Nedbank Zimbabwe promises fireworks

Nedbank Zimbabwe promises fireworks
Published: 25 March 2018
Nedbank Zimbabwe (formerly MBCA Bank) says the changeover will be twinned with a mix of "agility" and "responsiveness" to market needs, as it mounts a new plan to improve competitiveness.

Managing director Charity Jinya, pictured, told reporters in Harare this week that the factors were part of the pillars that had anchored the pan-African success of its South African-headquartered major shareholder, NedGroup Investments Africa.

Jinya sees the deployment of the same strategy in Zimbabwe helping the bank achieve its ambition to call the shots among the country's best.

NedGroup, which controls Nedbank, one of South Africa largest financial institutions, is the majority shareholder in MBCA with 67,4 percent shareholding.

It added a new feather to its pan-African strategy when it rebranded one of Zimbabwe's oldest banks this week, which immediately declared its plans to mount a challenge on the domestic banking landscape.

Nedbank Zimbabwe will be riding on digital banking and transactions made through its 1 800 automated teller machines, she said.

"We are looking into the future where we have more agility and where we are more responsive to the needs of our clients, we want to be competitive," Jinya told reporters.

"We want to leverage on the strength that Nedbank has in South Africa and other African countries.

"The objective is to grow the business to ensure that we move to the top tier banks. Nedbank is going international. It is already in a number of countries," she said.

Marketing executive, Dedrey Mutimutema said the financial institution was renewing its commitment to Zimbabwe, which has been working out to improve the business climate since November, when a new administration came into office.

"This is the time for us to intensify our commitment," Mutimutema told reporters at the press conference.

Jinya said Nedbank Zimbabwe would continue to work hard to ensure that clients received weekly cash allocations to pay for services that require cash.

She was responding to questions over the crippling cash crisis in the country, which has seen thousands of depositors battling to access their funds on a daily basis.

"As MBCA, we have been offering cash to our clients, but we are putting part of it towards strategic imports. Internet banking is another way of relieving the need for cash. As and when cash is available, we offer it to our clients. They have been getting their allocations on a weekly basis. I encourage you to use Internet banking," added Jinya, who is also president of the Bankers Association of Zimbabwe.

- The Financial Gazette
Tags: Nedbank,


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