From 31 March, Stanbic will close down two branches in Beitbridge and Chitungwiza with the goal to move customers from physical branches to take up their online services instead.
Stanbic’s Chief Executive Mr Joshua Tapambgwa says the new model they are adopting is long overdue in the region:
The model we are following has been adopted by many financial and non-financial institutions in other parts of the world but very few in Southern Africa.
The fact that Stanbic is taking this approach comes as no surprise once you consider the fact that Stanbic is a part of Standard Group in South Africa. Last year in March, Standard Bank closed down 91 branches in affecting 1200 jobs.
The closure of these two local branches won’t leave anyone jobless since they will get redeployed in different parts:
…the bank has seen it fit to re-deploy staff members from these branches to digital banking innovation-related and sales roles within the bank.
All our staff members currently working in these two branches will be redeployed to other departments of the bank, which are driving the digital bank strategy, that way, we retain our talented employees and continue to move our business forward for the benefit of our customers
The biggest concern regarding this evolution which is seeing bank branches become redundant is the fear of job losses so seeing Stanbic make the transaction whilst managing to retain and redirect the affected employees will come as a relief to many in the banking industry
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