SASBO the Finance Union, representing more than 70 000 banking and finance employees, is acutely aware of the disciplinary hearings taking place in Standard Bank whereby our members are being charged with dishonesty related to the opening of MyMo accounts.

We will be launching our own internal investigation into each of these incidents where Sasbo members were involved. We have also raised this directly with the bank’s Executives, but we could not find common ground.

We are specifically concerned that in some case we are suspicious that these actions were initiated by Standard Bank staff with the knowledge of their branch management because of the unreasonable targets that were placed on staff. This behaviour came as a result of employees fearing to be dismissed for poor performance rather than manipulate the banks sales results.

We are also concerned that the bank was targeting potential clients who do not need to be employed and who do not need a monthly income, to open a MyMo account. These accounts were opened legitimately, but because the clients were from poor communities, they did not have the funds to activate the accounts. The result was that employees used the bank’s own Beyond Excellence reward programme, and internal staff reward programme, to activate these accounts.

We are beginning to receive Arbitration dates from the CCMA where the Union will challenge these cases. If members are dismissed for dishonesty in the finance sector, they are debarred as Fais representatives and will have great difficulty in obtaining alternative employment in the finance industry because they will be listed on what is called a Register of Employees Dismissed for Dishonesty, for a period of 5 years.

Issued by SASBO

For more information please contact:

Modime Joe Kokela
General Secretary
Tel: 011 467 0192
Cell: 082 827 9526