Kenya: Lenders Pay Sh38.5 in Tax for Every Sh100 Profit

Nairobi — Kenyan lenders paid Sh38.5 in taxes for every Sh100 profit earned in 2024, new industry data shows.

According to the Kenya Banking Sector Total Tax Contribution Report by the Kenya Bankers Association (KBA) and PwC Kenya, the Total Tax Rate (TTR) dropped from 46.77 percent in 2023 to 38.5 percent, mainly due to higher profitability across the sector.

The report, which covered 36 banks and microfinance institutions, further reveals that the industry paid Sh194.81 billion in total taxes…