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Zimbabwe liquidates four failed banks
Four banks that collapsed between 2004 and 2008 have been officially liquidated, marking a significant milestone in Zimbabwe's financial sector. Hopewell Zinyau, Chief Executive Officer of the Deposit...Published: 16 Jun 2025 at 15:08hrs | 16668 | by Staff reporter
Zimbabwe's Banking Sector and No Arrests Years Down the Line
United Merchant Bank (UMB) - Closed in 1998 due to insider loans and mismanagement.Universal Merchant Bank (UMB) - Closed in 2003 struggled with negative perceptions after UMB's collapse....Published: 05 Dec 2024 at 20:15hrs | 306 | by Engineer Jacob Kudzayi Mutisi
Zimbabwe's errant bankers must be punished
Vocal Harare political activist and business advocate, Engineer Jacob Mutisi, has called for stringent accountability for bankers and financial institutions involved in the mismanagement and fraudulen...Published: 05 Dec 2024 at 09:19hrs | 1416 | by Staff reporter
Zimbabwe's banking sector and no arrests years down the line
United Merchant Bank (UMB) - Closed in 1998 due to insider loans and mismanagement.Universal Merchant Bank (UMB) - Closed in 2003 struggled with negative perceptions after UMB's collapse....Published: 05 Dec 2024 at 09:07hrs | 618 | by Eng. Jacob Kudzayi Mutisi
Zimbabwe banking sector strengthens amid declining non-performing loans
The Reserve Bank of Zimbabwe (RBZ) has reported a significant improvement in the country's banking sector credit risk landscape, marked by a decrease in the ratio of non-performing loans (NPLs) to tot...Published: 24 Nov 2024 at 09:55hrs | 105 | by Staff reporter
Nigerian billionaire Zimbabwe deals falter amid capital problems
WITH the help of Zimbabwean authorities who supported him amass platinum, gold, lithium, iron ore, tin and some rare earth mineral concessions, it first appeared like he was going far.At some poin...Published: 28 May 2024 at 12:46hrs | 14 | by Staff reporter
'If Zimdollar is abandoned markets and financial institutions will recover'
As the Zimbabwean dollar continues to battle for its survival under severe pressure from the United States dollar despite its recent recovery rally, John Legat, Imara Asset Management (Zimbabw...Published: 21 Jul 2023 at 07:56hrs | 1 | by Staff reporter
Nigerian billionaire's US$1 billion Zimbabwean mining deals stall
NIGERIAN oil and gas billionaire Benedict Peters' massive investment plans to shell out over US$1 billion into a local platinum mining project and more into lithium, iron ore, tin, gold and rare earth...Published: 16 Jul 2023 at 13:54hrs | 25 | by Staff reporter
RBZ tells Time Bank to reopen 'but don't take deposits'
TIME Bank, one of a dozen domestic financial institutions that collapsed at the height of Zimbabwe's banking crisis between 2004 and 2008, was yesterday given the nod to re-enter the market under rest...Published: 19 Oct 2022 at 06:01hrs | 1 | by Staff reporter
Foreign investors line up new bank in Zimbabwe
A group of domestic and foreign investors has lodged an application with Zimbabwean authorities to roll out an investment bank, the first such institution since investment banks were toppled under the...Published: 10 Sep 2021 at 07:35hrs | 13 | by Staff reporter
Namibia returns to uninterrupted hunting as animal rights groups seek to spoil the 'party'
Namibians have welcomed the return of uninterrupted hunting, following a near-total absence of international hunting in 2020, caused by the COVID-19 pandemic travel bans. As hunting retur...Published: 14 Apr 2021 at 21:19hrs | 3 | by Emmanuel Koro
60% of Bulawayo companies close shop
THE labour movement, consumer rights groups, small enterprises and informal traders have lamented the continuous collapse of Bulawayo industries amid revelations that up to 60% of companies have close...Published: 19 Feb 2021 at 07:04hrs | 146 | by Staff reporter
Why RBZ needs autonomy
Former reserve Bank of Zimbabwe (RBZ) governor Gideon Gono recently appeared on Zimbabwean entrepreneur and newspaper publisher Trevor Ncube's discussion series In Conversation with Trevor.Amo...Published: 13 Sep 2020 at 07:15hrs | 2 | by Admire Dube
Failed banks creditors in fix
Creditors of six failed banks that are under final liquidation remain in a fix as the banks' liabilities far outweigh their cumulative assets, figures show. Latest figures from the Deposit Pro...Published: 25 Jul 2019 at 07:45hrs | 1 | by Staff reporter
Closed banks: Depositors to be compensated in Zimdollars
GOVERNMENT has instructed its insurer to compensate holders of nostro accounts in closed banks in either US dollars or the equivalent in local currency, it was revealed.Currently, the Deposit ...Published: 24 Jul 2019 at 08:20hrs | 3 | by Staff reporter
Zimbabwe needs a serious president
Prices of commodities, insurances and basic food (basically everything) are skyrocketing but wages remain constant equating to the increase in suffering of the ordinary people. Do we deserve this much...Published: 12 May 2019 at 08:14hrs | 2 | by Dr Takesure Tazvishaya.
Zimbabwean banker loses SA home over $4.5 million debt
FORMER Trust Bank director Christopher Goromonzi lost his plush Johannesburg home after it was auctioned to offset a reported $4,5 million debt he owes a South African bank, it has been learnt....Published: 23 Nov 2018 at 05:48hrs | | by Staff reporter
How the Zimbabwe govt stole from its people, again
THERE is a scene in the 1978 classic movie, The Great Train Robbery, which portrays the destructive arrogance of Zimbabwe's monetary policy over the past two decades.After masterminding a gold...Published: 11 Oct 2018 at 06:41hrs | 1 | by newZWire
First Mutual seeks Meikles liquidation
FIRST Mutual Holdings (FMH) Limited has petitioned the High Court seeking liquidation of the Zimbabwe Stock Exchange (ZSE)-listed Meikles Limited after the latter allegedly failed to settle a five-yea...Published: 02 Oct 2018 at 09:49hrs | 2 | by Staff reporter
Mukupe slapped with another default judgment
HIGH Court judge Justice Edith Mushore yesterday gave troubled Finance deputy minister Terrence Mukupe until July 18 to settle his $32 593 debt with Trust Bank loan or face civil imprisonment....Published: 05 Jul 2018 at 08:36hrs | | by Staff reporter
Mnangagwa's ally faces jail term over debt
Deputy Finance minister Terrence Mukupe is today set to appear before High Court judge Justice Edith Mushore, where he faces civil imprisonment over a $32 593 Trust Bank debt.Trust Holdings' b...Published: 04 Jul 2018 at 09:18hrs | | by Staff reporter
Mukupe to be jailed on Wednesday?
FINANCE deputy minister and Zanu PF parliamentary candidate for Harare East, Terrence Mukupe, faces civil imprisonment for failing to service a $32 593 loan received from the now-liquidated Trust Bank...Published: 02 Jul 2018 at 17:09hrs | | by Staff reporter
Lawsuits for failed banks executives
THE Deposit Protection Corporation (DPC) has sued directors of four failed banks for lack of corporate governance and abuse of depositors' funds.Last year, the deposit protection entity said t...Published: 25 Jun 2018 at 07:27hrs | 1 | by Staff rpeorter
Mnangagwa's ally sinks in debt
FINANCE deputy minister Terrence Mukupe continues to swim in debt with a local school joining the long list of institutions that have taken him to court over debts.The school, which could not ...Published: 23 Jun 2018 at 20:27hrs | 2 | by Staff reporter
Mukupe faces jail
FINANCE deputy minister and Zanu PF parliamentary candidate for Harare East, Terrence Mukupe, faces civil imprisonment for failing to service a $32 593 loan received from the now-liquidated Trust Bank...Published: 19 Jun 2018 at 15:05hrs | | by Staff reporter
Mnangagwa commits to opening up media space
President Emmerson Mnangagwa yesterday said his government was working on reviewing media regulations to allow more players in the sector.His commitment comes amid concerns over the sidelining...Published: 17 Mar 2018 at 08:19hrs | | by Staff reporter
Zimbabweans urged to embrace each other
PRESIDENT Emmerson Mnangagwa has said Zimbabweans must embrace each other in their diversity regardless of language or ethnicity.Speaking at the 5th CEO Africa Roundtable conference in Victori...Published: 16 Mar 2018 at 06:20hrs | | by Staff reporter
Resolve past political conflicts
The success of the country's economic transformation by 2040 hinges on the willingness of the every Zimbabwean to embrace national healing and reconciliation as this is one of the major setbacks as a ...Published: 15 Mar 2018 at 14:49hrs | | by Staff reporter
Time Bank re-opens on Monday
Time Bank of Zimbabwe, one of only four remaining indigenous banks will finally open its doors to the public on Monday next week after over a decade of dormancy and running court battles.The c...Published: 04 Jan 2018 at 07:20hrs | 3 | by Business Reporter
Failed banks haunt directors
THE Deposit Protection Corporation says there are sufficient legal instruments to facilitate successful prosecution of directors of failed banks for their roles in causing collapse of the institutions...Published: 19 Nov 2017 at 08:37hrs | | by Staff reporter
Confidence in the financial sector
At the heart of the economy, is the financial system. And at the heart of the financial system, is the confidence in the sector. However the system is sensitive to the expectations of the unknown and ...Published: 29 Oct 2017 at 11:19hrs | 4 | by Tryson G. Dube
Zanu-PF bigwigs bleed banks dry
Politicians, particularly the elite in Zanu-PF, are proving to be a thorn in the flesh for the financial services sector, with hardly a month passing without the Deputy Sheriff being called in to put ...Published: 19 Jun 2017 at 13:58hrs | 2 | by Staff reporter
Masked armed robbers ransack Filabusi home
TWO masked robbers broke into a house in Filabusi and got away with cash amounting to $450, clothing and a cellphone after holding the owner hostage.The two unidentified men, who were arme...Published: 19 Mar 2017 at 07:34hrs | | by Staff reporter
Trust Bank assets face the hammer
Assets belonging to closed Trust Bank Corporation, which is under liquidation, will next week go under the hammer as the Deposit Protection Corporation (DPC) moves to mobilise funds to compensate ...Published: 18 Aug 2016 at 06:14hrs | 1 | by Staff reporter
Trust Bank bosses face litigation
THE Deposit Protection Authority has recommended litigation against directors of Trust Bank Corporation Ltd, for fraudulent conduct of business. KPMG, an agent of Depositors Protection Corpora...Published: 22 Jul 2016 at 05:35hrs | 3 | by Business Reporter
New Banking Act gives RBZ more supervision power
The new Banking Act came into effect on Friday last week, giving the Reserve Bank of Zimbabwe more latitude to tighten bank supervision, monitoring and control while diluting controlling individual or...Published: 18 May 2016 at 06:58hrs | 1 | by Golden Sibanda
Banks urged to scrap bank charges
BANKING services should be provided free of charge in order to achieve financial inclusion and increase business for the sector, Steward Bank CEO Lance Mambondiani said yesterday. Officially launching...Published: 23 Apr 2016 at 12:46hrs | 1 | by Prosper Ndlovu
Grace Mugabe sucked into $3 million fuel scam
FIRST Lady Grace Mugabe - through her son Russell Goreraza-has been dragged into a US$3 million fuel scam in which a local oil company is accusing a British Virgin Islands-domiciled firm of fraudulent...Published: 18 Mar 2016 at 07:16hrs | 7 | by Staff reporter
Account holders with closed banks to be paid by April
THE Deposit Protection Corporation (DPC) and the Reserve Bank of Zimbabwe (RBZ) have finished compiling the list of Zimbabwe dollar account holders whose money was locked in banks that were closed aft...Published: 07 Feb 2016 at 08:13hrs | 1 | by Roberta Katunga
Obert Mpofu to fight $16 million lawsuit
Macro-economic Planning and Investment Promotion Minister Obert Mpofu, who is facing a $16 million lawsuit for failing to surrender immovable assets to the liquidator of his defunct Allied Bank Limite...Published: 29 Sep 2015 at 06:35hrs | | by Fidelis Munyoro
Barclays Bank executive up for fraud
A BARCLAYS Bank executive stationed at its Borrowdale Branch has appeared in court accused of transferring $6000 from a client's bank account to Sun Trust Bank in the United States of America without ...Published: 21 Sep 2015 at 13:37hrs | 1 | by Court Reporter
Depositors' $186 million locked in collapsed banks
The Depositors Protection Corporation (DPC) has said $186 million owed to 55 000 depositors is held up in six collapsed banks.The regulatory authorities said they are working on measures ...Published: 21 Apr 2015 at 13:35hrs | 1 | by Staff Reporter
Econet and Steward Bank: Corporate bullying with a huge stink
I HATE bullies, be they human or corporate. Their intention is to instill the fear of God, mainly to avoid scrutiny. I had this feeling about Econet Wireless and Steward Bank in the past few weeks aft...Published: 15 Apr 2015 at 08:23hrs | 1 | by Eliphas Taonezvi
Big wigs suck Zimbabwe banks dry
The majority of banks that folded over the past five months choked on souring loans extended to top executives and serial debtors, The Sunday Mail reported.AfrAsia is the latest victim of toxi...Published: 22 Mar 2015 at 07:09hrs | 2 | by Staff Reporter
Zimdollars accounts to be compensated
THE Reserve Bank of Zimbabwe is coming up with a formula to calculate how Government can compensate individuals with Zimbabwe dollars locked in accounts after the country adopted the use of multi-curr...Published: 08 Feb 2015 at 11:19hrs | | by Gabriel Masvora and Ngonidzashe Chiutsi
Obert Mpofu's bank collapses
HARARE - The troubled Allied Bank has reportedly surrendered its banking licence after failing to inject more capital to keep it afloat due to economic hardship.In a statement, the RBZ sa...Published: 08 Jan 2015 at 19:30hrs | | by Staff Reporter
Africa - Banking: ICS Financial Systems Extends Leading Presence in Africa
LONDON, United-Kingdom - ICS Financial Systems Limited (ICSFS), the global software and services provider for banks and financial institutions, partnered with ne...Published: 31 Dec 2014 at 09:35hrs | | by APO
11 Zimbabwe banks distressed
The Depositors Protection Corporation (DPC) says it is closely watching 11 banks exhibiting signs of financial distress under the Capital, Assets, Management, Earnings, Liquidity and Sensitivity to r...Published: 27 Aug 2014 at 15:24hrs | 2 | by Staff reporter
Two Zimbabwean banks face collapse
Two more indigenous banks face collapse due to the persisting liquidity crisis' systemic risk inherent in the financial sector, a report released this week indicated.In a 2014 first half analy...Published: 25 Jul 2014 at 15:29hrs | | by Staff reporter
Hunting for Eurobonds
Views split on sub-Saharan Africa's debut in the international markets Attracted by the prevailing low interest rates, cash-strapped African countries l...Published: 01 Jul 2014 at 20:32hrs | | by Jocelyne Sambira
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