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The Zimbabwe Banks and Allied Workers Union (ZIBAWU) has reported that the country’s banking sector has experienced a 75% reduction in jobs since the beginning of the millennium. This decline is attributed to the rapid digitization of banking processes and various socio-political challenges faced by the nation over the past two decades.
Peter Mutasa, a trade unionist, expressed concern over the significant decrease in the workforce during a high-level convention that brought together workers from across the banking sector. Mutasa highlighted the challenging operating conditions and economic stagnation that have constrained the union’s ability to effectively serve its members.
Mutasa stated, “We have seen a decline of our membership from as high as 12,000 in the late 1990s to around 3,000 currently. The banking sector has also witnessed mega changes including digitalization and automation.”
He pointed out that the high unemployment rate in the country has adversely affected collective bargaining, with traditional methods like strikes becoming less effective. Additionally, Mutasa noted that the restrictive labor law regime, coupled with a toxic political environment, has created challenges for trade unions, as the government views them with suspicion.
The convention revealed that bankers are grappling with various mental health issues due to economic and social crises, work-related stress, and interpersonal conflicts in both work and society. Concerns were also raised about the state of social security, with many workers retiring without adequate financial security and meaningful pensions.
Mutasa emphasized that the problems faced by the workforce are not solely labor market-related but are deeply rooted in political issues. The convention concluded with a resolution to build an active citizenry through extensive civic and political education for union members and surrounding communities.
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