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Bank of Africa has announced closure of about a third of its branches in Kenya, joining five other lenders on cost-cutting measures that include staff cuts in only six months.
Twelve branches are targeted for closure of the 42 that are in operation, in the most drastic measure informed by digital transformation of services that would result in staff redundancies. Before BoA, five banks had announced layoffs and branch closures since August when the Government moved to regulate interest rates on loans and savings.
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