CBZ offers staff exit packages

Business Zimbabwe

Sihle Mkondo

Zimbabwe’s largest bank, CBZ Bank, has offered voluntary exit packages to staff members as it aligns to new digital and technological systems.

In a memo from the Group Chief Executive Officer, Blessing Mudavanhu and Chief Human Resources Officer, Nyasha Mutsai, the Bank expressed need to review its structures and operations in accordance to its transition to automation and digitalisation.

“This is an area which will continue to change, and with this comes the need for new business models and different skill-sets.

“We acknowledge that there are some colleagues amongst us who may not be willing or able to undertake this journey of change, and will want to take the opportunity to pursue other interests,” the memo reads in part.

The voluntary packages are on offer with effect from 26 April to 18 May, thereafter retrenchment will be involuntarily done with effect from June should the need arise.

According to the Zimbabwe Allied Workers Union, other lenders in Zimbabwe have retrenched workers in the past 3 years. CBZ has been forced to cut jobs due to the Covid-19 pandemic which has negatively impacted corporate businesses and other bank clientele.

Zimbabwe has 20 banks in operation including sub-units of regional banks such as Standard Chartered Bank, Standard Bank and Nedbank.