Standard Bank Risk Losing Customers, fires 82 staff involved in MyMo accounts debacle

The Standard Bank in South Africa investigated more than 200 employees for illegitimately activating digital bank accounts in the names of clients without their consent.

Meanwhile, the Bank has dismissed 82 employees, more than half of whom are from the Western Cape, for their role in the illegitimate activation of digital bank accounts held in the name of clients without their consent.

A further eight Standard Bank employees are awaiting the conclusion of disciplinary processes after a more than year-long investigation into the scandal, which first came to the bank’s attention in the final quarter of 2021 after a staff member blew the whistle on the issue.

That means the total number of dismissed employees implicated in the scandal could swell to 90 once the disciplinary process is complete…