February 21, 2017 / 1:55 PM / in 10 months

Kenya's KCB Group says cutting some jobs after review

NAIROBI, Feb 21 (Reuters) - Kenya’s biggest bank group KCB is eliminating an unspecified number of jobs after a two-year review of its operations aimed at boosting efficiency, it said on Tuesday.

Several Kenyan lenders have said they are cutting their workforce after legislators capped commercial lending rates last August, a move expected to squeeze banks’ margins and profits.

KCB said its review of staffing needs was done against the backdrop of fast-changing technology and regulations.

“The process is being handled in accordance with the law,” KCB said in a statement, promising to offer more details when it unveils its full year earnings in the next three weeks.

Banks in Kenya, which is East Africa’s biggest economy, have also been turning to mobile banking, to lower costs and build new revenue streams, after the rates were capped.

Reporting by Duncan Miriri, editing by Louise Heavens

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