ZB's new lease of life after sanctions chop

ZB Financial Holdings Limited (ZBFH) is now able to carry out international financial transactions after it was removed from the United States sanctions list recently.

The group's head of corporate services, Shadowsight Chiganze said the bank was now working on re-opening its nostro accounts to allow it to tap into offshore funding and the Diaspora market, a key area in mobilizing financial flows.

A nostro account is an account held by a local bank in a foreign bank, denominated in the currency of that country.

ZBFH was not able to open nostro accounts due to the US sanctions and had to rely on other banks for international transactions.  

The bank could also not import cash directly like others. Chiganze said the bank will now focus on stakeholder awareness, forging local and foreign strategic partnerships as well as restoration of operational capacity, and there has been progress in that regard.