Steward Bank has announced a restructuring process which will result in a reduction in its staffing levels following the successful implementation of its digitalization strategy.
Courage Mashavave, the bank’s Chief Executive Officer, said the reduction in staff was necessitated by the bank's ongoing digitalization initiatives.
The announcement follows a Scheme of 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, 2024.
“Since 2021, the Bank has been on a digitalization drive which resulted in the upgrade of its core banking system and the modernization of its supporting infrastructure, to create capacity for business growth and enhance operational efficiencies by streamlining and automating manual processes,” Mashavave said.
This, he added, 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 through various channels.
Mashavave noted that the automation and digitalization initiatives would fundamentally alter the bank's business model and organizational structure “rendering some operational processes that require human resources redundant and therefore necessitating the need to streamline headcount”.
He said the process of offboarding 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.
Mashavave added that the bank had put in place measures to ensure that the restructuring process would not disrupt normal banking operations for its customers and stakeholders.
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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.
