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Kenya’s Banking Industry Creates Job Opportunities

The Central Bank of Kenya has disclosed that there has been a notable development in the banking industry due to the job opportunities that have continued to increase. 36,107 positions have so far been created which is an increase by 3,667 from 2022. This is the highest growth in 14 years.

The secretarial staff has had the largest enlistment having risen by 2,498 in 2021 to 4005 in 2022. There have also been 10, 956 and 8,257 new positions under the management and supervisory levels respectively. Clerical jobs created 12,889 jobs this being a 9.3 percent growth.

Kenya's Banking Industry Creates Job Opportunities.
Photo: The Central Bank of Kenya/ Kenyan Wallstreet

According to the CBK, high demand for additional staff specifically among leading banks has led to the growth for employment opportunities. ‘’The increase was largely attributed to some large banks recruiting additional sales and payment channels support,’’ noted the banking sector regulator.

Read Also:CBK Brings back Mobile Money Wallet and Bank Account Transactions

The increased demand prompted the banks to open 16 new branches throughout the year which resulted to hiring more staff. Diamond Trust Bank is expected to open 17 new branches after investing Ksh350 million in their expansion drive. NCBA Bank Kenya opened 12 branches. Co-operative Bank of Kenya announced its plans to open seven new branches.

In spite of the digital transformation that is underway which witnessed a growth in mobile and internet banking channels, branch banking experienced a significant increase. In a customer satisfaction survey conducted by the Kenya Bankers Association, branch banking preference rose from 13 percent in 2019 to 17.6 percent in 2022.

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The banking sector’s income has also improved from Ksh475.6 billion in2021 to Ksh560.8 billion in 2022. The increase is as a result of higher revenues from different sources such as rebound in private-sector lending and non-interest-funded activities like foreign exchange trading and trade finance.

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