The country’s biggest lender by assets Kenya commercial Bank bled 223 employees while Bank of Africe closed the most branches at 12 locations. Going forward, these actions will trim the excess fat, making banks leaner and more efficient to face the future,” Standard Investment Bank said. Most employees have now been replaced by agents working directly from banking halls and focusing on mobile banking channels. According to Investment firm Cytonn, with 39 branch closures over 1620 bank employees lost their jobs last year in one an effort to contain costs while taking advantage of disruptions by the rate cap. Banks had employed 28,009 employees as at August 2016 but the bloodletting had left 26,076 employees by June 2017.

Source: Standard Digital April 16, 2018 09:44 UTC