Kenya’s banking sector has embraced digital transformation at an impressive pace, especially in transactional services. The Banking Sector Innovation Survey 2024 by the Central Bank of Kenya (CBK) shows that 98 percent of financial institutions have adopted mobile platforms through apps or USSD to enhance customer convenience and operational efficiency.
However, while basic banking has gone digital, the CBK report notes, wealth and investment management remain among the least digitised segments of the financial services sector.
