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Standard Chartered Zimbabwe has launched a new community project to support young people in Zimbabwe who were hit by the COVID-19 pandemic.
The programme is part of Futuremakers by Standard Chartered, the Bank’s global initiative to tackle inequality by promoting economic inclusion for young people for disadvantaged young people across its markets, including those affected by COVID-19.
Delivered by BOOST Fellowship with funding from the Standard Chartered Foundation, the project aims to support young people between 18 and 25 who are struggling to find work or start a business in today’s challenging economic environment. It will provide them with employability and entrepreneurship skills training, as well as mentoring and business support.
Standard Chartered Bank Zimbabwe CEO, Ralph Watungwa said:
<blockquote>The global COVID-19 pandemic is impacting individuals, businesses and communities throughout our markets. Young people have been hit hard with dramatically fewer work and training opportunities available, and an uncertain future ahead. We are thrilled that Enactus Zimbabwe will be delivering this Futuremakers project to support young people in our communities.</blockquote>
The Executive Director for BOOST Fellowship, Ms Cleopatra Makoni said:
<blockquote>Young people globally and intensely our Zimbabwean youth have not been spared by the adverse effects of the COVID 19 pandemic. From missing classes, delayed career progression and reduced to nil availability of opportunities to develop the crucial skills required to enable them to get a good job, ideate and start a meaningful business and improve their respective communities. We are pleased to be able to support young people in need through this Futuremakers project.</blockquote>
Youths can register by clicking this <a href="https://forms.gle/T12Re1bHUVzBtYX8A">link</a> to participate in the project or obtain a physical registration form from the Ministry of Youth, Sports, Arts and Recreation offices near you. 10 winners of the Start-Up Challenge will be awarded seed funding of USD1000.00 each plus business incubation, scaling up and mentorship.
In 2020, Standard Chartered set up a USD50 million COVID-19 Global Charitable Fund to provide emergency relief and economic support for communities impacted by COVID-19.
The Bank has committed USD25 million to support youth-focused economic recovery projects as part of Futuremakers by Standard Chartered. The Standard Chartered Foundation is the lead delivery partner for Futuremakers projects, including projects supporting economic recovery from COVID-19.
More: <a href="https://news.pindula.co.zw">Pindula News</a>

Pindula News

Standard Chartered Supports Young People Hit By COVID-19 In Zimbabwe

Standard Chartered Employees at the bank’s Headquarters last night refused to go home and demanded to be addressed by the CEO as they lamented that they were incapacitated and can’t continue to come back to work.  The employees reportedly claimed they earned $80 and were now unable to commute to work and back on a daily basis.
A source who spoke to ZimMorning Post said:
<blockquote>We want the CEO to address us about how we are supposed to continue reporting for work</blockquote>
Bankers union ZIBAWU officials are said to be negotiating between the bank and the employees. Bank employees are receiving a constant cushioning allowance as the newly introduced ZW$ continue to lose value.
More: <a href="https://zimmorningpost.com/stanchart-employees-stage-industrial-action-demand-to-see-the-ceo/">ZimMorning Post</a>

Standard Chartered Employees Refuse To Go Home Citing Incapacitation - Report

Sources who spoke to The Herald said that Standard Chartered Bank is considering shutting down an undisclosed number of its branches in smaller towns as a way to control costs.
Standard Chartered head of corporate affairs and brand and marketing — Zimbabwe, Ms Lillian Hapanyengwi, could neither confirm nor deny the allegations. Said Hapanyengwi:
<blockquote>Standard Chartered is leveraging the growth of digital banking and we are currently investing in and enhancing our mobile and online infrastructure. We also recently invested in upgrading ten of our branches across nine cities and refurbished them to world class standards. We continue to evaluate our strategy in line with the external environment and client needs and at times this may lead to job losses but our aim is to redeploy impacted staff wherever possible.</blockquote>
Zimbabwe Banks and Allied Workers Union (Zibawu) general secretary Mr Shepherd Ngandu, said he had also heard of rumours that StanChart is considering closing some banks. Bankers Association of Zimbabwe (BAZ) president Dr Charity Jinya said that banks will retrench some of their staff going forward.
More: <a href="http://www.herald.co.zw/stanchart-mulls-shutting-small-branches/">Herald</a>

Standard Chartered Bank considering shutting down branches in smaller towns

One of the biggest banks in Zimbabwe, Standard Chartered Bank  has suspended the use of the Visa debit card outside Zimbabwe. The suspension is with immediate effect.
The bank also advised that customers who may want to use the card outside Zimbabwe will now have to apply for “special consideration” before travelling.
The bank attributed the new policy to the dwindling foreign currency reserves in Zimbabwe saying
<blockquote>The decision has been taken to ensure the best use of the increasingly scarce foreign currency resources which is disbursed in line with the Priority List issued by the Reserve Bank of Zimbabwe, if and when available.</blockquote>
Here is the full Statement
<blockquote>To Our Valued Clients
We regret to advise that we have cancelled the automatic use of your VISA debit card outside Zimbabwe with immediate effect. However, Clients who wish to use their cards outside Zimbabwe may still apply for **special consideration prior to travel. Please note, there are NO changes to the local functionalities of the VISA Debit Card.
This decision has been taken to ensure best use of the increasingly scarce foreign currency resources which is disbursed in line with the Priority List issued by the Reserve Bank of Zimbabwe if and when available.
Once again, we regret this move and apologise for any inconvenience that this may cause. We will continue to monitor the environment and should there be any other changes, you will be notified accordingly.
How do I apply for **Special Consideration in advance of travel? 
 
Clients who wish to use their cards outside Zimbabwe may apply for special consideration at least 72 hours before their date of departure. Customers are requested to submit evidence of all the expected expenses to be incurred whilst travelling outside the country at any Standard Chartered branch or to their Relationship Manager. Alternatively customers can send their application to contactus.zw@sc.com, attaching all documentation which confirms travel dates and expenses expected to be incurred.
All advance applications will be reviewed in line with the Priority List Guidelines on external payments announced by the Reserve Bank of Zimbabwe in 2016.</blockquote>
More: <a href="http://www.techzim.co.zw/2017/02/standard-chartered-cancels-the-use-of-visa-cards-outside-of-zimbabwe/">TechZim</a>

Standard Chartered  suspends use of Visa debit card outside Zimbabwe without "special consideration"

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