Kenya’s Co-operative Bank and Kenya Commercial Bank (KCB) have been ranked among the fastest growing companies in Africa, according to a new report by the Financial Times and Statista, highlighting the two institutions as key drivers of regional economic growth.
The report, titled Africa’s Fastest Growing Companies 2024, assessed hundreds of firms across the continent based on revenue growth, operational performance, and innovation between 2019 and 2022. Co-op Bank and KCB emerged as the only two Kenyan banks to secure positions in the top 100, with Co-op Bank taking a lead among East African financial institutions.
Co-op Bank CEO Gideon Muriuki welcomed the recognition, attributing the bank’s performance to “strong digital innovation, customer-focused services, and a solid cooperative model that supports inclusive banking.” KCB also credited its growth to strategic regional expansion and increased adoption of mobile banking services.
The Financial Times noted that despite global economic uncertainty, African companies demonstrated resilience, particularly in finance, agriculture, fintech, and logistics.
Kenya’s growing dominance in Africa’s banking sector is seen as a reflection of improved regulation, technological uptake, and regional integration, with both Co-op and KCB expanding footprints beyond Kenya into countries like Uganda, Rwanda, South Sudan, and the Democratic Republic of Congo.
Industry analysts say the ranking affirms Kenya’s position as a regional financial hub and could attract further investor interest in the country’s banking sector.
