ZBFH accelerates banking operations consolidation
LIIVINGSTONE MARUFU
Diversified financial services group ZB Financial Holdings (ZBFH) is intensifying efforts to consolidate its banking operations in a strategic move designed to improve efficiency and enhance service delivery.
Reliable sources at ZB told Business Times that the group has begun notifying its customers of plans to merge ZB Building Society (ZBBS) operations into ZB Bank. This process, guided by the Reserve Bank of Zimbabwe (RBZ), is expected to optimise capital deployment and streamline the group’s banking structure.
The consolidation will be effective over the next 90 days, during which time customers are expected to transition to their preferred banking arrangements.
An executive close to the development, speaking on condition of anonymity, said maintaining two separate banking licenses under one financial group had become commercially unviable.
“ZBFH is a strong and well-capitalised financial institution. However, from a business standpoint, holding two banking licenses under the same group is not an efficient use of capital,” the executive said.
“To ensure that we optimise capital within ZB and deliver the best possible service to our customers, we made the decision to surrender the ZBBS license and consolidate operations under ZB Bank. This transition allows us to focus our resources and expertise on strengthening ZB Bank, which remains a solid and reliable financial institution,” he added.
Acknowledging the potential impact on ZBBS customers, the executive assured that no depositor would be left behind. A structured engagement plan has been activated to give customers the flexibility to either migrate to ZB Bank or choose another financial institution.
“We are engaging our customers via SMS, press, digital communication, and phone calls to notify them of this change and allow them to make an informed decision. A 90-day public notice has now been issued, urging all ZBBS depositors to visit their nearest ZB Bank branch to confirm their preferred banking arrangements. Customers who do not respond within the stipulated time limit will have their balances automatically transferred to ZB Bank for safekeeping,” he said.
The executive dismissed any speculation that the surrender of ZBBS’s license was driven by financial instability, reiterating that ZBFH remains robust and in a growth trajectory.
“This move is about efficiency, not distress. ZBFH is in a sound financial position, and we remain committed to delivering world-class financial solutions. Our focus is on optimising our resources to generate greater value for our customers and shareholders,” he emphasized.
He also noted that ZBFH continues to invest heavily in digital innovation and customer-centric services. This includes the recent launch of the Smile Cash app and the Cash & Pay payment platform—solutions aimed at expanding convenience and enhancing the customer experience.
In addition, ZBFH has introduced digital account opening for banking, insurance, and investment services, reflecting its strategy to position the group as a future-ready financial services provider. The availability of a 24/7 contact centre across all product lines underscores its commitment to responsive and accessible service.
As the financial sector continues to transform, ZB is positioning itself for long-term sustainability by consolidating resources and enhancing operational agility.
“Our mission is simple: to work hard every day to create happy people. Every step we take is guided by that goal, and we will continue to evolve to meet the changing needs of our customers,” the executive said.
