CBZ Bank secures US$10m
BUSINESS REPORTER
CBZ Bank Limited has secured a US$10m factoring and supply chain finance line of credit from Afreximbank, positioning itself as the first commercial bank in Zimbabwe to adopt factoring.
The facility is aimed at driving inclusive, technology-enabled trade finance solutions across Zimbabwe and Africa.
The move underscores CBZ Bank’s commitment to innovation and its role as a catalyst for economic empowerment and financial inclusion.
Speaking at the signing ceremony in Algeria, CBZ Bank managing director Valeta Mthimkhulu described the facility as a major turning point for the institution.
“The signing of this US$10m factoring and supply chain finance line of credit is more than a financial agreement, it is a strategic leap forward in our commitment to driving inclusive, technology-enabled trade finance solutions across Zimbabwe and the African continent.
As the leading trade finance bank in Zimbabwe, a recognition we received from Afreximbank in Abuja, we continue to lead from the front, developing solutions for open account financing, SME support, and financial inclusion that respond to the evolving needs of our clients and communities,” Mthimkhulu said.
She added that CBZ Bank has also joined the Africa Trade Gateway Platform (ATG), an Afreximbank initiative in collaboration with the African Union. The platform streamlines cross-border transactions, reduces operational costs, and builds trust among banks, exporters, importers, and other stakeholders.
Mthimkhulu expressed gratitude to Afreximbank for its consistent support.
“This partnership is not only strengthening CBZ Bank, it is empowering Zimbabwe to take its rightful place in the African and global trade finance ecosystem.
While we celebrate this milestone, I also want to implore our partners to go further, particularly in providing technical support for new and transformative products such as Factoring and ATG.
More importantly, to build sustainability around this, let’s work together to positively advocate and influence the regulators to adopt the Factoring Model Law so as to effectively roll out and implement factoring in Zimbabwe,” she said.
CBZ Bank said it intends to deepen the partnership with Afreximbank beyond borrowing. The lender envisions expanded collaboration in syndications, risk-sharing, debt capital markets, and FEDA, while also building on initiatives such as the recently signed ATDC with its subsidiary, Agro Yield.
