Zibawu engages Parliament to stem the rot in the banking sector

A UNION representing banking workers, the Zimbabwe Banks and Allied Workers Union (Zibawu), will soon present a dossier to parliament as part of its efforts to stem the rot in the banking sector.

Fidelity Mhlanga

Zibawu acting secretary Shepard Ngandu said the move to present a document was arrived at after getting the nod from the national executive, which recommended that the matter affecting a plethora of banks such as Allied, Capital, Interfin and Trust be presented to Parliament.

Ngandu said the union had filed the grievances through the ZCTU’s parliamentary advocacy desk to present them to the parliamentary portfolio committee of Finance this February.

Zibawu is pushing for Parliament to enact a law so that appropriate punishment is given to people who swindle depositors’ funds.

The union is questioning whether the RBZ is fulfilling its mandate as the regulator with regards to investigating prospective bank owners.

“What seems to be worrisome is that we are having a systematic situation whereby people entrusted to be custodians of people’s funds are stealing and yet they remain scot-free. We want Parliament to pass legislation so that perpetrators of vices go behind bars for destroying the sector,” Ngandu said.

“We want Parliament to probe this scenario so that confidence is restored. It is in our best interest that confidence is restored in the financial services sector so that nation progresses.”

The union is also pushing for legislation to protect former bank employees who expose vices of unorthodox transactions among bank shareholders and executives.