Workers Accuse Banks Of Exploiting Customers And Paying Slave Wages

The Zimbabwe Banks and Allied Workers Union (Zibawu) has accused financial institutions of exploiting workers through low wages. The workers also accused the institutions of ripping off clients through high bank charges. Speaking to New Zimbabwe, Zimbabwe Congress of Trade Unions (ZCTU) president Peter Mutasa said,

Banks are making super profits yet we are hearing that NMB has recorded a 155 percent increase in profits for the half year, CBZ charging up to 15 percent interest rates. Many workers are losing homes, assets and properties because of banks.

Why is it that banks are making money when everyone else is struggling? We are fighting for the workers because banks are not increasing salaries. It’s been five years and no salary increase in most banks and in those five years, they have been making money. Tomorrow (Friday) we will be demonstrating at the People’s Own Savings Bank (POSB) headquarters.

More: New Zimbabwe

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