Harare – ZB Financial Holdings Limited has said it is making satisfactory progress in re-establishing its international business with chief executive officer, Ron Mutandagayi saying the Bank has made significant strides not only to improve international transactions of any foreign currency but also working on its VISA platform and lines of credit.
Mutandagayi said this recently at an analysts briefing in the capital pointing out that the facilities are expected to support productive sector recovery and stimulate export performance.
“The Group has now established four correspondent banking relationships through which it is now able to process international transactions of any currency.
“Processes towards the readmission to the VISA platform are at an advanced stage. Substantial work has been completed in satisfying the Plastic Card Industry Data Security Standards (PCIDSS), a pre-requisite for VISA accreditation.
“The Group has been able to mobilize a total of $30 million in lines of credit with regional banking partners,” he said.
Meanwhile, on local operations Mutandagayi said the Bank is working tirelessly in infrastructure and property development.
“Following the successful mobilization of $105 million under the Emergency Road Rehabilitation Fund (“ERRF”) for the Zimbabwe National Roads Authority (ZINARA) in 2017, the Group has been retained to raise a further $150 million. Over $60 million has already been mobilized.
“The Group is participating in national efforts to provide housing stock in order to reduce the national deficit in housing provision. Servicing of 708 high and medium density stands in Plumtree is currently in progress. Selling will commence during the second half of 2018.”
Mutandagayi told analysts that the Group completed the refurbishment of its Mutare Branch in the first quarter of 2018 and it was officially launched in April this year.
“The refurbishment program is intended to modernize the Group’s premises, introducing an ambience that promotes customer interactions,” he said.
He also said a new sub-branch is scheduled for opening in Glendale by 31 August, 2018 and this was in response to requests from an increasing number of customers in that community.
Recently the Group launched a new partnership with Zympay which will provide a service that will enable Zimbabweans living outside the country to pay for local services and products and it is also expected to assist particularly with the payment of school fees to various schools.
Mutandagayi added that the Group is committed to developing products that fully deliver customers’ needs and to this end, an audit of the current bucket of products is currently underway to reconcile the offering with clients’ expectations.
“In the meantime, the Hospital Cash Plan products were launched on 31 July 2018. This product suite comprises the Group Hospital Cash Plan for Group Business and the ZB Hospital Cash Plan together with the MoreCover Hospital Cash Plan for individuals.”
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