In May 2022, Standard Bank, the biggest bank in South Africa (and Africa as a whole), fired more than 30 employees for creating fake accounts in an effort to meet performance targets. The employees allegedly targeted vulnerable customers, and claim that management was aware of the practice.1
“As a matter of course the bank regularly conducts enquiries and investigations to manage staff conduct risk,” Standard Bank said in a statement. “Where evidence of fraud or improper behaviour by our staff is suspected we will investigate. The bank follows a rigorous process when investigating any alleged impropriety.”
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