The banking sector is an industry and a section of the economy devoted to the holding of financial assets for others and investing those financial assets as a leveraged way to create more wealth. The sector also includes the regulation of banking activities by government agencies, insurance, mortgages, investor services, and credit cards.
While different banks may have different divisions, the main divisions often offered include Retail, Corporate/Commercial, Global, Private and Investment Banking. These divisions offer an array of banking services including advancing of loans, overdrafts, discounting of bills of exchange, check/cheque payments, collection and payment of credit instruments, foreign currency exchange and consultancy.
With 168 branches, Kenya Commercial Bank is leading bank in Kenya. It owns the largest banking network of any of the banks in Kenya. The bank provides various banking products and services, such as credit cards, loans, savings, mortgages, and investments. Its headquarters is in Nairobi.
Trends Within the Industry
With the advent of mobile money and it’s integration with the formal banking systems, the number of Kenyans with access to electronic financial services has grown rapidly in the last couple of years. Customers have also increased the use of bank platforms through a wide array of services. Mobile money platforms have been used to offer medical insurance, microloans, transfer money to a pre-paid credit card, and even to pay parking, electricity, and water bills. Kenya’s capital markets have also continued to expand.
The World Bank’s latest economic analysis for Sub-Saharan Africa shows African countries are not wasting the opportunity from the COVID-19 crisis, they are increasingly adopting digital technologies to boost productivity in current jobs, and increase employment opportunities, particularly for women and youth. The report also predicts that the COVID-19-induced recession is less severe than earlier anticipated, however, economic recovery will vary significantly across countries and sub-regions.
To unlock the full benefits of a digital economy, the report recommends policies that accompany investments in digital infrastructure such as a regulatory framework that fosters competition and innovation in telecommunications, provision of reliable and affordable electricity, investment in education and upgrading the skills of informal workers.
Where do we come in?
Our specialist recruiters have experience within the industry and are fully certified practitioners in Lumina Select, the preferred psychometric tool used by Summit. We have worked with major players in the industry, posting both junior and senior level jobs with individuals who have acted as valuable assets to the organizations.
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