| Updated Fri, April 21st 2017 at 12:12 GMT +3NAIROBI, KENYA: Technology revolution and recent law on interest rate capping have conspired to send KCB staff home. KCB, which also operates in five neighboring countries, had already said it would cut an unspecified number of jobs, mainly due to technological changes and the capping of commercial rates in Kenya last September. Staff have a month to apply, and the group plans to complete the exercise in the middle of June, sources at KCB told Reuters. The government set a commercial interest rate limit of 400 basis points above the central bank rate, which stands at 10 percent. The cap, which also set a minimum deposit rate, has curbed bank earnings and private sector credit expansion.

Source: Standard Digital April 21, 2017 08:37 UTC