A former Standard Bank employee has been debarred from working in the financial industry after it was found that he used his own money to activate clients’ accounts to reach a target.

Curtis Arthus Abrahams provided financial services including selling MyMo accounts to clients. These accounts require clients to activate them by making a mandatory deposit.

Around September 2020, the bank sent emails explaining the rules of the MyMo account activation process.

One of the rules stated that a client in whose name the account is opened is required to activate it by depositing a minimum amount. The email specifically stated that bank representatives were not allowed to use their own funds to activate the accounts.

In order to meet his sales target, Abrahams had to sell a certain number of MyMo accounts every month.

Faced with the pressure of meeting monthly sales targets, Abrahams activated several accounts by depositing funds from his personal bank account. The evidence was not disputed.

He was suspended in September 2022, and he resigned in January 2023 prior to his disciplinary hearing. In February 2023, the bank launched debarment proceedings against Abrahams, and he was served with a notice of intention to debar.

In the notice, the bank mentioned that Abrahams was dishonest when he activated accounts using his own funds when he was aware that this was not allowed. It was further noted that he not only misrepresented the bank’s records but exposed it to operational and reputational risks.

He was given an opportunity to respond to the debarment decision but failed to do so. He was subsequently debarred in March 2023.

Two years after the debarment, he sought relief at the ​Financial Services Tribunal (FST). He had 60 days from the date of being notified of his debarment to apply to the FST for reconsideration.

Explaining his delay, he said he received the decision to debar him in March 2023, a day after he was already debarred by the bank.

He claimed that he only became aware of his debarment when he applied for other employment in September 2024.

The FST found that his testimony contradicts the version proffered in the application for reconsideration where he claimed he received the decision to debar him in March 2023.

Moreover, the FST disputed his claim that Standard Bank never informed him of the process of applying for reconsideration because when he was given the debarment decision, the bank explained the process required should he wish to appeal the debarment decision.

“Even if we were to accept that the applicant only became aware of his debarment in September 2024, the applicant was still delayed by another six months when he applied for reconsideration on March 6, 2025. The applicant has also provided no explanation for this delay,” said the FST.

In addition, the FST said his application for reconsideration has no prospects of success especially because he admitted that he activated the accounts using his own funds in order to meet the demands of his sales target.

His application was dismissed.

sinenhlanhla.masilela@iol.co.za

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