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Tariff Survey 2018


Banking from a Customer’s Perspective

  • In the Banking Survey 2013, Think Business Ltd set out to present traditional banking data from a different perspective – that of the average bank customer. We have maintained this tradition over the subsequent years, publishing the Kenyan Banks Tariffs Survey in every issue of the annual Banking Survey.
  • The findings from the survey cover the Retail Banking and SME Banking sectors, with the thirty eight commercial banks that are represented divided by tier for the purposes of this report, which is a peer review. 
  • Think Business created model customers to represent the average bank customer, projecting their needs so as to calculate the annual cost of banking in the respective banking sectors.
  • The banking tariffs used in this survey are all from the individual banks’ General Tariff Guides.


Think Business is maintaining this customer driven approach in the current banking survey and will do so in future issues of the annual banking survey.

Think Business Tariff Portal

Think Business has partnered with FSD Kenya in a project that will provide the average bank customer or potential customer with the opportunity to “shop around” and settle on the bank that most suits his or her individual needs in terms cost. The project entails placing the tariff survey on an interactive online platform which will calculate the estimated cost of banking based on the frequency of use of various banking products. The tariff portal will then present the online visitor with a list of all the commercial banks in operation and the estimated projected monthly, quarterly, biannual or annual cost of banking with each institution. The tariff portal will be accessed from the Think Business Website as well as on a Mobile App.

Infotrack Consumer Research Study Findings

Think Business Ltd with the support of FSD Kenya commissioned Infotrak to carry out research on trends of the average banking consumer.

Key Findings on the Average Bank Consumer

Type of Bank Accounts

1. Type of bank account used

  • 83.2% of respondents operate Personal Bank Accounts exclusively
  • 7.1% of the respondents indicated that they operate SME Bank Accounts exclusively
  • 9.7% of the respondents indicated operating a mix of Personal & SME Bank Accounts


Operating of Bank Accounts

1. Most Common Way to make Bank Deposits

  • Majority (53.9%) of the respondents make deposits Over the Counter, 69.6% of the respondents in Rural Areas while 47.2% are Urban 
  • 17.4% indicated that they make their deposits through Agency Banking (18.0% Urban; 16.0% Rural) 
  • 17.3% indicated that they use Mobile Banking to make their deposits (21.1% Urban; 8.5% Rural) 
  • 10.4% indicated that they use an ATM to make their deposits (12.6% Urban; 5.1% Rural)


2. Frequency of Bank Deposits

  • Majority (52.0%) of the respondents make deposits 1 to 2 times a month, 60.2% in Rural Arears compared to 48.3% in Urban Areas
  • 23.3% make deposits 3 to 4 times a month, 25.9% in Rural Areas compared to 17.4% in Urban Areas 
  • 5.6% (7.2% Rural; 4.8% Urban) make infrequent deposits ranging from 3 to 6 months or a year
  • 5.3% (6.7% Urban; 2.1% Rural) make deposits ranging from 5 to 10 times in a month, while 4.3% (5.8% Urban; 0.9% Rural) do so more than 10 times in a month


3. Most Common Ways to withdraw Money

  • Majority (54.5%) of the respondents use an ATM to withdraw money from their bank accounts, 56.7% in Rural Arears compared to 53.6% in Urban Areas
  • 19.4% withdraw their money Over the Counter (23.2% Rural; 17.7% Urban) 
  • 15.0% use Mobile Banking to make withdrawals (17.4% Urban; 9.5% Rural)
  • 10.0% make their withdrawals through Agency Banking (10.7% Urban; 8.5% Rural)


4. Frequency of Withdrawals

  • Majority (50.5%) of the respondents make withdrawals 1 to 2 times a month, 52.7% of them from a Rural Location while 49.5% are from an Urban Location
  • 22.2% make withdrawals 3 to 4 times a month, 22.2% of them Rural while 22.1% are from an Urban Location
  • 14.3% (16.5% Rural; 13.3% Urban) make infrequent withdrawals ranging from 3 to 6 months or a year
  • 8.2% (9.9% Urban; 4.2% Rural) make withdrawals ranging from 5 to 10 times in a month, while 4.0% (4.6% Urban; 2.7% Rural) do so more than 10 times in a month


Mobile Money Consumer Trends

1. Preferred mobile money transfer service

  • 97.1% of those interviewed indicated Mpesa as their preferred mobile money transfer service, followed by Airtel Money 2.0%, Equitel 0.5% and YU Cash 0.1%. 
  • 0.4% of the respondents indicated that they do not have any preferred mobile money transfer service.


2. Frequency of mobile money transfers

  • 41.3% of the respondents indicated that they transacted 1 to 2 times a week
  • 24.8% indicated that they transact 3 to 4 times a week
  • 15.0% indicated that they transact 5 to 10 times a week
  • 10.2% indicated that they transact more than 10 a week
  • 4.9% indicated that they do not transact at all
  • 3.9% indicated that they transact infrequently, once every 3 to 6 months or in a year


3. Amounts Transacted

  • 20.8% indicated that they transacted between KSh 1,000 to 2,000 in a week
  • 17.8% indicated that they transacted between less than KSh 1,000 in a week
  • 13.4% indicated that they transacted between KSh 5,001 to 10,000 in a week
  • 12.5% indicated that they transacted between KSh 2,001 to 3,000 in a week
  • 10.3% indicated that they transacted between KSh 3,001 to 4,000 in a week
  • 10.0% indicated that they transacted between KSh 4,001 to 5,000 in a week
  • 6.9% indicated that they transacted between KSh 10,001 to 20,000 in a week
  • 3.2% indicated that they transacted between KSh 20,001 to 30,000 in a week
  • 1.5% of respondents indicated that they transacted between KSh 30,001 to 40,000 in a week
  • 1.4% of respondents indicated that they transacted between KSh 40,001 to 50,000 in a week
  • 1.4% indicated that they transacted between KSh 50,001 to 100,000 in a week
  • 0.8% indicated that they transacted between more than KSh 100,000 in a week