A survey report published by the Central Bank of Kenya (CBK) in collaboration with the Kenya National Bureau of Statistics (KNBS) and 13 other institutions has revealed five ways in which Kenyans lost money in 2024.
The report titled the 2024 FinAccess Household Survey report has indicated that respondents cited various incidences where they lost money.
This Report is the 7th edition based on the Financial Inclusion Survey providing key developments in access, usage, quality and impact dimensions of financial inclusion.
According to the report, the majority of Kenyans lost money through banks, mobile banking, SACCOs, mobile money, pensions, and microfinance institutions (MFIs).
CBK & KNBS Reveals Five Ways Kenyans Lost Money in 2024
Internal fraud in Savings and Credit Cooperative Organisations (SACCOs) and pension schemes was the most prevalent form of financial loss in 2024.
The Household Survey report showed that 75.1 percent of Kenyans sampled in the survey reported losing money through internal fraud in SACCOs, while 66.1 percent experienced similar losses in pension schemes.
Accidental sending of money was a prevalent issue in mobile money services, with 70.0 per cent of Kenyans in the survey reporting such incidents.
The report further disclosed that Kenyans who lost money through external fraud in mobile banking accounted for 37.9 percent of the reported losses, while genuine reversals in mobile money stood at 15.5 percent.
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How Kenyans Lost Money in 2024 in Different Financial Channels
Banks: As per the report, over half of the financial losses (56.5%) are due to internal fraud, followed by external fraud at 19.6%. Accidental send also plays a significant role at 13.9%.
Mobile Money: While accidental send is the leading cause of loss at 70.0%, internal fraud still accounts for 2.4% of losses, indicating a need for better oversight in these digital platforms.
Mobile Banking: Both internal and external fraud are equally prevalent, each at 37.9%, suggesting a balanced threat from both within and outside the system.
SACCOs and MFIs: These institutions see the highest percentage of losses from internal fraud, at 75.1% and 46.1% respectively, highlighting a critical area for intervention.
Pension: With 66.1% of losses attributed to internal fraud, there’s a clear indication that retirement funds are not immune to internal threats.
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Fraud and Loss Breakdown by Financial Channel (2024)
| Channel | Internal Fraud (%) | External Fraud (%) | Genuine Reversal (%) | Accidental Send (%) | Agent Fraud (%) |
| Banks | 56.5 | 19.6 | 1.6 | 13.9 | 7.9 |
| Mobile Money | 2.4 | 19.5 | 15.5 | 70.0 | 3.2 |
| Mobile Banking | 37.9 | 37.9 | 5.6 | 19.2 | 0 |
| SACCOs | 75.1 | 0 | 0 | 0 | 10.1 |
| MFIs (Microfinance) | 46.1 | 25.9 | 0 | 0 | 0 |
| Pension | 66.1 | 14.6 | 0 | 0 | 0 |
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