TOP banker Sifiso Mahlangu has been appointed as the new managing director of National Building Society (NBS). The appointment is effective from July 1 2024. Mahlangu, who was the acting managing director, replaced Tapera Mushoriwa who stepped down from the post in September last year to take up a similar position with First Capital Bank….
A LOCAL financial service provider, TX Money Transfer, was launched in the capital yesterday in a move that will result in decongestion at cash collection points. TX Money Transfer is a subsidiary of a diversified Zimbabwe financial services firm Bard Santner that was birthed in 2022. Speaking at the launch in Harare, TX Money Transfer…
THE Confederation of Zimbabwe Industries (CZI) has implored local companies to take advantage of the upcoming seventh Sadc Industrialisation Week and create favourable opportunities which will boost their businesses. The event is aimed at disseminating information on the Sadc industrialisation strategy and roadmap, identify challenges faced by businesses in the region and engage policymakers, private…
FMB CAPITAL Holdings Group (FMBCH) recorded a 329 percent increase in profit after tax to US$78,7 million during the year ended 2023 compared to US$61,1 million recorded in 2022. The group’s total operating income grew by 31 percent to US$251,3 million during the year while customer loans and advances increased by 10 percent to US$716,4…
CABS marked 75 years of banking on Friday with the financial institution transforming from being a mortgage lender to playing a pivotal role in driving Zimbabwe’s economic growth. With its roots as a building society in 1949, CABS’ offering currently extends to all facets of the economy, including mining and agriculture.CABS managing director Mehluli Mpofu…
BANCABC recorded an inflation adjusted profit after tax of ZW$118,6 billion for the six months to June 30, 2023 up 641 percent from ZW$16 billion comparable period a year earlier thanks to an increase in US-dollar denominated transactions. The economy largely shifted towards USD currency in 2023 with figures from the Reserve Bank of Zimbabwe…
ECONET Wireless Zimbabwe, the country’s largest telecommunications and technology company, has extended its popular ‘Kancane Kancane’ smartphone credit scheme to civil servants. Under the initiative, government employees — including teachers, nurses and doctors, among others — would now be able to get new smartphones without paying any upfront deposit. Econet chief operations officer Kezito Makuni…
THE Zimbabwe International Trade Fair Company (ZITF) has postponed its annual Mining, Engineering and Transport Exhibition (Mine Entra) expo to avoid a potential clash with next month’s Sadc summit. The summit, a major regional event, would be held in Harare on August 17 and 18. Ahead of the Sadc summit, a regional industrialisation week is…
DESPITE low rainfalls received during the 2023/2024 cropping season, Zimbabwe has so far sold tobacco worth US$740 million down from US$848 million sold last year during the same period. Speaking to Daily News yesterday, Tobacco Industry Marketing Board (TIMB) acting chief executive officer Emmanuel Matsvaire said they had so far sold 214 million kilogrammes of…
THE United Nations Development Programme (UNDP) says Zimbabwe should capitalise on the African Continental Free Trade Area (ACFTA) as it is a unique opportunity for the country to integrate into regional economies. The ACFTA is a free trade area encompassing most of Africa. It was established in 2018 by the African Continental Free Trade Agreement,…
