Several Ecobank-Mali executives have been charged with financial malfeasance tied to fraudulent bank guarantees.
In response, SYNABEF is threatening to issue a strike notice, heightening tensions in an already weakened financial sector.
Mali’s banking sector is in turmoil, following the indictment of multiple Ecobank-Mali executives accused of financial misconduct linked to fraudulent bank guarantees.
In reaction, the National Union of Banks, Insurance, Financial Institutions, and Commerce of Mali (SYNABEF) held an extraordinary general assembly on Thursday, threatening to file a strike notice.
This development comes amid already fragile economic climate, raising concerns about its potential fallout across the country.
The controversy stems from the discovery of fake bank guarantees issued as part of a project to build mini-hydroelectric plants for Énergie du Mali (EDM-SA). Forged documents allegedly enabled the embezzlement of 5 billion FCFA, jeopardizing a critical initiative for Mali’s energy supply.
Judicial authorities subsequently arrested several Ecobank-Mali executives, charging them with forgery, money laundering, and complicity.
SYNABEF’s Response
At the assembly, SYNABEF Secretary General Hamadoun Bah voiced the union’s outrage over the indictments, calling them unjust.
He revealed that the union was considering a strike notice to protest the situation. “I’m trying to calm them down to accept the idea of a strike notice. Given the injustices we’re facing, many don’t even want to hear about a notice.
But we’re responsible leaders and must act accordingly. We’ll carefully assess the situation while hoping for a resolution,” he stated.
Previous Actions
Before escalating to the threat of a strike notice, SYNABEF had already taken steps to protest the arrests. From 10 to 12 March 2025, sit-ins were staged outside bank and financial institution headquarters, rallying widespread support from sector workers.
Meanwhile, banks decided to suspend all financial guarantees extended to EDM-SA and several public entities—a move that could further strain the energy company’s finances.
History of Union Mobilization
This is not SYNABEF’s first major mobilization. In June 2024, the union observed a 72-hour strike to protest the arrest of its secretary general, Hamadoun Bah, on charges of “forgery and use of forged documents.”
That action paralyzed Mali’s banking and financial sector, underscoring SYNABEF’s capacity to mobilize effectively.
The looming threat of another strike emerges against a backdrop of economic fragility in Mali. The country is grappling with a financial and economic crisis, worsened by internal and external pressures, including economic sanctions and security challenges.
A banking sector shutdown could deepen these woes, disrupting financial transactions, investments and confidence among economic partners.
In this tense climate, constructive dialogue between the authorities, financial institutions and unions is critical to finding a balanced solution. The goal must be to safeguard Mali’s economic stability while ensuring workers’ rights are respected and justice is served in the ongoing legal proceedings.
MD/ac/lb/gik/APA