Sidian Bank To Retrench Over 108 employees at a cost of Sh 70Million

Kenya’s Sidian Bank has announced plans to retrench more than 108 employees at a cost of approximately Sh70 million as from Monday October 24th, according to the bank’s CEO Titus Karanja.

Speaking during a media briefing in Nairobi, the CEO said that the bank will extend a credit facility to employees willing to be retrenched but they must meet a set of pre-established guidelines which including having an existing businesses.

We want our employees to become entrepreneurs and employ other youths outside there and as such, we have allowed those willing to go for voluntary retirement”. He said 

“We shall only be giving credit access to those who have access to data that enables effective credit score and own secured businesses as a basis for funding, ” noted Karanja.

According to Titus, the bank has heavily invested in a very robust IT system forcing them to reduce the number of employees by 108 from the current 560 employees.

At a time when other kenyan banks are freezing the opening of new branches and focusing on digital banking, Sidian on the other hand says it will be opening four more outlets within Nairobi city before the end of the year.

“We will be opening four new outlets at the Hub, Two Rivers, Sammer and River Road to offer best customer service experience to our new and existing clients,” He said.

This update is barely a month after another Kenyan lender, Family Bank announced a “voluntary early retirement” program for its staff who are on permanent and pensionable terms.

Africa Sokoni