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

FINANCIAL SERVICES

Insurance uptake high - Ipec

THE Insurance and Pensions Commission (Ipec) says Zimbabwe's insurance penetration rate is much higher than the figures reported by PricewaterhouseCoopers (PwC), which ranked the industry fifth in Afr...

By Staff reporter | Published: 09 September 2018

FINANCIAL SERVICES

POSB to establish exporters' credit facility

The People's Own Savings Bank (POSB) says it will soon unveil a $10 million line of credit aimed at assisting exporters to secure foreign currency.A persistent trade deficit has plunged Zimbabwe into ...

By Staff reporter | Published: 07 September 2018

FINANCIAL SERVICES

CBZ not worried by OFAC penalty

Financial services group CBZ Holdings, says the outcome of ongoing investigations by the US Treasury Department's Office of Foreign Assets Control (OFAC) regarding historical transactions involving a ...

By Staff reporter | Published: 07 September 2018

FINANCIAL SERVICES

Zimbabwe banks opt for investment securities

ZIMBABWEAN banks are slowly increasing capital allocation towards investment securities after controlled lending rates put pressure on the sector's profits in the half year to June 2018, The Financial...

By Staff reporter | Published: 06 September 2018

FINANCIAL SERVICES

Agribank close to securing a strategic partner

Agribank recorded a profit after tax of $4,1 million for the half year to June 30, 2018 compared to $2,2 million recorded last year.THE Agriculture Development Bank of Zimbabwe (Agribank) says it is c...

By Staff reporter | Published: 06 September 2018

FINANCIAL SERVICES

Metbank opens exporters' hubs

METBANK has opened an exporters' hub in Harare aimed at stimulating the country's economic growth through increased production.This was after the bank had earlier in the year signed agreements with th...

By Staff reporter | Published: 06 September 2018
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