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Financial services sector loses 1,500 jobs in a year
KBA chief executive Habil Olaka. He suggested the job cuts could be linked to the general slowdown in economic activity last year. FILE PHOTO | SALATON NJAU | NMG
Kenya lost about 1,500 banking and insurance sector jobs in 2017, the first such drop in seven years that also defines how banks reacted to the interest rate capping law introduced in September 2016.
The total number of people working in the financial services sector dropped to 63,500 as most banks shifted from brick-and-mortar operations in favour of technology-based transactions, according to the Economic Survey 2018 that was published last week.
