- Stanbic bank CEO Joshua Tapambgwa has resigned after 13 years at the helm of the leading financial institution
- He steps down with effect from 1 January 2021
- Chief Finance Officer Solomon Nyanhongo takes over as new CE
HARARE – Stanbic Bank Zimbabwe Limited is seeing a change at the top with Joshua Tapambgwa stepping down after 13 years at the helm of Zimbabwe’s leading banking subsidiary. His was an 18-year affair with the institution dating back to 1 September 2002 where he joined the institution as Head of Finance and rose through the ranks to become CE in 2008.
Tapambgwa steps down effective 1 January 2021, with chief finance officer Solomon Nyanhongo taking on the role of CEO, immediately.
At the time of appointing as the bank’s CEO back in 2008, Tapambgwa was faced with a mammoth task to steer the ship through murky waters as the Zimbabwe economy was at that period crumbling in historic fashion. At the time, the banking sector was reeling from the collapse of the Zimbabwe dollar and spiralling inflation.
Reflecting on his journey, Tapambgwa said, “My appointment was akin to being thrown into the deep end as the economy was heading south and I would definitely say steering the ship during some of the country’s worst economic times gave me great satisfaction. Obviously, I had a great team around me so that lessened the burden”.
Years later, he leaves Stanbic as a leading digital banking institution. In 2020, the Standard Bank Group subsidiary registered significant milestone in tech driven innovations which became even more relevant in light of the COVID-19 related business distractions.
During that period, Stanbic partnered with SlydePay to introduce QR code payments. The Bank went on to introduce Tap and Go POS machines aimed at reducing physical contact at transaction points. In a highlight of the successful path the Bank was operating in, Stanbic reclaimed the Best Bank in Zimbabwe title awarded by the European, Middle East and Africa (EMEA) Finance at the African Banking Awards 2020.
In 2019, the financial services institution was named Best Bank of the Year by leading financial magazine, The Banker, at a glitzy gala in London.
The man replacing Tapambgwa is not a new comer to the banking institution.
Solomon Nyanhongo joined the bank in 2003 as a Senior Manager, Finance. He was then appointed Head of Finance in 2009 and subsequently Chief Financial Officer in the same year, a position he has held till his recent appointment.
Stanbic board chairperson, Gregory Sebborn welcomed Nyanhongo to the helm of the institution and was looking forward to his astute management skills to carry the organisation forward.
“Please join us in congratulating Solomon as he assumes his challenging new position and we look forward to him continuing to drive growth and innovation in the Bank for the benefit of its many and varied customers.” said Sebborn.
Nyanhongo is a Chartered Accountant who also holds various qualifications, amongst which is a Master’s in Business Administration (MBA) from Nottingham Trent University (UK) Bachelor of Accounting Science (Honours) from University of South Africa (UNISA) and an Honours Accounting degree from the University of Zimbabwe (UZ).
Sebborn had kind words for Tapambgwa who he described as an astute, dedicated team player.
“Tapambgwa will forever leave an indelible mark on Stanbic Bank as he helped steer the ship during turbulent times for the economy at large but in particular the banking sector,” said Sebborn.
Nyanhongo said he was looking forward to his new challenge with excitement and was raring to go.
“Stanbic Bank is a big institution and being appointed to take it forward is a challenge I welcome with both hands. Having worked closely with Josh (Tapambgwa) and observing how he rode all challenges we faced will hold me in good stead going forward. Tapambgwa leaves the institution in fine fettle and I am committed to taking it even further as we move into the era of the “new normal” which calls for innovation as the world embraces digitization and the menacing COVID 19,” said Nyanhongo.
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