NMB seeks US$53m credit lines
BUSINESS REPORTER
Listed financial services provider, NMBZ is negotiating a US$53m line of credit with five unnamed offshore funders for onward lending to the productive sector, Business Times can report.
NMBZ group CEO, Gerald Gore, said the company hopes “to get that amount before the end of the year”.
“The lines of credit are at different levels as some (funders) came (to Harare) for due diligence, some for term sheets, and some for exchange of information.
“We hope we will be able to get that amount before the end of the year,” Gore said.
In its financial results for the 12 months to December 31,2022, NMBZ reported a 87% profit increase to ZWL$12bn from ZWL$6.4bn for the previous year representing a growth of 69%.
Total income for the group was ZWL$12.5bn during the reviewed period, which was a 62% increase from ZWL$7.7bn reported in the previous year.
Operating costs, however, increased by 57% to ZWL$19bn in the reviewed period from ZWL$12.1bn reported in 2021.
The group grew its loan book by 40% in the period under review to ZWL$46.3bn from ZWL$42.5bn in 2021.
Gore said the group partnered with Zimpost during the period under review, making it accessible in over 100 Zimpost branches countrywide from 13.
“We believe such partnerships are key for us to deliver services that require a physical touch point. The agency arrangement has also assisted in decongesting our branches, complemented by our efficient digital service delivery platforms,” he said.
NMBZ established a microfinance unit targeting to provide more focused services to individuals and micro businesses. A technology services division was also set up and is in various discussions with several banks in the region where it will become their technology partner to drive their digital transformation agendas.
Gore said the new subsidiaries and divisions have opened up new markets for the group and have a clear vision of how to establish themselves as formidable players in their domains.
He said all the group’s subsidiaries are adequately capitalised and capacitated to pursue their strategic goals.
