The Opportunity International Bank of Malawi (OIBM) plans to retrench 250 of its employees across the country this week, The Maravi Post can reveal.

OIBM: plans to retrench half of its staff due to tough economic times in Malawi

This is as a result of tough economic situation in Malawi which has not only hit the bank but the country as whole.

Some OIBM senior officials who did not want to be named disclosed this to The Maravi Post saying the meeting regarding the retrenchment was conducted last night.

The Maravi Post understands that the bank has 450 workers across the country.

“The meeting already took place last night, what will happen is that 250 employees out of 450 across the country will lose their jobs,” said our source.

This is not the first time for the bank to retrench its employees as it conducted the same exercise last year.

OIBM also closed some of its branches across the country last week because of the same problem.

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