ZB wants phased de-dollarisation process

Published: 1 hour ago

ZB Financial Holdings (ZBFH) group strategy executive Trymore Muhlanga says Zimbabwe's plan to adopt a mono-currency regime by 2030 will require a phased and carefully managed approach, as the institution begins crafting its 2026-2030 mid-term strategy.

His remarks come as the government maintains its goal of phasing out the multicurrency system and establishing the Zimbabwe Gold (ZiG) as the sole legal tender by 2030 — a plan that has been met with public skepticism.

Speaking to NewsDay Business on the sidelines of ZBFH's Sustainability Standards and Certification Initiative (SSCI) certification ceremony on Tuesday, Muhlanga said the dominance of the US dollar and other foreign currencies—currently accounting for about 90% of all transactions—necessitates a gradual transition.

"As a group, we are supportive of government initiatives. What the central bank will most likely do between now and 2030 is to increase usage of our domestic currencies," said Muhlanga.

"Currently, about 90% of transactions are in foreign currency. We need to gradually reverse that to a 70/30 split, then 50/50, before we can successfully introduce a mono-currency system."

Muhlanga added that the government is likely working behind the scenes on a roadmap to ensure a smooth transition, although details may not be made public to prevent speculation.

"As we move into NDS 2, the authorities will be working to ensure that transition is well-managed," he said.

ZBFH is aligning its strategies with national economic blueprints such as the National Development Strategies (NDS1 and NDS2) to ensure business continuity and policy alignment.

The group recently became the first financial institution in Zimbabwe to achieve SSCI certification, which integrates Environmental, Social, and Governance (ESG) standards across all operations.

"Sustainability is cross-cutting across the whole group," Muhlanga said. "It's part of our 2021-2025 strategy and will continue into 2026-2030 as part of our corporate scorecard."

The certification was awarded to ZB Bank by the European Organisation for Sustainable Development on September 25, 2025, during the Global Sustainable Finance Conference in Germany.

Reserve Bank of Zimbabwe Deputy Governor Jesimen Chipika commended the milestone, saying:

"This achievement by ZB Bank is a testament to the institution's resolve and commitment to truly embed holistic sustainability principles across its operations."
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