Timothy
Business Writer
Banking unit CABS says it has over the past 75 years distinguished itself as a leader in banking industry, having transformed from mainly focusing on mortgage loans and now plays a pivotal role in driving economic growth in Zimbabwe, serving corporations of varied forms and sizes.
Managing director Mehluli Mpofu at the Bank’s 75th anniversary celebrations last Friday said the Bank has stood the test of time providing distinctive and tailored offerings to individual and business customers.
“CABS has a strong reputation as a mortgage lender and has helped thousands of families realise their dreams of homeownership.
“Noteworthy projects undertaken by CABS include the development of 2 797 low-income houses in Budiriro, in Harare, as well as the development and servicing of 1,030 residential stands in Nkulumane and Pumula South, in Bulawayo,” he
said.
He added that with its roots as a building society in 1949, CABS has experienced a remarkable transformation from mainly focusing on mortgage loans and now plays a pivotal role in driving economic growth in Zimbabwe, serving corporations of varied forms and sizes.
“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,” said Mpofu.
He further elaborated that, “CABS has also supported grain production, dairy, mining, tourism, retail, and distribution”.
Mpofu noted that the Bank’s digital platforms coupled with the wide branch and agent network positions it to meet banking needs.
“Online transactions are the new frontier and we are happy to talk to you about our e-commerce,” he said.
Old Mutual Group CEO, Samuel Matsekete, emphasised how CABS’ achievements contribute to the illustrious legacy and heritage of Old Mutual.
He said the 75th anniversary milestone of CABS reinforces the strength of Old Mutual as an integrated financial service group, offering comprehensive financial solutions to the group’s 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,” he said.
Matsekete said 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.
He said through these partnerships, CABS funds significant projects, particularly in agriculture, mining and energy, making a substantial contribution to the overall development of the nation.
Bongani Ndlovu