The human rights activist, Robert Alai has said Kenya is over populated with banks.
According to Alai, Kenya has 42 commercial banks serving a population of 42 million people.
Quoting the Cytonn report on the Kenya’s Banking Sector Overview, Alai said the Co-operative Bank of Kenya and I&M are more notable.
Kenyans have recently complained of banks in the country not properly handling their money after three banks were placed under receivership. Alai also shared on his Twitter account that Barclay’s and Stanchart banks are dropping so fast while I&M has the highest rate of growth. However, Cytonn Investments named five banks considered to be safe and these are Kenya Commercial Bank (KCB), Equity, DTB, I&M and Cooperative Bank.
This comes days after Kibera residents said the best bank is Equity. They said the bank has its branches everywhere making it easy for the customers to conduct any transactions.
Last week, Chase Bank was placed under receivership after it was reported to have lost a lot of money. Many depositors complained of how they could not access their money from the bank.
President Uhuru Kenyatta, however, promised that he will help all depositors get their money back.