Currency and Banking

Kenya’s official currency is the Kenyan shilling (KES). The shilling is divided into 100 cents, and the coins come in denominations of 1, 5, 10, and 50 cents, as well as 1, 5, 10, 20, and 40 shillings. Banknotes come in denominations of 50, 100, 200, 500, and 1,000 shillings.

The Central Bank of Kenya (CBK) is the country’s central bank and is responsible for regulating and supervising the banking industry. The CBK issues and regulates the country’s currency and also manages the country’s foreign exchange reserves.

There are many commercial banks operating in Kenya, including local banks and branches of international banks. Some of the largest banks in Kenya include Kenya Commercial Bank, Equity Bank, Cooperative Bank, Standard Chartered Bank, and Barclays Bank.

Mobile banking has become increasingly popular in Kenya, with the introduction of M-Pesa in 2007. M-Pesa is a mobile money transfer service that allows users to deposit, withdraw, and transfer money through their mobile phones. It has been instrumental in increasing financial inclusion in Kenya and has become a model for similar services in other countries.

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