Kenya’s Largest Bank by assets and profits, KCB Group will retrench more than 500 employees in its Kenyan business citing “evolving technology changes & a dynamic regulatory regime.”
Two weeks, the Bank sent home about 28 staff in its Rwandan subsidiary saying this was to align with their current business environment and taking into account that delivery of their banking services is gearing more towards technology.
“KCB Bank has over the past two years been reviewing its operations in an effort to improve efficiency, serve our customers better, and meet the expectations of our shareholders. The review, which is an ongoing process that has seen us relook our workforce, has been done in keeping with the best business practice in an industry that is undergoing a major transformation driven by fast evolving technology changes, and a dynamic regulatory regime.” said KCB in a statement.
The massive job cuts makes KCB Group the ninth bank to announce retrenchment in since September in a bid to focus on digital banking in the era of controlled interest rates on loans and deposits.
Other Kenyan lenders that have announced the same include; Bank of Africa Group-Kenya, Standard Chartered, Ecobank, Family Bank, Sidian, NIC, National Bank, and First Community Bank.
