Kenyan Banks to Hire More Employees in 2025

The Central Bank of Kenya (CBK) has revealed that Kenyan banks are set to increase their workforce in 2025, with a majority of institutions planning to hire more employees.

CBK in its report conducted in November 2024, stated that more banks will be hiring employees in 2025, outpacing their non-banking counterparts.

“Respondents were asked about their hiring expectations for 2025. The results showed varied hiring expectations between banks and non-banks,” read the report in part.

The responses showed that 72 percent of banks expect to hire next year compared with 43 percent of non-banks.

Among large banks, 67 percent indicated plans to increase their workforce, while 33 percent responded negatively.

Hiring Expectations for 2025 by Banks

Medium-sized banks were slightly more optimistic, with 71 percent expressing intentions to hire, compared to 29 percent who did not.

Small banks led the trend, with 75 percent planning to expand their teams and only 25 percent opting out.

Overall, 72 percent of all banks surveyed showed readiness to hire, leaving 28 percent hesitant.

Banks largely expect to hire more to support continued branch expansion, growth in business and launch of new products.

They also aim to increase their workforce to fill vacant roles and areas critical to business operations.

Also Read: CBK Reveals Banks with Cheapest and Most Expensive Loans

CBK Reveals Why Banks Will Hire More Employees

Meanwhile, non-banks cited the prohibitive cost of running a business, low business out-turns, increased staff costs, taxes as well as pending bills as the main impediments to new hires in 2025.

In addition, they indicated plans of scaling down due to low business and the leveraging on ICT and technology which has reduced manual operations.

In the November survey, 62 percent of banks expected to hire more employees in 2024 compared with those they had in 2023 while only 45 percent of non-banks expected to increase their employees in 2024.

“Nevertheless, respondents indicated that the rise in taxation, reduction in consumer purchasing power and demand uncertainties may delay hiring decisions,” CBK stated.

Also Read: CBK Reduces Interest Rate on Loans

When it comes to non-banks, agriculture and tourism/hotels are among the more optimistic sectors, with 45 percent of respondents in each indicating plans to hire more employees.

In contrast, the manufacturing, transport, and real estate/building/construction sectors show more caution, with 63 percent of respondents in these industries not planning to expand their workforce.

Trade stands out with 64 percent of respondents indicating they do not plan to hire in 2025.

Hiring Plans for 2025 by Non-Bank Private Firms

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