Fanuel Kapanje Resigns as ZB Finance Director

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  • Kapanje resigns with effect from 31 December 2021
  • His resignation follows another recent change at the top which saw Shepherd Fungura replace Ronald Mutandagayi as CEO with effect from 1 August 2021
  • Management  faces the task of steering the Group back to a profitable path

HARARE – ZB Financial Holdings (ZBFH) on Friday announced the resignation of Fanuel Kapanje (pictured) as the Group’s Finance Director with effect from 31 December 2021.

In a notice, ZBFH said Fanuel Kapanje will resign from the Company and Board to pursue other opportunities.

The Group further added that he has agreed to serve his notice period which ends on the 31st of December 2021.

Fanuel joined the Group then known as Finhold as Group Management Accountant in August 2002. He rose to the rank of Head Group Finance and Accounting in November 2004, a position he held until his promotion to his current role of Group Finance Director in October 2006.

ZBFH is grateful to Fanuel for the leadership and valued contribution he provided to the Group during his tenure and wishes him success in his future endeavors,” the Group said.

The Group further added that the formal recruitment process to identify a replacement Group Finance Director is commencing soon.

ZBFH recently oversaw a change at the top with the appointment of Shepherd Fungura as the new Chief Executive Officer who took over from Ronald Mutandagayi with effect from 1 August 2021.

The top executives are seized with the need to steer the Group back to a profitable path.

The Group which provides financial solutions to the commercial and merchant banking sector in Zimbabwe, as well as retail banking services, insurance operations, and strategic investments, saw its net profit decreased by 66% and revenue declined by 30% in the half-year of 2021.

Total income of ZW$2.897 billion for that period declined by 29.8% from ZW$4.128 billion the same period of last year.

In a statement accompanying the financials for the half-year, Fungura said that the Group is progressing the digitalisation agenda in order to enhance its operational efficiencies and most importantly, offer improved service delivery to its customers.

Its net interest income rose by 148.6%, from ZW$0.366 billion in 2020 to ZW$0.909 billion in 2021, whilst banking commissions and fees also rose in real terms by 115.6%, from ZW$0.533 billion in 2020 to ZW$1.15 billion in 2021.

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