Fired BancABC Workers Demonstrate

Fired employees from a local financial institution, BancABC have staged a demonstration, accusing the company of acting in bad faith.

Several BancABC employees received letters of termination of employment from their employer last week following the Supreme Court ruling on July 17 allowing employers to terminate employees’ contracts on three months’ notice.

Demonstrating at the bank’s headquarters in Arundel, Harare, the employees branded their dismissal unfair, claiming that the bank is in a sound financial position and is opening new branches across the country.

When the ZBC News crew visited the company’s premises in Arundel, there was riot police at the entrance while a handful of the affected employees were milling outside the gate.    

According to the Zimbabwe Banks and Allied Workers Union (ZIBAWU), BancABC fired 75 employees, mostly shop floor workers.

“The dismissals are unjustified and there is need for government to intervene,” ZIBAWU National Organising Secretary, Mr Tirivanhu Marimo said.

The fired workers say the company is sending them home without any benefits yet it is in a sound financial position.

Atlas Mara, a London Stock Exchange-listed financial services group, last year acquired Pan-African banking group, ABC Holdings, which owns BancABC.

According to the company’s website, BancABC Zimbabwe posted a loss of almost US$295 000 last year compared to an attributable profit of US$11,6 million in 2013.

It is estimated that more than 22 000 people have lost their jobs since the 17th July Supreme Court ruling