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HARARE, 12 December 2024 – Stanbic Bank Zimbabwe Chief Executive Mr Solomon Nyanhongo has been named the overall Chief Executive Officer (CEO) of the Year and the Banking Sector CEO of the Year at the prestigious annual CEO Round Table Awards.
The awards, determined by a five-member adjudication committee comprising experts in banking, law, accounting, media, and investment, assessed nominees across eight categories: business performance, corporate strategy, digital transformation, customer experience, risk management, product innovation, ethical leadership, and product mix.
Chaired by lawyer and educationist Mr Canaan Dube, the committee recognised Mr Nyanhongo for steering Stanbic Bank to exceptional business performance, as evidenced by significant revenue growth and strategic foresight. Under his leadership, the bank prioritised three strategic goals: transforming client experience, executing with excellence, and driving sustainable growth and value.
Mr Nyanhongo’s digital transformation efforts were a standout, with 48% of Stanbic Bank’s clients now fully digitized. This year alone, 94% of the bank’s 14.1 million transactions were conducted through digital channels, showcasing customer trust and the institution’s commitment to efficiency and accessibility.
Stanbic Bank has won the Best Customer Experience Award in the Banking Category from the Customer Experience Association of Zimbabwe for the past two years. Customer satisfaction across its segments averaged 8.5 out of 10, indicating high levels of client approval.
The bank excelled in risk management, maintaining an impressively low 0.7 percent non-performing loan (NPL) ratio, which demonstrates robust financial health. Revenue diversification also played a significant role, with 36 percent of its total revenue as of October 2024 coming from transactional revenues.
Innovation has been another hallmark of Mr Nyanhongo’s leadership. This year, Stanbic Bank launched several customer-focused products, including:
• A Loyalty Programme for Private Banking clients, featuring perks such as free travel insurance and airport lounge access.
• The low-cost Blue Ease account, designed for financial inclusion, with 743 accounts opened to date.
• Green Energy Financing for clients in renewable energy, as part of the bank’s sustainability drive.
The adjudication committee, adhering to strict conflict-of-interest guidelines, used a predefined set of criteria to ensure a fair evaluation. Mr Nyanhongo’s recognition was based not only on sectoral leadership but also on Stanbic Bank’s impact at the national level.
“The awards process was thorough, and we are proud of the outcomes. Each nominee demonstrated excellence, but Nyanhongo’s achievements stood out,” said Mr Dube.
The awards spanned multiple sectors, including agribusiness, education, health, ICT, manufacturing, real estate, and tourism, making Nyanhongo’s selection as overall CEO of the Year particularly noteworthy.
Despite Zimbabwe’s economic challenges, Stanbic Bank posted a historical cost profit of ZWG27.1 million for the six months ending June 30, 2024. Adjusted for technical losses related to investment property portfolio valuations, the bank’s headline earnings stood at ZWG346 million, reflecting its sustainable financial performance.
Mr Nyanhongo noted that the bank’s financial adjustments followed the shift in its functional currency from the Zimbabwe Dollar (ZWL) on January 1, 2024. This change led to accounting recalibrations reflecting differences in property asset valuations.
Stanbic Bank ended the first half of the year with a net interest income of ZWG374 million, largely driven by new foreign currency lending assets amid high demand for forex facilities.
These accolades highlight Mr Nyanhongo’s visionary leadership and the transformative impact of Stanbic Bank on Zimbabwe’s financial landscape. His focus on innovation, sustainability, and customer experience sets a benchmark for the banking sector.
Ends
CAPTION: Stanbic Bank Chief Executive Solomon Nyanhongo (second from right) with (from left): CEO Africa Roundtable Board Chairman Oswell Binha, US Ambassador to Zimbabwe H.E. Ms. Pamela Tremon, and Dr. Thomas Utete Wushe, Permanent Secretary, Ministry of Industry and Commerce, shortly after receiving the two awards.
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