ZB makes strides in digital transformation

LIVINGSTONE MARUFU

ZB Financial Holdings Limited (ZBFHL) has made significant progress in modernising its operations and enhancing customer experience through technology, while also focusing on developing solutions that address customer needs and support national development.

The adoption of innovative digital solutions has been widely embraced by the majority of its customers, driving the group’s strong performance.

As part of its transformation, ZB launched an innovation hub aimed at advancing technological solutions and forging strategic partnerships to expand financial inclusion and modernise payment systems across Zimbabwe.

The group’s latest offering, the twin digital platforms—Smile Cash and Smile&Pay—has disrupted Zimbabwe’s digital payments landscape by providing affordable, locally developed alternatives to foreign fintech services. These platforms have broadened access to secure, real-time payment systems.

Smile Cash is a versatile mobile wallet that enables users to transact via app or USSD, integrating banking, insurance, and investment functions into a single platform. The innovation also serves as a secure payment gateway to support e-commerce and digital business transactions.

The platform is fully integrated with major financial networks, including Visa, Mastercard, and SWIFT, as well as regional systems, enabling cross-border payments and real-time transaction processing. It also consolidates local payment platforms such as Ecocash, Omari, and Innbucks in one place. Users can access multi-currency functionality, loyalty rewards, budgeting tools, and seamless integration with existing ZB services.

In a statement accompanying the half-year results, CEO Shepherd Fungura attributed the group’s strong performance to its ongoing digital transformation journey.

“The group has continued to leverage on the benefits of adopting the new business model, organizational design and deployment of digital assets through automation to serve our customers better,” Fungura said.
“Innovation remains one of the major tenets underpinning the Group’s strategy. During the review period, several innovative initiatives currently at various stages of finalisation, including inter alia, School Management Portal, Universal Wallet, Customer Feedback Portal, Loan Management System and Queue Management System.”

Banking commissions and fees surged by 125% to ZWG0.905bn as of June 30, 2025, largely due to increased electronic banking transactions driven by the group’s digitisation efforts.

During the period under review, ZB undertook a staff rationalisation exercise and expects further cost savings through process automation. A major focus remained on the multi-million-dollar new core banking system, Fusion Essence, implemented in January 2025.

“The group has now successfully addressed initial teething challenges experienced during Q1 2025. In a related initiative, the group also launched a digital payment platform, Smile Cash, in Q1 2025, which now boasts of over 1m subscribers,” Fungura said.

In February 2025, ZB commissioned a Robotics Process Automation Project, expected to be completed by December 31, 2025, as part of process re-engineering to enhance operational efficiencies through digital capabilities.

The group’s medium-term plan for 2021-2025 concludes at the end of the year. During the second half of 2025, ZB will outline its 2026-2030 mid-term strategy, which will build on existing foundations and focus on sustainable business growth while creating positive experiences for employees and customers.

“As much as the 2021-2025 strategy embedded long term sustainability of operations as a key strategic theme, the 2026-2030 strategy will further the sustainability agenda beyond attainment of SSCI certification, putting more emphasis on implementation of sustainability and ESG across the Group.
During the review period, the group finally submitted its SSCI project for review by the EOSD, becoming one of a few leading financial institutions in Zimbabwe to reach the review stage so far,” Fungura said.

The iterative review process also led to the revision of one of ZB’s High Impact Goals (HIGs), previously focused on “stimulating the real economy,” which will now target “stimulating the agri-business value chain.”

The other two HIGs—“promote financial inclusion” and “foster investments in sustainable infrastructure” remain unchanged.