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1,600 banking jobs were lost a year after law capping interest rates came into effect

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More than 1600 employees in the banking sector were rendered jobless in the first year since the law capping interest rates came into effect, as lenders tried to protect their profits.

According to a study by Cytonn Investments released today, banks raced to reduce the impact of the cap, which resulted into retrenchments and branches being closed.

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