NEVER NYEMUDZO
CEO of CBZ
Finance / Zimbabwe
“CBZ will change the way banking is done.”
Formed in 1980, Commercial Bank of Zimbabwe (CBZ) has been led since 2014 by Chief Executive Officer, Never Nyemudzo.
How do you assess the current health of the banking sector?
I agree with the Reserve Bank of Zimbabwe’s sentiment that the banking sector is safe and sound. Because of their actions, banks can now go outside and look for lines of credit. We are also heartened by the government’s drive to build business confidence. We have been doing government business for many years. After all, the government directly owns 16 percent of this bank. The government of Zimbabwe is a very stable and supportive shareholder.
How has CBZ succeeded in the tough economic environment?
Key to our success is our client focus, by creating convenience and innovating in a variety of areas. We are the country’s biggest financial institution with over 60 branches and close to $2 billion in assets. We have strong local roots, too. Because of that, you will find that our decision-making processes are aligned to the local environment.
How is the banking sector addressing the liquidity problem?
There is a lot of money circulating outside the formal banking system. What we have is not an issue of liquidity, but of formalization. The banks’ approach to SMEs and microfinance institutions is to get those who are unbanked into the banking sector. They will get registered and then pay taxes.
In what way are you innovating for the future?
We recently introduced the agency-banking model to make financial services accessible to the unbanked as well our existing customers. We go to where our clients do business. Banking can now be done in hospitals, in traffic, in schools, just about anywhere. The CBZ Mobile App is progressing very well. This should augment our ability to create more convenience to our clients. This pioneering spirit is driving our business.
Which industry has the most potential for growth?
The energy sector represents a lot of opportunities. Our key focus currently is solar energy, because we believe that alternative, renewable energy is the future. We are involved in the country’s solar energy projects at an advisory level. We are looking at packaged power projects to produce power for specific reasons.
What is your vision for the company in 5 years?
In 5 years, you will find CBZ better represented in countries other than Zimbabwe. We want to in- crease our market presence and be of more assistance to our cus-tomers. We want the bank to be invaluable to their daily lives.
What is your message to investors interested in Zimbabwe?
We have excellent relations with international stakeholders. Out of our deposit of $1.8 billion, close to 20 percent are offshore lines of credit, the biggest in the country. We have funds from international stakeholders and are open to innovating to challenge the norms of doing business. Working with likeminded people, CBZ will change the way banking is done inside Zimbabwe.
