How Kenyans saved their money in 2024

According to the 2024 FinAccess Household Survey by the Central Bank of Kenya, mobile money remains the most popular savings method, with 35.9% of Kenyans using it to store their funds.

Chamas (informal savings groups) follow at 19.7%, reflecting the continued reliance on community-based savings.

Mobile banking accounts for 16.7%, while 16.2% of Kenyans still prefer secret hiding places for their money.

Bank savings stand at 14.0%, showing a slight increase compared to previous years. Saccos (Savings and Credit Cooperatives) account for 8.7% of savings.

While mobile money and informal savings methods are experiencing a decline, bank savings are on the rise as more Kenyans seek formal financial security.