Poor customer service, high fees, and inconvenient digital banking platforms are the top reasons Kenyans switch banks, according to the 2024 Banking Customer Satisfaction Survey released by the Kenya Bankers Association (KBA). The report found that 47.3% of customers leave their banks due to poor service, while 46% cite high fees as a major reason for switching.
Other concerns include inconvenient digital platforms (32.8%), long wait times (30.1%), and security concerns (29%). The findings reflect growing frustration among customers despite the banking sector’s strides in digital transformation. Mobile and internet banking remain the most preferred channels, each scoring 6/6 in customer satisfaction.
More than 56% of customers favour self-service digital platforms for their convenience and round-the-clock availability. However, ATM usage and call centre interactions have declined, signalling a shift towards digital-first banking. At the same time, access remains a challenge, with 10.63% of customers requiring special accommodations such as braille or screen readers, yet many digital banking services still lack accessibility features. The report also pointed to financial exclusion in rural areas, where banking services remain concentrated in Nairobi and other urban centers, leaving underserved communities with limited options.
Speaking at the launch, Competition Authority of Kenya (CAK) Director General, Mr David Kibet Kemei, emphasised the need for greater transparency and consumer protection in the banking sector. “Transparency in fees, robust complaint redress mechanisms, and financial literacy are non-negotiable. With only 18.3% of Kenyans financially healthy, banks must develop tools to track financial wellness and educate customers on budgeting and responsible borrowing,” he said.
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Kenya National Chamber of Commerce and Industry (KNCCI) CEO, Mr Ahmed Farah, noted that banking activity remains heavily concentrated in urban areas. “MSMEs, which form 40% of our GDP, still face barriers to affordable financial services,” he said.
Banks must expand beyond cities through partnerships to unlock digital inclusion and empower grassroots entrepreneurship,” he said. He also emphasised the potential of AI and data-driven strategies to improve financial access.
The report revealed that the industry’s Net Promoter Score (NPS) has risen from 37.7% in 2023 to 44% in 2024, with 58.1% of customers actively recommending their banks. However, retention remains a concern, as only 36.7% of customers are loyal to a single bank, while 49.5% hold accounts in two or more banks, suggesting they are still seeking better service options.
KBA CEO Raimond Molenje acknowledged the sector’s progress but warned that inconsistencies in service delivery and digital inefficiencies could undermine trust. “Kenya’s banking sector is a pillar of innovation, but we must address operational gaps to sustain trust. Strengthening digital infrastructure and inclusivity — like expanding our Persons with Disability Accessibility Project — will ensure services are seamless, secure, and accessible to all,” he said.
Banks Customer Satisfaction Ranking
During the event, KCB Bank was named the best overall bank in customer experience, followed by NCBA Bank and Equity Bank. Among tier rankings, KCB was recognized as the best Tier 1 bank, Family Bank as the best Tier 2 bank, and ABC Bank as the best Tier 3 bank.
NCBA Bank and National Bank of Kenya took second place in Tier 1 and Tier 2 categories, respectively, while HF Group ranked second in Tier 3. The third-best banks in customer experience were Equity Bank for Tier 1, Prime Bank for Tier 2, and Kingdom Bank for Tier 3. Absa Bank was recognized as the most improved bank in customer experience.
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