FINANCIAL SERVICES

Capital Bank Corporation provisionally winds up

Capital Bank Corporation has been provisionally wound up after the financial institution failed to service its debts amounting to over $25 million.The decision by the High Court followed an applicatio...

By Staff reporter | Published: 12 February 2019

FINANCIAL SERVICES

Untu Capital foreign backers withdraw support

African Guaranteed Fund (AGF), the foreign backers of Untu Capital's bond issue, have withdrawn their support to the microfinance company citing Zimbabwe's current unpredictable economic environment, ...

By Staff reporter | Published: 06 February 2019

FINANCIAL SERVICES

ZB adjusts housing project costs

ZB Financial Holdings Limited (ZBFH) is making pricing adjustments for its Plumtree housing project due to cost escalations, chief executive Ron Mutandagayi has said."The cost escalations have caused ...

By Staff reporter | Published: 04 February 2019

FINANCIAL SERVICES

WorldRemit launches money transfer service from SA to Zimbabwe

Leading digital money transfer service WorldRemit has launched low-cost online money transfers from South Africa to Zimbabwe.Using the WorldRemit app or website, Zimbabweans living in South Africa can...

By Staff reporter | Published: 31 January 2019

FINANCIAL SERVICES

Zimbabwe commercial bank deposits surge 25% to $8 billion

Commercial banks deposits rose by 25% to $8 billion in the first 10 months of last year, data from the central bank has shown.According to the Reserve Bank of Zimbabwe (RBZ)'s monthly review of Octobe...

By Staff reporter | Published: 30 January 2019

FINANCIAL SERVICES

First Capital Bank shelves unbundling of non-core assets

FIRST Capital Bank, formerly Barclays Bank Zimbabwe has indefinitely suspended the proposed unbundling of non-core assets for listing on the Zimbabwe Stock Exchange (ZSE). In a statement regarding the...

By Staff reporter | Published: 29 January 2019

FINANCIAL SERVICES

Economic turmoil threatens ZB topline

ZB Holdings sees its topline earnings growing 20% in the current financial year but warned this could be affected by the current economic turmoil that has seen cost structures shoot through the roof, ...

By Staff reporter | Published: 19 January 2019

FINANCIAL SERVICES

Net closes in on under-capitalised assurers

The Insurance and Pensions Commission (Ipec), is closely monitoring three under-capitalised life assurance firms - Evolution Life, Heritage and Fidelity Life - after the assurers closed the third quar...

By Staff reporter | Published: 08 January 2019

FINANCIAL SERVICES

Life assurance profits down 63% in Q3

ZIMBABWE'S life assurance industry recorded 68 % decline in after tax profits to $314,85 million in the nine months to September 2018 compared to $979,27 million during the same period in 2017, the in...

By Staff reporter | Published: 08 January 2019

FINANCIAL SERVICES

CABS merge branches

CABS is merging its Greendale and Chisipite branches with effect from February 25 as a way of enhancing its digitalisation efforts.In a statement, the bank which boasts of more than 50 branches across...

By Staff reporter | Published: 02 January 2019

FINANCIAL SERVICES

Zimbabwe amends Microfinance Act

Government has rolled out the new amendments to the Microfinance Act.This comes as government sought to create credit and collateral registries as well as encourage consolidation among small businesse...

By Staff reporter | Published: 02 January 2019

FINANCIAL SERVICES

First Capital Bank approves unbundling of non-core assets

FIRST Capital Bank, formerly Barclays Bank Zimbabwe, has approved the unbundling of non-core assets set for listing on the Zimbabwe Stock Exchange (ZSE). In a renewal of cautionary statement to shareh...

By Staff reporter | Published: 01 January 2019

FINANCIAL SERVICES

Empower Bank to introduce agency banking

EMPOWER Bank has set sights at introducing agency bank as part of its efforts to reach out to all marginalised youths across the length and breadth of the country.Empower Bank head of marketing Mrs Ch...

By Staff reporter | Published: 23 December 2018

FINANCIAL SERVICES

Non-life insurers profit jumps 52%

NON-LIFE insurers' profit after tax jumped 52,34 percent to $16,34 million in the 12 months period to June 30, 2018 compared to the same comparative period the prior year, according the Pensions and I...

By Staff reporter | Published: 10 December 2018

FINANCIAL SERVICES

GetBucks cautious on mortgage loans

GetBucks Microfinance Bank CE Terrence Mudangwe says the financial institution is treading cautiously in the issuance of mortgage loans, given the nature of its assets on the market, but is leveraging...

By Staff reporter | Published: 07 December 2018

FINANCIAL SERVICES

CABS introduces prepaid MasterCard

THE Central Africa Building Society (CABS) has introduced a prepaid MasterCard as part of efforts to bring international transactional convenience to the market. Managing director, Simon Hammond, said...

By Staff reporter | Published: 05 December 2018

FINANCIAL SERVICES

Zimnat introduces hard currency payment option

Zimnat General Insurance has introduced a hard currency insurance payment option to enable its clients to retain the value of their insured assets in the event of their sustaining a loss and making an...

By Staff reporter | Published: 05 December 2018

FINANCIAL SERVICES

CABS is the top bank

FINANCE minister Mthuli Ncube has urged banks to diversify and develop business models tailored to meet special requirements of the unbanked and underserved segments of the population.Ncube was speaki...

By Staff reporter | Published: 03 December 2018

FINANCIAL SERVICES

CABS come tops Banks and Banking survey

CABS emerged the top-performing bank at this year's edition of the Zimbabwe Independent Banks and Banking Survey ceremony, which was held in Harare last night.CBZ was the first runner-up, followed by ...

By Staff reporter | Published: 30 November 2018

FINANCIAL SERVICES

MFIs post $9,8m profit despite tough economic environment

DESPITE the tough economic environment, credit microfinance institutions (MFIs) posted $9,8 million profit in the first nine months of 2018 on the back of increased demand for micro loans by individua...

By Staff reporter | Published: 21 November 2018

FINANCIAL SERVICES

NicozDimond, Tristar merger commences

The directors of Tristar Insurance Company Limited (Tristar), a short-term insurance unit of First Mutual Holdings Limited (FML), have passed a resolution to seek the approval of the Minister of Finan...

By Staff reporter | Published: 21 September 2018

FINANCIAL SERVICES

Nedbank Zimbabwe boasts high depositor confidence

NEDBANK Zimbabwe is one of the country's top banks with an impressive cost of funds ratio of less than 1%, which reflects a high level of confidence in attracting deposits.The bank rebranded from MBCA...

By Staff reporter | Published: 14 September 2018

FINANCIAL SERVICES

FMHL to set up reinsurance holding firm in Botswana

ZIMBABWE Stock Exchange-listed First Mutual Holdings Limited (FMHL) will establish a reinsurance holding company in Botswana as it moves to restructure its business and maximise on initiatives to rais...

By Staff reporter | Published: 14 September 2018

FINANCIAL SERVICES

Metbank to focus on mortgage financing, e-banking

METBANK says it will focus its lending business on mortgage financing and commercial banking products that promote financial inclusion under a strategic plan that will determine the direction of the i...

By Staff reporter | Published: 12 September 2018

FINANCIAL SERVICES

First Money Microfinance launches Debit Card

First Money Microfinance Services (FMFS), a fintech with seven branches nationwide, has launched a debit card in partnership with StewardBank.The innovation called iSave debit card allows customers of...

By Staff reporter | Published: 11 September 2018
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