FINANCIAL SERVICES

Banks on course to meet RBZ threshold

A MAJORITY of listed banks are on track to achieving the prescribed Reserve Bank of Zimbabwe (RBZ) minimum capital requirement of $100 million by 2020 with some having already surpassed the threshold....

By Staff reporter | Published: 4 hours ago

BUSINESS NEWS

Telcos, banks profit from cash shortages

When Kenya initiated the mobile money revolution through M-Pesa a decade ago, few gave it a chance of success.But then it did succeed, and phenomenally so.Spurred on by that success, South Africa's Vo...

By Staff reporter | Published: 16 April 2018

BUSINESS NEWS

Foreign notes, coins in banks decline

THE amount of foreign notes and coins in the commercial banking system slumped to $679,3 million during the year to December 31, 2017, from $1,3 billion at the close of 2016, central bank data has rev...

By Staff reporter | Published: 13 April 2018

BUSINESS NEWS

Don't lend govt, banks warned

Zimbabwean banks need to stop lending to government as their exposure to Treasury Bills (TBs) could work against the sector in the future, a local think tank has warned.In its 2018 Economic Review and...

By Staff reporter | Published: 13 April 2018

BUSINESS NEWS

Banks sit on RBZ business facilities

A NUMBER of Reserve Bank of Zimbabwe (RBZ) funding schemes are not accessible to businesses due to banks' reluctance to disburse them, an official has said.The apex bank has acknowledged lack of effec...

By Staff reporter | Published: 13 April 2018

BUSINESS NEWS

Banks find Treasury Bills love

Zimbabwean banks have increased their uptake of Treasury Bills (TBs) as the short-dated securities offer better returns and are as good as money.Treasury Bills are used by government when borrowing fr...

By Staff reporter | Published: 09 April 2018

BUSINESS NEWS

Mnangagwa invites Chinese banks to Zimbabwe

President Mnangagwa has invited Chinese financial institutions to set up banks in Zimbabwe to provide appropriate packages to fund economic reconstruction.Lack of affordable finance has adversely affe...

By Staff reporter | Published: 07 April 2018

BUSINESS NEWS

BCC loses $1 million in collapsed banks

THE Bulawayo City Council (BCC) has reportedly lost more than $1 million invested in financial institutions that have collapsed due to mismanagement and economic problems affecting the country.Accordi...

By Staff reporter | Published: 05 April 2018

FINANCIAL SERVICES

Non-funded income steers banks to profitability

IN 2016, World Economic Forum Geneva founder and executive chairman, Klaus Schwab, said the world is undergoing the "Fourth Revolution", a technological change poised to fundamentally alter the way we...

By Staff reporter | Published: 04 April 2018

FINANCIAL SERVICES

Carry your cross, banks tell 'looters'

BANKERS' Association of Zimbabwe (BAZ) president Charity Jinya absolved banks of any wrongdoing for putting individuals or companies on the externalisers' list, as the concerned parties had ample time...

By Staff reporter | Published: 02 April 2018

FINANCIAL SERVICES

Banks admit bungling

Banks have admitted to bungling by delaying to acquit CD1 forms on behalf of their clients to the Reserve Bank of Zimbabwe, a situation that has seen some companies being implicated of externalising f...

By Staff reporter | Published: 02 April 2018

FINANCIAL SERVICES

'Banks de-risk, invest in TBs'

PARLIAMENT's Budget Office says banks have reduced lending to the private sector, choosing instead to de-risk by investing in secure Government instruments such as Treasury Bills.Increased lending to ...

By Staff reporter | Published: 26 March 2018

MINING & RETAIL

Bikita banks on lithium

Bikita Minerals CEO Grant Hudson's face glows whenever he speaks of the journey his company is about to embark on: spodumene mining.The high-value mineral is highly sought after worldwide as it contai...

By Staff reporter | Published: 25 March 2018

FINANCIAL SERVICES

ABUZ seeks direct contact with international banks

THE Association for Business in Zimbabwe (ABUZ) has implored Government to facilitate direct engagement between international financial institutions and local companies to avoid red tape, which they s...

By Staff reporter | Published: 22 March 2018

FINANCIAL SERVICES

Banks shun telegraphic transfers

SOME banks in Bulawayo have completely stopped accepting foreign payment telegraphic transfers submitted by companies, making life unbearable for the companies in the city, Association for Business in...

By Staff reporter | Published: 21 March 2018

BUSINESS NEWS

Banks, Zimra stifling SMEs sector growth

The Zimbabwe Chamber of Small to Medium Enterprises has said government must in future not disburse any funding targeted at the SMEs through commercial banks as they do not understand the workings of ...

By Staff reporter | Published: 14 March 2018

FINANCIAL SERVICES

Zimbabwe banks running out of cash?

Central bank governor John Mangudya presents the Monetary Policy Statement at the Reserve Bank of Zimbabwe yesterdayReserve Bank of Zimbabwe (RBZ) governor John Mangudya says withdrawals are now avera...

By Staff reporter | Published: 14 March 2018

FINANCIAL SERVICES

Zimbabwe banks to source offshore credit lines

Financial institutions have renewed plans to source offshore credit lines to sustain requirements by productive sectors of the economy.Productive sectors are failing to increase capacity due to lack o...

By Staff reporter | Published: 12 March 2018

FINANCIAL SERVICES

RBZ passes forex buck to banks

The Reserve Bank of Zimbabwe (RBZ) cannot approve or stop companies from accessing foreign currency, as it is the prerogative of banks which control 70% of the forex, the central bank's deputy governo...

By Staff reporter | Published: 19 February 2018

BUSINESS NEWS

RBZ, banks work on long term loans

The Reserve Bank of Zimbabwe (RBZ) is currently working with the banks to find ways of increasing long term cheaper financing to cushion companies, an official has said. Responding to questions from j...

By Staff reporter | Published: 15 February 2018

FINANCIAL SERVICES

Depositors with collapsed banks compensated

A total of 11,744 out of 54,909 depositors of six collapsed banks have each been compensated up to $500 from the Deposit Protection Fund.Official data seen by the ZBC News today indicate the depositor...

By Staff reporter | Published: 14 February 2018

FINANCIAL SERVICES

Stability stress tests for Zimbabwe banks

The Reserve Bank of Zimbabwe (RBZ) will start conducting comprehensive financial stability stress tests on the banking sector beginning September 2018 as it seeks to bring stability to the troubled se...

By Staff reporter | Published: 12 February 2018

BUSINESS NEWS

Banks to fund more housing units

THE number of new housing units funded through mortgage financing by the banking sector is this year expected to rise by 103.7 percent to 11 611.Last year, the banking sector advanced $172.08 million ...

By Staff reporter | Published: 12 February 2018

BUSINESS NEWS

Banks to accept 99-year leases as collateral

The Reserve Bank of Zimbabwe (RBZ) Governor John Mangudya, yesterday said bankers have agreed to accept 99-year leases as collateral after Government tweaked them to be transferrable and bankable.The...

By Staff reporter | Published: 08 February 2018

BUSINESS NEWS

Mudenda slams banks' 'colonial mentality'

Speaker of the National Assembly, Advocate Jacob Mudenda, yesterday slammed financial institutions for their stringent requirements when opening bank accounts, saying the conditions were not commensur...

By Staff reporter | Published: 07 February 2018
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