Malawi Standard Bank, one of the leading commercial bank in the country, has fird 10 of its branch managers, officials has confirmed.
According to the bank head of marketing and communications, Thoko Unyolo, this is because of the group failure to meet some targets on Know Your Customers (KYC) guidelines.
KYC guidelines are part of the systems used by banks across the world.
“What the bank has done is to adhere and comply to our internal human capital requirements,” she said.
She however, denied to comment further saying “the answer I have provided is enough.”
Some of the managers include those who were working in big branches such as in Lilongwe, Mzuzu, Zomba, Blantyre, Ginnery Corner.
Speaking in a condition of anonymity, some bank workers said the firing has brought in fear and anxiety over securing of jobs among the employees at Standard bank.
The employees believe that the bank has done this as an escape goat to retrench some of its workers.
The ten concern workers are yet to issue a comment on the matter.