Kenya’s banking sector plays a critical role in the country’s economic development. The Central Bank of Kenya (CBK) licenses a variety of commercial banks, ranging from large institutions with vast assets to smaller ones with niche markets. As of 2025, there are 39 commercial banks in Kenya, classified into three peer groups: large, medium, and small.
This article delves into the largest commercial banks in Kenya by asset base, based on the 2024 Bank Supervision Annual Report published by the Central Bank of Kenya (CBK). The rankings reflect how these banks have positioned themselves in the competitive financial landscape.
Classification of Banks in Kenya
According to the Central Bank of Kenya, banks are classified into three categories based on their financial performance and market share:
- Large Banks (Tier 1): These banks dominate the sector, with a market share of over 75%. They have the highest asset bases, extensive branch networks, and significant influence in the market.
- Medium Banks (Tier 2): These banks occupy a middle ground, with a growing asset base and regional influence. They hold between 1% and 5% of the market share.
- Small Banks (Tier 3): These are the smaller institutions with a less significant market share, focusing on specific niches or regional markets.
Top 9 Medium Commercial Banks in Kenya (Tier 2)
Medium banks in Kenya show steady growth and contribute significantly to the financial ecosystem. Here is a list of the medium banks based on asset size:
| Bank | Market Size Index | Total Assets (Ksh Million) |
|---|---|---|
| 1. Prime Bank Ltd | 2.9% | 188,807 |
| 2. Bank of Baroda (Kenya) Ltd | 2.7% | 200,538 |
| 3. Citibank N.A. Kenya | 2.6% | 171,822 |
| 4. Family Bank Ltd. | 2.1% | 168,414 |
| 5. National Bank of Kenya Ltd | 1.6% | 148,255 |
| 6. Bank of India | 1.6% | 90,543 |
| 7. Ecobank Kenya Ltd | 1.1% | 102,634 |
| 8. SBM Bank Kenya Ltd | 1.1% | 101,385 |
| 9. HFC Ltd | 1.0% | 67,561 |
While not as dominant as Tier 1 banks, these medium banks have significant regional influence and cater to both retail and corporate clients, especially in Nairobi and other major cities.
