HARARE - Zimbabwe has witnessed a significant surge in cyber attacks in recent months, with local entities, including banks, falling victim to hacking, the country's Minister of Information Communication Technology, Tatenda Mavetera has revealed.
FBC Holdings Limited has announced a profitable first half for 2024, driven by the successful integration of its newly acquired Crown Bank, formerly Standard Chartered Bank Zimbabwe.
In this context, CBZ Holdings Limited, a leading financial services group in Zimbabwe, has reported a strong set of financial results for the half year ended June 30, 2024. Despite the challenging economic environment, the group delivered a profit after tax of ZWG 656.3 million, driven by its customer-centric approach, accessible digital platforms, and diverse product offerings.
HARARE - The ZB Financial Holdings (ZBFH) Group, a Zimbabwe-based financial services group, has reported a significant loss of staff, with 98 employees leaving the company in the first half of 2024.
HARARE - The Reserve Bank of Zimbabwe (RBZ) is with immediate effect injecting over US$50 million into the interbank foreign exchange market to supplement liquidity under the Willing-Buyer Willing-Seller (WBWS) trading arrangement.
The recent increase of the Intermediate Money Transfer Tax (IMTT) from 1% to 2% on all foreign currency payments by Finance Minister Mthuli Ncube has sparked concern among businesses, with many expressing worry over the potential impact on the economy.
The Zimbabwe Banks and Allied Workers Union (ZIBAWU), which represents bank workers, has accused Standard Chartered Bank Zimbabwe (StanChart) of treating its employees unfairly during its transfer to FBC Bank.
Econet Wireless, Zimbabwe's largest telecommunications and technology company, has taken a significant step to ease the financial burden on Zimbabweans receiving remittances from abroad.
The company has opened two free remittance corridors into the country, allowing Zimbabweans in the United Kingdom and South Africa to send money home without incurring any charges.
Through its associate, Sasai Money Transfer, Econet is enabling senders in these two countries to transfer funds to Zimbabwe without paying any fees.
Despite achieving a commendable set of financial results, FBC Holdings' latest performance review paints a picture of a company struggling to navigate Zimbabwe's economic uncertainty.
In a move that has sparked widespread outrage, Zimbabwean banks have begun deducting millions of US dollars from clients' accounts, citing the Intermediated Money Transfer Tax (IMTT) introduced by Finance Minister Mthuli Ncube in 2020. Clients of banks such as CBZ Holdings and Nedbank Zimbabwe have reported waking up to find thousands of US dollars missing from their accounts without prior warning or clear communication from the banks.
