Number of bank accounts dips for the first time in 25 years

CBK data shows that 3.57 million accounts were struck off by lenders. [File, Standard]

The number of bank accounts has dropped for the first time in 25 years on the back of lenders closing those that have failed to carry out any financial transaction for long.

Data from the Central Bank of Kenya (CBK) shows that 3.57 million deposit accounts were last year struck off by banks for remaining idle or their owners applying for their closure.