Chronicle Editor
Oliver Kazunga, Senior Business Reporter
ZB FINANCIAL Holdings says its transformation drive has been anchored on digitisation of its systems and processes thereby consolidating the gains achieved in the past 70 years of the organisation’s existence.
The listed financial institution was established in the country in September 1951 as the Netherlands Bank of Rhodesia Limited.
In a statement to celebrate the 70 years anniversary, ZB Financial Holdings chief executive officer, Mr Shepherd Fungura, said digital transformation has played a key role in boosting business operational efficiency.
“In line with our thrust to be at the cutting edge of financial services, we have now rationalised our offering to fall under an integrated business approach that speaks to – One Digital ZB – taking pride in our core offerings of banking, insurance and investments,” he said.
This means that ZB Financial Holdings is able to support and assist its customers and partners to achieve their objectives, through the institution’s ability to cross-sell, effectively delivering a single-source solution to financial services, added Mr Fungura.
He said being globally relevant has taken on a new meaning since the advent of the Covid-19 pandemic, wherein, the globe has become even smaller with the access that individuals now have to global providers.
“Therefore, our benchmarking has changed from offering solutions relevant in Zimbabwe, but ensuring that when our customers compare us to global best practice, that comparison is favourable to us,” said Mr Fungura.
“In this regard, digitalisation of our processes has meant that we can offer products that are more relevant and available at a click or a tap.
“Paperless banking has ceased to be an ideal, but rather a mandatory element of providing service. We have many of our products available in the digital cyber sphere, down to our WhatsApp banking, where you can message your bank, give instructions and get service.”
Mr Fungura paid tribute to his bank’s staff for continuing to work hard to ensure clients get the service they require and beyond.
“This is why we have dedicated this celebration to you, because as you’ve gone through life, we have been, and will continue to be there for the journey,” he said.
In 1972, the company changed its name to Rhodesia Banking Corporation Limited and then to Rhobank in 1979. Again, it changed its name once again in 1981 to Zimbabwe Banking Corporation (Zimbank) after the Government purchased the majority shareholding.
In 1989, the directors of the company undertook a restructuring exercise with the objective of bringing all subsidiaries and associates under one investment and holding company, Zimbabwe Financial Holdings Limited.
The restructuring allowed the bank to concentrate exclusively on providing commercial banking services to the public.
Mr Fungura said the acquisition of a number of subsidiaries over the years has allowed his organisation to offer a wide range of services, which include commercial and merchant banking, leasing as well as trust and executor services.
In October 2006, the group, which had just acquired the Intermarket Holdings Limited Group, adopted a new monolithic brand and formally changed its name from Zimbabwe Financial Holdings Limited (Finhold) to ZB Financial Holdings Limited (ZBFH).
“This made ZB Financial Holdings one of the most diversified financial services companies in the country,” said Mr Fungura. -@KazungaOliver
Bongani Ndlovu