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Kenya’s banking sector loses Sh1.59 billion to hackers in 2024

Oluwatosin Adeyemi by Oluwatosin Adeyemi
September 11, 2025
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In 2024, hackers stole a record Sh1.59 billion from Kenya’s banking industry, underscoring the dangers of cyberattacks as banks and online lenders grow more mobile and technologically advanced.

The CBK reports losses from late-night mobile fraud and fraudulent wire transfers quadrupled from Sh412 million in 2023. Over 50 per cent of the losses came from mobile banking, and millennials were the target of weekend password scams. When fraud cases doubled to 353 and cybercrime targets tripled to Sh1.96 billion, bank insurance premiums increased.

Cybercriminals take advantage of the rapid adoption of digitalisation

The CBK report emphasises how the quick uptake of digital technology has made it easier for criminals to exploit SIM swaps, phishing, malware, and identity theft.

Identity theft increased six times to Sh199.1 million, computer fraud cost Sh203.4 million, and card fraud increased nearly 17 times to Sh263.3 million.

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Financial institutions are currently spending between Sh80 million and Sh400 million a year for electronic crime coverage under the Bankers Blanket Bond, with a large portion of that money being reinsured abroad due to the limited recoveries.

Industry leaders caution that as international insurers pull back, underwriting capacity is decreasing, which will tighten pricing and put additional strain on banks that are already struggling with compliance and technology expenses.

New pattern of systemic risk

The pattern points to a new area of systemic risk. Kenya’s innovative digital finance model continues to be a global standard, but its very success has created weaknesses that criminals are quick to exploit.

Banks are being pressured to improve security and customer awareness as regulators strike a balance between innovation and resilience, as the number of cyberattacks in the nation doubled to 7.96 billion last year.

When margins rely on cost reductions and protection now necessitates increasing investments in technology, insurance, and consumer education, the larger question is whether lenders can maintain digital trust.

Tags: banking sectorcyberattackscybersecurityDigital financeKenya
Oluwatosin Adeyemi

Oluwatosin Adeyemi

Oluwatosin Adeyemi is a seasoned writer with 5+ years of experience. He holds a degree in Animal Science from Olabisi Onabanjo University. A hardworking and creative individual with a passion for teamwork and self-improvement.

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