Economic times are proving harder, as Kenyans with over Ksh100,000 in their bank accounts dropped to a 13-year low of just 1,450,000 as of 2018.
In 2017, the number of Kenyans with the same amount and above in banks was recorded at 1,583,000 showing depreciating economic times.
This is according to a report set to be release next week by the Central Bank of Kenya (CBK), which paints a gloomy picture of the economic situation, dotted by dying companies, retrenchments and slowed cash flows.
This is only three percent of the total bank accounts in the country, which currently stand at 53.83 million accounts. Of these, only one percent of the accounts had more than Ksh1 million.
According to the Economic Survey report 2019, only 78,400 official jobs were created in the economy in 2018 compared to 114,400 in 2017.
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Several companies in the country have reported massive losses, some closed while others have retrenched owing to tough economic times and harsh regulation policies by the government.
At least 15 out of 62 companies listed at the Nairobi Securities Exchange (NSE) reported drop in profits by over 25 percent.
Since July, at least 2,000 workers have lost their jobs and more companies are intending to get rid of workers before the end of the year.
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In the financial year ending June 2018, the government said the economy grew by 6.3 per cent last year, generating 840,600 new jobs.
It said 83.6 per cent of the new jobs were created in the informal sector and 16.4 per cent in the formal sector.
This was a 69,400 decline from 909,800 reported in 2017.
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