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Ivan Zhakata, Herald Correspondent
Steward Bank has announced a restructuring that results in a reduction in its staffing levels following the successful implementation of its digitalisation strategy.
Chief executive officer Mr Courage Mashavave said the reduction in staff followed a reconstruction announced by the bank’s holding company, EcoCash Holdings Zimbabwe Limited, at beginning of the year, which was approved by its shareholders at an extraordinary general meeting on April 17.
“Since 2021, the bank has been on a digitalisation drive which resulted in the upgrade of its core banking system and the modernisation of its supporting infrastructure, to create capacity for business growth and enhance operational efficiencies by streamlining and automating manual processes,” Mr Mashavave said.
This had resulted in improved internal digital processes, an enhanced experience for all customer-facing channels and seamless interconnected digital products, which will widen the scope of financial inclusion.
Mr Mashavave noted that the automation and digitalisation initiatives would fundamentally alter the bank’s business model and organisational structure “rendering some operational processes that require human resources redundant and therefore necessitating the need to streamline headcount”.
He said the process of off-boarding some staff would be done in compliance with legal requirements, following full engagement with the affected employees along with consultations with the bank’s workers committee. The bank had put in place measures to ensure that the restructuring process would not disrupt normal banking operations for its customers and stakeholders.
The development at Steward Bank follows a broader trend within Zimbabwe’s banking sector, where institutions have been investing in technology, resulting in a streamlined workforce over the past few years.
Online Reporter