AdvertisementsTHE Infrastructural Development Bank of Zimbabwe (IDBZ) yesterday said government has injected an additional $150 million fresh capital into the financial institution.Advertisements Industry experts said the recapitalisation of state banks is a significant change from the drip-feed approach pursued over the last few years and should help to address the capital shortages that are a…
AdvertisementsTHE Agriculture Development Bank of Zimbabwe (Agribank) says it is close to securing a strategic partner to help it reach the minimum capital requirements of $100 million by 2020.Advertisements A strategic partner and fresh capital injection would also enable the financial institution to have a strong balance sheet that allows it to execute its mandate…
AdvertisementsNMBZ Holdings’ (NMBZ) strategy to broaden its target market to the masses is paying off after the financial institution recorded a $9 million after-tax profit in the half year to June 30, 2018 from $3,5 million during the same period last year. The company used to cater for high-end clients, but changed tact following informalisation…
AdvertisementsZIMBABWE’s cooking oil raw material imports spiked to a 17-month high of $16 million in July, latest trade data shows. Crude soya bean oil, a critical ingredient in making cooking oil, is one of the country’s five major imports. Between January and November last year, the country imported $102 million worth of the product. Latest…
Advertisements ECONET Wireless Zimbabwe (Econet) has launched a digital service for farmers that offers agricultural commodity prices, farming tips, weather updates and a mobile trading platform linking farmers to buyers. Douglas Mboweni , the group’s chief executive, yesterday said the new product, dubbed EcoFarmer Club, demonstrated the company’s quest to offer relevant products and services…
AdvertisementsMYSTERY surrounds the status of a deal to split of ZB Financial Holdings (ZBFH) shareholding between the group and banker Nicholas Vingirai’s Transnational Holdings Limited (THL), after the former issued a cautionary statement that talks had collapsed. But Vingirai insisted the deal was still on. Last week, ZBFH issued a cautionary statement to its shareholders…
AdvertisementsFITCH group research arm, BMI, says Zimbabwe’s re-engagement with concessional lenders is likely to take time, a development which it says will force government to remain reliant on domestic banks to finance its budget shortfalls. Zimbabwe, under former president Robert Mugabe, fell out with international lenders over debt arrears and with western governments which accused…
AdvertisementsCABS, one of Zimbabwe’s largest building societies, saw income from lending activities push its bottom line in the half year to June 2018. This comes as a majority of the country’s financial services firms are increasingly turning to non-interest income for profit. Surplus liquidity created by increases in money supply, coupled with low credit absorption…
AdvertisementsZIMBABWE’S 2018 tobacco output surpassed the country’s record peak of 236 million kg produced in 2000, with farmers delivering 247 million kg valued at $724 millions. As the season winds down and global calls for tobacco ban grow louder, The Financial Gazette’s Online Editor Paul Nyakazeya (PN) interviewed Tobacco Industry and Marketing Board (TIMB) chief executive…
AdvertisementsRECENTLY-REBRANDED Nedbank Zimbabwe (Nedbank) has over the first six months of this year taken up $70 million of the Reserve Bank of Zimbabwe’s (RBZ) savings bonds, the financial institution’s managing director Charity Jinya has said. The bonds, which were introduced by the central bank in September 2017 to mop up excess liquidity on the real…
This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Read More