This archive report was first published on 11 September 2019.
On September 11, 2019, a new Collective Bargaining Agreement (CBA) was reached between the Banking, Insurance and Finance Union (BIFU) and the Kenya Bankers Association (KBA), benefiting approximately 19,000 banking staff out of a total of 30,000 industry employees.
The agreement includes a 6% pay raise for bank employees, as well as enhanced medical cover for the 2019-2021 period.
According to the Central Bank of Kenya's (CBK) 2017 Banking Supervision report, banks lost a combined 8.3% of staff during the year, having cut weight to fit through the ever fluid banking sector environment.
Notably, the adoption of financial technologies (FinTech) including new know-your-customer procedures (KYC) and Artificial Intelligence has seen a high turnover of support and clerical staff from the banking sector.
Despite the notable industry turbulence, both the finance and insurance sector's employment and earnings have been on a growth trajectory, having risen by 13.7% and 26.1% respectively between 2013 and 2018.
