NCBA has noted that most of its high-net-worth customers are now asking for legal and estate advice alongside financial services, as new figures show that 70 per cent of Kenya’s wealthy still do not have formal succession plans.
According to the Acting Group Director of Retail Banking at NCBA Dennis Njau, the bank is responding to these evolving customer needs. Explaining the motivation behind the event, he stated, “We recognise that our customers are seeking comprehensive financial advice not just on investments, but on other aspects as well, including legal and estate matters.”
He was speaking in Kisumu during a closed-door estate succession forum hosted by the bank for its Platinum Banking clients.
“The forum is part of our continuous endeavour to walk hand in hand with them to achieve the journey to economic freedom, providing them with the right information to protect their heritage,” he added.
The session brought together legal experts, insurers, and banking executives to address rising concerns about intergenerational wealth transfer.
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The bank cited research from Knight Frank’s Africa Wealth Report indicating that although more than 70 per cent of wealthy Kenyans intend to pass on their wealth within a decade, just 30 per cent have legally documented succession plans in place.
The forum, held in partnership with Owiti, Otieno & Ragot Advocates and the NCBA Bancassurance Life team, focused on key succession tools such as wills, trusts, and tax structures. Speakers urged early preparation and clear legal documentation to avoid disputes.
NCBA Insurance also offered guidance during the event, stressing the risks of informal wealth transfer and advising clients to make use of formal estate planning instruments early.
Global studies referenced during the forum, including research by Bloomberg and McKinsey, show a trend among wealthy individuals globally: 60 per cent now seek broader financial guidance, which includes legal and estate planning services, rather than investment advice alone.
The renewed focus on succession comes as Kenya’s economy is projected to grow by 5.2 per cent in 2025, with future growth expected to reach 5.7 per cent in non-resource-rich economies, according to the World Bank.
NCBA said this economic progress adds urgency to the need for structured wealth protection.
The event is part of the bank’s strategy to reposition its Platinum Customer Value Proposition to include more advisory services, especially in legal and inheritance matters.
