Chronicle Editor
Sunday News Correspondent
CABS, one of Zimbabwe’s leading financial institutions, is celebrating a significant milestone this year — its 75th anniversary.
Over the years, CABS has distinguished itself as a leader in the banking industry, standing out by providing distinctive and tailored offerings to individual and business customers. As CABS Managing Director Mehluli Mr Mpofu stated,
“Today, our offering extends to all facets of the economy. In agriculture, CABS has funded the production of tobacco, macadamia nuts, bananas, strawberries, blueberries and avocados. CABS has also supported grain production, dairy, mining, tourism, retail, and distribution.”
CABS has a strong reputation as a mortgage lender, having helped thousands of families realise their dreams of home-ownership. Noteworthy projects undertaken by CABS include the development of 2 797 low-income houses in Budiriro, Harare, as well as the development and servicing of 1 030 residential stands in Nkulumane and Pumula South, Bulawayo.
With its roots as a building society in 1949, CABS has experienced a remarkable transformation, now playing a pivotal role in driving economic growth in Zimbabwe.
As Mr Mpofu elaborated, “Our digital platforms coupled with our wide branch and agent network position us well to meet banking needs. Online transactions are the new frontier and we are happy to talk to you about our e-Commerce.”
Old Mutual Group CEO, Mr Samuel Matsekete, emphasised how CABS’ achievements contribute to the illustrious legacy and heritage of Old Mutual.
He stated, “The 75th anniversary milestone of CABS reinforces the strength of Old Mutual as an integrated financial service group, offering comprehensive financial solutions to our customers all under one roof. As the Old Mutual Group, our mission is to be our customers’ first choice to grow, protect, and sustain their prosperity.”
CABS has demonstrated its stability and robust governance by successfully securing credit lines from financiers such as AfDB, Trade and Development Bank, European Investment Bank, and AfreximBank.
Through these partnerships, CABS funds significant projects, particularly in agriculture, mining, and energy, making a substantial contribution to the overall development of the nation.
Addressing attendees at the event, the Minister of Finance, Honourable Professor Mthuli Ncube, highlighted the positive impact of the government’s One-Stop Investment Shop initiative, stating, “This initiative has successfully created an investor-friendly environment and has led to tangible benefits for the banking sector.”
Mr Mpofu acknowledged the unwavering commitment of CABS staff and the unwavering support of customers, attributing their contributions as the driving force behind the success of CABS. He also said that CABS is poised to embark on the next chapter of its journey, shaping the banking landscape in Zimbabwe and helping customers realise their dreams.
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