Standard Bank Malawi has sacked 10 of its branch managers for failure to meet some prescribed targets on Know Your Customer (KYC) guildelines which are used across the globe where the bank is operating, Nyasa Times understands.
Insiders said the bank has fired managers for some of its ‘big’ branches which include Blantyre, Ginnery Corner, Lilongwe, Mzuzu, Zomba among others.
When contacted for comment Standard Bank head of marketing and communications Thoko Unyolo confirmed the development.
“Standard Bank Malawi has adhered and followed our internal Human Capital requirements and there is no further comment at this stage,” she said.
But bank sources said these managers are just unfortunate because they were scored against some guidelines on KYC which are used across the globe where the bank is operating but these are different markets.
“The Malawi managers are just unfortunate that they were scored at par with the other countries,” said our impeccable source.
Insiders said the firing of the managers has brought in fear and anxiety over securing of jobs among employees at Standard Bank Malawi.
“It is now looking like a calculated move, if they want to get rid of you, they can just use a benchmark which is used across the globe to penalize us. Some of these benchmarks essentially should not be applicable to Malawi because the markets are different. We now fear for our jobs now,” said one employee who did not want to be named.
Standard Bank Malawi recently changed its core operating system and shut down all services during the weekend of installing the new system which was punctuated with various shortfalls for about three weeks after its instalment.