Bank of Africa (BOA) is set to shut 12 retail branches out of its 42 branches in Kenya.
In a Friday announcement,BOA attributed the closure of nearly 30 per cent of its branches located in various parts of the country to the ongoing digitisation of its banking services.
Nairobi County, which has the most branches, will now have 17, down from the current 25. Thirteen other branches will be spread throughout the country.
Consequently, a number of its 520 employees will be declared redundant once the plan is implemented. However, the bank has not defined the exact number of employees who will be fired.
“We cannot tell exactly how many will be affected as at now and we can only determine that later. Some staff redundancies are expected though,” BOA Managing Director Ronald Marambii told journalists on Friday.
The bank will be moving from the traditional brick-and-mortar outlets to digital channels such as mobile banking, agents and online banking which have made basic functions such as withdrawals, deposits, payment of bills, loan applications and fund transfers easier for customers.
