KCB Group has revealed that 99 per cent of all transactions in 2024, which totalled Sh1.3 billion, made through the bank were conducted outside physical branches, underscoring a rapid shift towards digital banking.

The bank recorded a 21 per cent year-on-year (YoY) growth in non-branch transactions as customers increasingly turned to online and mobile banking platforms.

Breaking down the numbers, mobile lending led with Sh1.07 billion transactions, reflecting a 30 per cent increase from Sh820 million in 2023—an addition of Sh246 million transactions.

Mobi service, which includes B2C, C2B, B2B, Lipa Karo and Float Purchase, handled Sh128 million transactions, though this was a 15 per cent decline from Sh150.6 million in 2023, meaning Sh22.6 million fewer transactions.

Agency banking saw Sh62 million transactions, up 2 per cent from Sh60.8 million, an increase of Sh1.2 million transactions.

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Merchant POS transactions reached Sh25 million, reflecting a 6 per cent rise from Sh23.6 million, adding Sh1.4 million transactions.

Meanwhile, ATM transactions dropped by 7 per cent to Sh16 million, down from Sh17.2 million in 2023—a reduction of Sh1.2 million in transactions.

Internet banking grew by 27 per cent to Sh9 million transactions, rising from Sh7.1 million and adding Sh1.9 million new transactions.

Transaction Values

The total value of transactions conducted through digital channels reached Sh6.7 trillion, marking a 12 per cent YoY growth.

Internet banking led with Sh2.9 trillion, rising 36 per cent from Sh2.15 trillion in 2023—an increase of Sh774 billion.

Mobi service transactions were valued at Sh2.47 trillion, but this reflected an 8 per cent decline from Sh2.68 trillion, a reduction of Sh215 billion.

Merchant POS transactions stood at Sh701 billion, increasing by 7 per cent from Sh655 billion, an addition of Sh46 billion.

Agency banking accounted for Sh407 billion, up 5 per cent from Sh388 billion, gaining Sh19 billion.

ATM transactions, despite a drop in volume, saw a 46 per cent increase in value, reaching Sh204 billion, up from Sh140 billion in 2023—an increase of Sh64 billion.

KCB stated that it has introduced “an all-in-one bespoke digital banking experience based on innovative technologies and mini app programs”, reinforcing its commitment to digital transformation.

As part of its “digital leadership” agenda, the bank continues to shift away from traditional banking models, with an increasing number of customers opting for digital channels for their transactions.