Bankers calm panic

01 March 2019
Namibian banks under the auspices of the Banker Association of Namibia (BAN), maintains they have no plans to shed jobs due to their adaptation of digital platforms.
This comes as panic had gripped workers in the banking sector, after the Namibia Bank Workers Union was quoted in a local daily saying 1 800 jobs will be lost as banks push their customers to their online platforms.
According to BAN, the grouping of banks operating in the country, none of its members had informed it of plans to retrench employees.
“As a collective body, the Bankers Association of Namibia, would like to confirm that no job losses are planned. As responsible corporates, we have clear stakeholder engagement strategies in place to address matters of this nature if and when it is needed.”
 According to BAN, the introduction of digital platforms had in fact reduced the cost of banking and provided convenience for the Namibian banking public.
“The banking landscape is ever changing and new technology have revolutionized the way financial institutions engage with their customers. The advent of digital banking has made it possible for the banking public to benefit from reduced banking fees as evidenced by reduced banking fees.”
A leading bank which chose to comment under BAN had maintained that it had in fact open new branches and works with a reassignment policy for its staff who might be affected by any operational changes.
Due to the country’s economic challanges , many companies have implemented cost cutting measure and among that , retrenchments have been effected by most.
According to an Employment Equity Commission report tabled in parliament last year and reported in the media , about 60 000 jobs were lost across the economy during the 2016/17 financial year, with the construction sector being the hardest hit.

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The Windhoek Observer is an English-language weekly newspaper, published in Namibia by Paragon Investment Holding. It is the country's oldest and largest circulating weekly.

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