Bank (Commercial Bank of Africa) merged with NIC Bank Kenya to form NCBA.
NCBA Kenya Plc offers various banking products for its clients, such as Savings accounts; Current accounts, loans for individuals and businesses.; credit cards, and other bank services.
6. Standard Chartered Bank
The Standard Chartered Bank in Kenya is one of the leading banks in Kenya. Standard Chartered has branches all over the country and in big cities like Nairobi, Mombasa, and Kisumu.
Standard chartered banks offer various banking products for their clients, such as savings accounts, current accounts, loans for individuals and businesses.; credit cards, among other services.
It also provides investment management services to institutional customers through Standard Chartered Investment Management (SCIM) Limited, delivered via a network of brokerages across East Africa.
With time, they have improved their customer service by providing an online platform to transact without visiting any branch.
7. Stanbic Bank
In 2008, CFC Bank Limited and Stanbic Bank Kenya Limited merged to form Stanbic Bank. Stanbic Bank is a leading financial institution in Kenya with over 20 branches. Stanbic bank provides various banking products and services, including savings accounts, current accounts, and credit cards.
8. Diamond Trust Bank (DTB)
Diamond Trust Bank has been a leading financial Institution and Customer Service Provider for more than 70 years, with a customer base that spans several East African countries. Diamond trust bank was founded in 1902; Diamond banks offer various banking products, including savings accounts, current accounts, loans for individuals and businesses.; credit cards, among others.