Ex-employees ‘unduly and dishonestly’ activated MyMo accounts with their own money to boost sales
The Standard Bank parking bay is shown at Marshall Town in Johannesburg. File photo: FREDDY MAVUNDA/BUSINESS DAY
MyMo accounts can being opened within minutes with a cellphone, don’t require additional documentation, and incur less than R6 in monthly fees. tasked with selling MyMo accounts. To count as a sale, the account had to be opened by an employee upon a client’s request. The account was then “activated” by the client with a money deposit into the account. Once an account was activated, it would count as a “sale” towards the employee’s sales target.
Standard Bank, in response to the claim of procedural unfairness, noted that the applicants themselves made submissions why they should not be debarred. That demonstrated the applicants were given proper notice and the decision of debarment was made only after obtaining the applicants’ submissions. “The applicants like most employees and representatives in the financial sector were employed in a position of trust, which they abused,” the tribunal said. “They were subsequently removed from office for dishonesty that entailed misrepresentation which they do not dispute.
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