OIBM shuts down branches, fires employees

Opportunity International Bank of Malawi (OIBM) has closed some of its branches and laid off employees, Malawi24 has learnt.

According to a source who confided in Malawi24, the bank has closed three branches in the Northern Region and all employees at the closed branches have been fired.

“In the north they have closed three branches namely Chitipa, Nkhatabay and Jenda in a way of retrenchment. The bosses went with the Police and told everybody to hand over all the documents,” said the source.

The source added that the bank management initially tried to fire employees who were deemed to be underperforming but the plan failed.

Malawi24 understands the downsizing, which comes months after the bank was sold to Mybucks, will affect 75% of staff members at the financial institution.

Meanwhile, the axed staff members have been told to meet bank managers on Friday at Mzuzu Hotel.