Business Reporter
A newly surfaced 13-page dossier has renewed allegations against senior management at People’s Own Savings Bank (POSB), highlighting deepening internal divisions and prompting calls for an independent governance review.
The document, reportedly circulated via the bank’s anonymous reporting system and copied to the board chairperson and government shareholder representatives, alleges concerns about leadership conduct and oversight failures.
It argues that alleged involvement of senior executives, including the chief executive officer and the divisional director for retail banking, compromises the integrity of internal controls.
According to the dossier, employees fear retaliation, discouraging the reporting of misconduct through formal channels. It also claims that management practices within the retail division have placed staff under sustained pressure, affecting morale, communication and decision-making.
The report further alleges that some managers have been publicly reprimanded in front of subordinates, undermining authority and team cohesion. It points to an increasing centralisation of decision-making at divisional level, reducing the autonomy of line managers.
Concerns extend to employment practices, including claims that some managerial staff have operated for extended periods without formal contracts. In certain cases, fixed-term employees are said to have worked for more than seven months without signed agreements, raising potential legal and governance risks.
The dossier also highlights the use of short-term or rolling contracts for roles considered permanent, creating inconsistencies and, it argues, weakening accountability and long-term performance. Additional allegations relate to disparities in access to employment benefits, particularly among D3–D4 managerial grades, with some staff reportedly lacking essential work resources.
Strategic concerns are also raised, with the document citing frequent shifts in direction that could affect compliance with regulatory expectations set by the Reserve Bank of Zimbabwe. It further questions whether certain credit facilities, including a loan and overdraft reportedly extended to a board member, adhered to established approval processes.
The dossier recommends that the board commission an independent review of governance and leadership practices.
POSB chief executive Garainashe Changunda dismissed the claims, stating that the allegations are unverified and not supported by internal records.
He also questioned the timing and origin of the document, suggesting it may be linked to parties with vested interests following the conclusion of certain contractual relationships.
“It is also important to highlight that the manner in which this document has surfaced – outside of formal whistleblowing frameworks and in proximity to previous unsubstantiated reports raises legitimate concerns regarding motive, context and the potential reputational harm driven by parties with vested interests, including individuals whose contractual relationships with the institution were recently concluded,” he said.
He reiterated that the bank has internal processes for escalating issues, and where a staff member is not comfortable reporting through these channels, it has partnered with Axcentium EthicsLine, a secure, confidential and anonymous platform.
“To date , none of these allegations or complaints have been submitted through the official whistle blowing channel.It is also improper that communication meant for secure and anonymous platform is channeled via a media house which was used to report unfounded allegations recently,” he said.
Changunda added that the last audit report for the year ending December 31 2025 did not identify any irregularities and the bank received an unqualified audit opinion, indicating compliance with governance standards.
