- TN CyberTech Bank has revealed that only 46% of Zimbabwe’s adult population holds a formal bank account
- The 2% Intermediated Money Transfer Tax (IMTT) on electronic transactions, combined with high service charges and low savings returns, continues to discourage low-income earners from using formal banking channels
- TN CyberTech is repositioning as Zimbabwe’s first fully-fledged neobank, leveraging a low-cost, digital-first model that has tripled net interest income and boosted profit after tax by 184%
Harare - TN CyberTech Bank has raised the alarm over Zimbabwe’s deepening financial exclusion, revealing that only 46% of the country’s adult population holds a formal bank account, according to its latest financial results for the six months ended 31 August 2025.
The gap reflects more than just economic numbers it is the product of decades of mistrust, systemic inefficiencies, and structural barriers. Zimbabweans’ skepticism toward formal banks is rooted in historical experiences.
Hyperinflation, abrupt currency transitions, and instances where citizens’ savings and pensions were lost have left deep scars, encouraging many to keep cash at home or rely on trusted informal savings clubs like mukando.
High costs and charges further deter participation, traditional banks often impose steep fees for account maintenance, transactions, and balance inquiries, while offering minimal returns on savings including the Intermediated Money Transfer Tax (IMTT) in Zimbabwe, a 2% tax levied on electronic financial transactions to widen the tax base and fund public services.
For low-income earners and informal sector workers, these costs can outweigh the benefits of holding a bank account, perpetuating reliance on alternative financial solutions.
Another barrier is accessibility , banks branches and ATMs are largely concentrated in urban centres, leaving rural populations underserved. In contrast, mobile money networks have grown exponentially, with agent networks up to ten times denser than bank branches, providing financial access even in remote areas.
The widespread adoption of mobile phones has accelerated this trend, with services like EcoCash offering convenient, low-cost alternatives that bypass traditional banking hurdles.
Frequent currency reforms and a volatile macroeconomic environment make long-term financial planning through formal banks unpredictable, pushing many Zimbabweans toward foreign currencies or informal systems to safeguard their wealth.
Rigid account requirements, mandatory payslips or minimum balances further exclude a significant portion of the population, particularly those in informal employment.
Against this backdrop, TN CyberTech is charting a new path. “Our strategic blueprint seeks to tackle financial exclusion, a challenge evidenced by the fact that only 46% of Zimbabwe’s adult population holds a formal bank account,” said Group Chief Executive Officer Tawanda Nyambirai.
The bank, a subsidiary of TN CyberTech Investments Holdings Limited (formerly EcoCash Holdings Zimbabwe), is positioning itself as Zimbabwe’s first fully-fledged neobank.
Its low-cost, digital-first model has delivered remarkable results: net interest income has tripled to ZWG106.6 million from ZWG31.8 million a year earlier, while profit after tax surged 184%, driven by higher loan volumes, robust deposit growth, and operational efficiency.
Deposits rose 25% to ZWG5.9 billion, and the loan book expanded 19% to ZWG1.1 billion, reflecting growing confidence in its reimagined digital model.
Following its 2024 corporate restructuring, which saw the disposal of non-core subsidiaries such as EcoCash, Vaya, and MARS Zimbabwe, TN CyberTech has repositioned itself as a digital banking powerhouse.
The transformation is anchored in its new operating ethos IDIFOH, standing for Innovation, Dignity, Industry, Faith, Originality, and Humility which guides both the brand and its customer promise.
The bank launched a low-KYC core banking system in May 2025 that reduces dependence on foreign software vendors and significantly lowers the cost of onboarding new customers.
Looking ahead, the bank is poised to roll out further technological solutions to expand financial access nationwide including the digitalisation of remittances and card services, consolidation of e-commerce platforms for SMEs, and the expansion of nano-loans targeting financially marginalised groups.
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