Unemployment levels in Zimbabwe to continue rising as leading bank closes some branches


Standard Chartered Bank will be retrenching staff from 7 branches across the country, as the bank will be closing down the branches due to the increasing usage of digital banking platforms such as mobile banking and internet banking. The emergence of mobile and internet banking has resulted in the loss of jobs in the banking sector, and workers who will be affected by the decision to close down the branches will reportedly get two weeks pay for every year served.

A worker who spoke to the weekly publication the Financial Gazette said:

We are going to be paid a fortnight’s salary for every year served as part of our retrenchment packages.

Lilian Hapanyengwi, the bank’s spokesperson, said:

As our clients and the world go digital and our branch transaction traffic is decreasing, we are always evaluating how we should reformat our current channels to deliver the most efficient service to our clients.

Standard Chartered is leveraging on the growth of digital banking and we are currently investing in and enhancing our mobile and online infrastructure.

– Financial Gazette

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