SOME traditional banking roles are being phased out due to automation, the Bankers Association of Zimbabwe (BAZ) said this week.
However, BAZ said the sector’s total employment was not declining, as demand had shifted to other areas.
According to estimates by the Zimbabwe Banks and Allied Workers Union (Zibawu), banks have culled over 500 jobs in the past year. The union predicts further upheaval in 2025 as operators respond to technology-driven changes.
CBZ Bank accounted for the majority of job losses at 347, followed by First Capital Bank, which let go of 52 staff members. ZB Bank retrenched 40 employees, while Steward Bank cut 21 positions, according to Zibawu.
NMB Bank, one of the country’s leading lenders, will also be laying off 52 workers.
“The ongoing digital transformation in the banking sector is a necessary evolution to meet the changing needs of customers and improve operational efficiencies,” BAZ chief executive officer Fanwell Mutogo told businessdigest.
“While restructuring is an inevitable part of this transition, it is important to emphasise that the primary goal is not to reduce jobs but to create a more agile, efficient, and customer centric banking environment.”
“While the shift towards digital platforms has led to some branch closures and role adjustments, employment in the banking sector is not declining in absolute terms. The nature of jobs is changing.
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“For example, as banks invest in digital infrastructure, there is a growing demand for IT specialists, data scientists, and digital customer support teams. Additionally, employees are being reskilled to take on new responsibilities that align with the sector’s evolving needs.”
BAZ believes the digital shift presents employees with opportunities to upskill and transition into new roles better suited to a digital economy.
“The trend of banks embracing technology and reducing their physical footprint is likely to continue as digital platforms become increasingly integral to delivering seamless banking services. Restructuring is not solely about downsizing but about reallocating resources to areas where they are most needed,” Mutogo said.
“While some traditional roles may evolve or be relocated, new opportunities are emerging in areas such as digital banking, cybersecurity, data analytics, and customer experience management.”
This shift also aims to ensure banks remain competitive. For the banking sector, digital transformation is expected to lead to cost reductions, enhanced operational efficiency, and more personalised services.
However, it also raises questions about the future of the banking profession and how employees will adapt.
“The digital transformation of the banking sector brings both challenges and opportunities,” Mutogo said.
“It requires continuous upskilling and adaptability from employees to remain relevant in a technology-driven environment. On the other hand, it opens doors to innovative roles and career paths that were not previously available.”
