Africa (Commonwealth Union) _ The Zimbabwe Banks and Allied Workers Union (ZIBAWU) reports a significant loss of jobs in the banking sector, amounting to 75% since the early 2000s. This decline is attributed to a combination of rapid digitization and socio-political challenges faced by the nation over the past two decades.
In discussions about the outcomes of a high-level convention involving workers from Zimbabwe’s banking sector, trade unionist Peter Mutasa expressed concern about the diminishing workforce. He noted the challenging operating conditions coinciding with the congress, which constrained their ability to effectively serve members. The economy’s long-standing stagnation significantly impacted trade unionism.
Mutasa highlighted a significant drop in membership, noting a decrease from a peak of 12,000 in the late 1990s to approximately 3,000 at present. He identified digitalization and automation in the banking sector as major contributors to this decline. The shift towards digital financial services has impacted the traditional cooperative banking model, leading to a decrease in membership over the years. This observation reflects broader trends in the financial industry and the challenges faced by cooperative banks in adapting to a rapidly evolving digital landscape.
The unionist pointed out that high unemployment has negatively affected collective bargaining, with traditional methods like strikes becoming less effective. Mutasa criticized the restrictive nature of labor laws, exacerbated by a political environment where the government views unions with suspicion, treating them as adversaries.
The convention also revealed bankers facing various mental health issues due to economic and social crises, work demands, and interpersonal conflicts at both work and in society. It shed light on inadequate social security in the country, with many workers retiring without meaningful financial security and pensions.
Mutasa emphasized that the problems faced are not solely from the labor market but are intertwined with politics. The convention’s resolution involved a commitment to building an active citizenry through extensive civic and political education for members and communities to address the governance crisis affecting the economy, society, and public services.
