A fresh round of job cuts has been signaled after KCB Group, Kenya’s biggest bank by assets, sent off 28 staff at its Rwandan branch.
In a response on Thursday to Kenya’s Daily Nation, the bank said it was “reviewing its operations” in light of Nairobi’s interest rate caps and growing uptake of technology in the banking industry but declined to reveal how many workers will be affected in Kenya and across the group.
“The review is an ongoing process that has also seen us relook our workforce 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,” it said.
“The process is being handled in accordance with the laws and once the exercise is completed, a formal communication will be shared.”
The affected staff include both temporary and permanent employees, according to Maurice Toroitich, the bank’s managing director, Rwanda’s The New Times reports.
He also told the news outlet that the bank’s business volumes and the quality of service has remained below expectation over the past years, but operational costs have risen, driving the firm to seek measures to reduce expenses and improve service delivery.
