Do banks want to force the government to increase the capping of interest rates?

Do  banks want to force the government to increase the capping of interest rates?

KCB Group  is set for another round of layoffs in an early retirement scheme for its employees intended to save Sh2 billion per annum in staff costs. The bank, which is Kenya's largest by assets, attributed the move to impact of the recent interest rates capping and technology changes in the industry.
The programme is expected to align the competing needs of adapting to a banking industry whose outlook has been dimmed by legislative and regulatory reforms, and fast evolving technology platforms that are now attracting nontraditional players into the financial services sector. Let the government intervene in this retrenchment and rescue KCB staff as the management is not sincere. Visit any KCB branch,you will notice that they have business like never before, you will also notice that all schools in Kenya have an account with KCB. KCB even has gone a notch higher by rescuing  two banks from collapsing. Are they calling for retrenchment to arm twist the government to do what? KCB is a government owned bank and such drastic decisions are not good for the economy. Look at most employees, they are young and some are less than 40,where do you expect them to do as some have just started their families the other day, and where will they take their families,to the streets? Chief executive Joshua Oigara said that the retrenchment is intended to help cut costs and boost returns to shareholders. The CEO's explanation does not hold water ! Let him and his executive do a Kamikaze Japanese style by resigning, so that their salaries can be used to boost the banks finances and then employ someone who will earn ten times less than what he and his team earns. If KCB’s staff count dropped by 223 last year, with Sh186 million spent to compensate the affected employees,isn't that not enough? How much can 186 million do to Kenyans as loans and how much will they get back as interest? I took a loan from KCB l was forced to look for a sacco to pay KCB back,l was to pay twice what l borrowed. KCB offers online loans like MShwari,what next? Imagine this is an election year? This means that Kenya will not be able to achieve the 17 sustainable development goals with such retrenchments.
By
Veronica Onjoro
Mombasa

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