If a new law that the Kenyan government plans to introduce passes, at least 24 banks risk total closure, which would affect almost 7,000 employees and over 600 rented premises across the country. 
Citizen Digital reports this, citing excerpts from a meeting of the Kenya National Bankers Association (KBA), which submitted its comments on the proposed Business Bill to the Finance Committee of Parliament.
The bill would require banks to increase their capital from one to 10 billion shillings, to be implemented within three years.
According to bankers, Parliament's proposed core capital increase for financial institutions will limit access to credit, further stagnate the economy, cause job losses and reduce the government's tax revenues. As many as 24 banks are affected by the possible change, and in total would need 150 billion schillings to reach the threshold.
The KBA also warned the state against introducing additional taxes on financial transactions, saying that the effect will be reflected in the interest rates charged on loans.
A list of which lending institutions would be at risk of closure was not provided.
In 2015, Imperial Bank went bankrupt and 4300 large creditors had to wait six years to start getting paid, with droppers, in a compensation process that has not yet been completed.