'Nedbank can help Zim economy'

'Nedbank can help Zim economy'
Published: 22 April 2018 (242 Views)
President Mnangagwa says Nedbank Zimbabwe can play a leading role in financing core economic activities in the energy, infrastructure and agriculture sectors.

He said this at the launch of Nedbank Zimbabwe, formerly MBCA Bank, in Harare on Friday.

The bank is 67,48 percent owned by NedGroup Investment Africa, while Old Mutual Zimbabwe is the second largest shareholder with 20,9 percent.

President Mnangagwa said, "I … urge Nedbank Zimbabwe to participate in the funding of energy and transport infrastructure as well as Command Agriculture, which will in turn stimulate growth of the downstream agro-based industries."

He lauded the financial institution for supporting Zimbabwe via lines of credit such as the $75 million Nedbank Pre and Post-Shipment Facility for Trade Finance, and the $17 million Nedbank Tobacco Post-Shipment Facility.

President Mnangagwa noted how the bank had a presence in economic hubs in Zvishavane (mining) and Mutare (forestry and timber). The Msasa branch (Harare), he said, provided convenience to surrounding industries.

The President said Government was attracting FDI and lines of credit to fund capital projects and innovation.

President Mnangagwa said there was need for state-of-the-art technology in all sectors of the economy; including the financial system, machinery for manufacturing and mining, and medical equipment.

He said banks should observe good corporate governance with deposit protection being an integral component of an effective financial safety net.

"I therefore urge the Deposit Protection Corporation of Zimbabwe to scale up its operations and ensure depositors are protected against loss of their insured deposits.

"In this regard I encourage the DPC to make depositors aware of when, how much and how their deposits are protected in the event of a bank failure."

President Mnangagwa said banks and micro-lenders should stop charging transaction fees and interest rates above the Reserve Bank of Zimbabwe stipulated levels; and to uphold good corporate governance while shunning corruption.

He said Government would continue providing incentives for the private sector to expand financial services.

"I am informed that Nedbank Zimbabwe has introduced a product specifically targeted at empowering women, where they give lower rates for loans and higher rated for deposits.

''This is commendable and we look forward to seeing more initiatives like these in the future," he added.

Nedbank Group chief operating officer Mr Mfundo Nkulhlu said the group was committed to investing in Zimbabwe's economic growth.

At the launch were Industry, Commerce and Enterprises Development Minister Dr Mike Bimha; Finance and Economic Development Acting Minister July Moyo; Harare mayor Councilor Bernard Manyenyeni; and Nedbank Zimbabwe MD Dr Charity Jinya; as well as other financial sector executives.

- zimappers


You May Like These Videos


There are no comments.

Latest stories

ED sold himself as 'steady and firm hand' - unmasked, 'Mugabe mark 2'

by Nomusa Garikai | 17 October 2018 | 157 Views

RBZ stop illegal forex dealings

by Isaac Nkomah | 17 October 2018 | 127 Views

Is there anyone listening? It's not about Mnangagwa and Chamisa!!

by Sam Wezhira | 17 October 2018 | 120 Views

Hippo Valley High School dilemma

by Chiukira Munyaradzi | 17 October 2018 | 69 Views

Ambassador Katsande invites Zimvigil for a meeting

by ZimVigil | 17 October 2018 | 73 Views

Chamisa must open flood gates for contestation without prejudice

by MDC member | 17 October 2018 | 72 Views

Chinese deals, raw or fair for the Zimbabwean economy?

by Victor Bhoroma | 17 October 2018 | 72 Views

Chamisa purging party structures in preparation for congress

by Alliah Towo | 17 October 2018 | 65 Views

Mnangagwa's govt denies banning jerry cans

by Staff reporter | 17 October 2018 | 83 Views

Witchcraft: Girl pops out thorns from leg

by Staff reporter | 17 October 2018 | 96 Views

Houses mysteriously pelted by stones

by Staff reporter | 17 October 2018 | 73 Views

UK firm partners ZTA for tourism promotion

by Staff reporter | 17 October 2018 | 61 Views

Mangoma takes tenant to court

by Staff reporter | 17 October 2018 | 114 Views

Stampede at August 1 killings commission of inquiry hearing

by Staff reporter | 17 October 2018 | 124 Views

Dangers of Ndebele and Shona radicalism and extremism in Zimbabwe

by Etiwel Mutero | 17 October 2018 | 120 Views

Europe to crack down on 'second passport schemes'

by Staff reporter | 17 October 2018 | 144 Views

Mutsvangwa President in waiting?

by Fanya Haraka | 17 October 2018 | 206 Views

Zimbabwe's great war

by Jealousy Dutiro | 17 October 2018 | 88 Views

Zimbabwe considers debt cancellation

by Staff Reporter | 17 October 2018 | 108 Views

Zimbabwe imports from SA up 17%

by Staff Reporter | 17 October 2018 | 91 Views

UK donates another 2.6 million US to the cholera fight

by Agencies | 17 October 2018 | 92 Views

Mnangagwa closes in on forex kingpins

by Staff reporter | 17 October 2018 | 117 Views

Chamisa's MDC slams ban of jerry cans at service stations

by Staff reporter | 17 October 2018 | 81 Views

MDC gala scheduled for October 27 in Harare at Gwanzura Stadium

by Staff reporter | 17 October 2018 | 90 Views

Zimra official nabbed for extorting $500 bribe

by Staff reporter | 17 October 2018 | 84 Views

'Enact law to deal with money changers'

by Staff reporter | 17 October 2018 | 91 Views

Jabulani Sibanda remains mum

by Staff reporter | 17 October 2018 | 87 Views

Japan back in Bulawayo after Mugabe departure

by Staff reporter | 17 October 2018 | 97 Views

ZSE drops $4 billion in a day

by Staff reporter | 17 October 2018 | 76 Views

Nedbank buying back shares from minority shareholders

by Staff reporter | 17 October 2018 | 78 Views

Grace Mugabe's son, Mushekwi ex-wife Luminista 'get cosy'

by Staff reporter | 17 October 2018 | 95 Views

Drive out touts, money changers

by Staff reporter | 17 October 2018 | 97 Views

'Army warns Mnangagwa' - Exclusive Report

by Itai Mushekwe | 17 October 2018 | 565 Views

'Frail' Chiwenga flown back home

by Staff Reporter | 17 October 2018 | 448 Views