Capitec says it’s hiring – not retrenching – as major banking strike looms

South Africa’s financial intuitions are preparing for a major banking strike on Friday (27 September).

Instituted by Sasbo – the country’s largest financial union – employees will be protesting over planned retrenchments in the banking sector, and calling for a moratorium on job losses.

Many local banks have closed a number of their branches as a result of digitalisation, which encourages self-service, with clients using their mobile phones and computers, rather than walking into a branch.

Absa, Standard Bank, and Nedbank Group have all consulted with staff about cuts in recent months.

Absa is restructuring operations across its business units, Standard Bank is closing 91 branches, while Nedbank is in talks with about 1,500 employees over job cuts or redeployments,

However, in an emailed statement Capitec said that it has no plans to retrench employees and is currently in a growth phase.

“We’re fortunate to be growing, continuously hiring new employees and not retrenching. Over the past year, our staff complement has grown by over 200 people,” it said.

“We also plan to open a further 17 branches in the next 6 months. Our implementation of technology in the business has not posed a threat to jobs, instead it has helped us improve processes, freeing up our staff to help clients bank better.”

The bank said it will provide more details on its social channels on the morning of the strike.


Read: What to expect from South Africa’s major banking strike

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Capitec says it’s hiring – not retrenching – as major banking strike looms