More Zimbabwe Bank Jobs at Risk as Lenders Push Digitization

After shedding 8% of their workforce last year, Zimbabwean banks may cut more jobs in 2020 as the economy shrivels and the sector increasingly shifts away from cash and toward digital services.

“The banking industry, just like the rest of the economy, will suffer negative growth this year, which could result in even more job cuts,” said Sijabuliso Biyam, the chief executive officer of the Bankers Association of Zimbabwe. “The sector is now driven by technology. If the economy was doing well, those people who have been made redundant could have been redeployed elsewhere, but sadly that is not the case.”