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The CBZ Holdings board has approved the merger of its units, CBZ Bank Limited and CBZ Building Society into one entity.
In May this year, the Reserve Bank of Zimbabwe (RBZ) approved the amalgamation of the two units in terms of Section 25(5) of the Banking Act [Chapter 24:20], the <a href="https://www.chronicle.co.zw/cbz-bank-building-society-merger-approved/">Chronicle</a> reported.
Reads part of the statement released by the bank to shareholders on Tuesday: 
<blockquote>
The board of directors (the “board”) of CBZ Holdings Limited wishes to advise all shareholders and the investing public that the board approved to merge the operations of CBZ Bank Limited and CBZ Building Society into one entity, CBZ Bank Limited.
We further advise that on 20 May 2022, the Minister of Finance and Economic Development approved the amalgamation of CBZ Bank Limited and CBZ Building Society as required in terms of section 25(5) of the Banking Act [Chapter 24:20].
Following the approval, a public notice was issued in the Gazette on 12 August 2022, in terms of section 25(6) of Banking Act [Chapter 24:20] advising of the approval of the amalgamation.
</blockquote>
It added that the Building Society licence has been surrendered to the Registrar of Building Societies for cancellation in terms of section 14(3) of the Building Societies Act [Chapter 24:02].
The bank said the amalgamation is going to be effected through the consolidation of all assets, liabilities and equity of CBZ Bank Limited and CBZ Building Society into one entity, CBZ Bank Limited.
<h2><a href="https://zero.pindula.co.zw/">Pindula News</a></h2>

Pindula News

CBZ Holdings Board Approves The Merger Of CBZ Bank Limited And CBZ Building Society

Financial services giant, CBZ Holdings Limited (CBZH), recorded a 36% decline in profit after tax to ZWL$ 2.4 billion for the half-year ended 30 June 2021 down from ZWL$ 3.7 billion in 2020. 
The Group’s total comprehensive income for the period fell by 61% to ZWL$2.03 billion from ZWL$5.27 billion recorded in the same period last year. 
Meanwhile, net interest income for the Group rose by 37% to ZWL$2.04 billion from ZWL$1.48 billion during the same period.
Total assets increased by 28% to ZWL$146 billion from ZWL$114.5 billion that was recorded during the same comparable period.
In a statement accompanying the results, the CBZ Holdings Chairperson Marc Holtzman noted that on the capital markets, the CBZH share price closed the half-year at ZWL8399 cents. He said:
<blockquote>
The Zimbabwe Stock Exchange benchmark index rose by 135% in the period under review and as a result, CBZH ended the half-year as the fourth largest counter on the Zimbabwe Stock Exchange with a market capitalization of ZWL 43.9 billion.
</blockquote>
Meanwhile, the Group’s biggest subsidiary, CBZ Bank, recorded a 216% surge in interest income to ZWL$7.88 billion during the half-year due to an increase in loans and advances which were up 53% to ZWL$45. 9 billion.
All banks saw their cost bases expand in response to the shift in the environment characterized by higher inflation and exchange rate depreciation, as a result, staff costs for the Bank increased by 35% to ZWL$ 1.8 billion.
Staff costs contributed 54% to the total costs while operating expenditure for the period increased by 63%.
Resultantly, the bank’s profit for the period was up 177% to ZWL1.6 billion from ZWL$ 582 million during the prior comparative period, making it the second-highest bank in terms of profits during the half-year.
CBZ Bank continues to be the largest bank in terms of asset base after it recorded a 25% increase in assets.
The Board proposed a declaration of an interim dividend of $500 000 000 or 95.78 cents per share, this declaration translates to a growth of 42.8% on the comparative 2020 interim dividend.
More: <a href="https://equityaxis.net/2021/11/22/cbzh-profit-down-36-in-hy21/">Equity Axis News</a>

CBZ Holdings Records A 36% Decline In Profit After Tax

Financial services giant, CBZ Holdings Limited has sent dozens of workers home after completing an extensive review of its business model. 
NewsDay reports that negotiations will kick-off between CBZ and the Zimbabwe Banks and Allied Workers’ Union (Zibawu) with Zibawu pushing for packages that are considerate of the state of the economy.
CBZ is under pressure to work out packages that cushion staff from the economic meltdown after Stanbic Bank said it paid out $430 million early this year.
Although the number of affected workers was not clear on the weekend, unions said ‘several dozens’ were asked to go on unpaid leave on September 1. CBZ said in letters sent out to affected staff last week:
<blockquote>
The group is undertaking a comprehensive review and reorganisation of its structures and business operating model in line with changes in the corporate landscapes and the way we do business.
Owing to the nature and purpose of the review and reorganisation of structures and business operating model, the group can no longer retain your service as a permanent employee or as a shift or short term employee. You have been included in a retrenchment list which has been forwarded to the retrenchment board and the works council. It is anticipated that the retrenchment process will be finalised by or before the 30th of September 2021. You are required to proceed on paid leave.
</blockquote>
CBZ also called for a virtual meeting of affected staff on September 8.
A Zibawu spokesperson acknowledged receiving reports of fresh job cuts at CBZ but noted that it was premature to comment.
There have been massive layoffs in Zimbabwe’s banking sector since 2012 when the second wave of bank failures rattled the markets in the aftermath of the 2004 to 2008 financial crisis.
Last week, Stanbic Bank said job cuts carried out during the first half of 2021 added $430 million to total expenses during the half-year ended June 30, 2021, as Covid-19-induced hard lockdowns depressed the trading revenue line.
More: <a href="https://www.newsday.co.zw/2021/09/dark-day-at-cbz-holdings/">NewsDay</a>

CBZ Holdings Limited Has Sent Dozens Of Workers Home

CBZ Holdings Ltd. plans to list on the US dollar-denominated Victoria Falls Stock Exchange as part of efforts to kindle foreign interest in the lender.
The bank’s Chief Executive Officer Blessing Mudavanhu, told Bloomberg in an interview on Friday that the firm is exploring a listing, which could address concerns for foreign investors of having funds stuck in the country.
CBZ chairman Marc Holtzman, a 30-year banking veteran who has worked at Barclays Plc and ABN Amro Bank NV, echoed Mudavanhu’s remarks. He said the Victoria Falls listing will take place this year. Said Holtzman during the interview:
<blockquote>_If the Victoria Falls Stock Exchange does everything we believe and think it can do, there’ll be no need to list dually._</blockquote>
Holtzman added that a listing on the Victoria Falls Stock Exchange is premised on providing CBZ with an avenue to also explore growth opportunities, particularly within the southern African region. He added:
<blockquote>_We still have a huge appetite for the local market, however, we cannot rule out expansion outside of Zimbabwe when the opportunity arises._</blockquote>
CBZ has signed on to two US-based correspondent banking relationships since the US Treasury Department cleared the lender of a $385 million penalty for processing transactions on behalf of ZB Bank Ltd., which was then under American sanctions.
Holtzman added that the clearance improved the bank’s operations significantly.
The lender on Friday reported that full-year 2020 profit jumped more than sixfold to Z$6.15 billion, from Z$920 million in 2019.
CBZ is currently only listed on the main exchange in Harare.

<ol>
<li class="entry-title"><a href="https://news.pindula.co.zw/2021/04/25/full-text-restructuring-cbz-call-for-voluntary-resignations/">FULL TEXT: Restructuring CBZ Call For Voluntary Resignations</a></li>
<li class="entry-title"><a href="https://news.pindula.co.zw/2021/02/08/cbz-bank-announces-imminent-closure-of-nembudziya-branch/">CBZ Bank Announces Imminent Closure Of Nembudziya Branch</a></li>
<li class="entry-title"><a href="https://news.pindula.co.zw/2021/04/05/defaulting-command-agriculture-farmers-can-repay-loans-in-3-years-cbz/">Defaulting Command Agriculture Farmers Can Repay Loans In 3 Years -CBZ</a></li>
<li class="entry-title"><a href="https://news.pindula.co.zw/2020/12/04/cbz-freezes-marry-chiwengas-accounts-report/">CBZ Freezes Marry Chiwenga’s Accounts – Report</a></li>
<li class="entry-title"><a href="https://news.pindula.co.zw/2020/06/11/eds-niece-poses-as-his-daughter-defrauds-cbz-of-us37k-report/">ED’s Niece Poses As His Daughter, Defrauds CBZ Of US$37k – Report</a></li>
<li class="entry-title"><a href="https://news.pindula.co.zw/2020/06/11/list-the-states-cases-against-eds-niece-who-posed-as-his-daughter-defrauded-cbz-zimparks/">LIST: The State’s Cases Against ED’s Niece Who Posed As His Daughter &amp; Defrauded CBZ &amp; ZimParks</a></li>
</ol>
More: <a href="https://news.pindula.co.zw/">Pindula News</a>; <a href="https://www.bloomberg.com/news/articles/2021-05-21/zimbabwe-s-biggest-bank-to-list-on-victoria-falls-stock-exchange">Bloomberg</a>

CBZ To List On USD Denominated Victoria Falls Stock Exchange

Farmers who defaulted repaying their Command Agriculture loans can repay them in three years, reports The Herald.
The farmers will repay the loans in three instalments for the next three seasons. This was revealed by CBZ Agro-Yield managing director, Mr Walter Chigodora whilst giving oral evidence before Parliament’s Portfolio Committee on Lands, Agriculture Fisheries Water, and Rural Resettlement.
Chigodora was responding to the committee’s question on what CBZ was doing to farmers who had defaulted on repaying their Command Agriculture loans due to drought and the covid-19 pandemic. The committee had also asked if Government had assumed the debts on behalf of the defaulting farmers.
Chigodora said:
<blockquote>We have restructured the debt to run for three years so the loan will now have to be repaid in three years. So we are dividing the debt into three (seasons) and doing this will also ensure that we do not create a burden to Treasury. Besides drought there was also Covid-19 which created further problems, so we are working well with farmers.</blockquote>
Explaining how the debt will be repaid, Chigodora said CBZ will submit a stop order facility to the Grain Marketing Board to debit their money from the farmers’ sales.
Related:
<ul>
<li><a href="https://news.pindula.co.zw/2018/05/01/govt-warns-farmers-who-fail-to-repay-loans-under-command-agriculture/">Govt Warns Farmers Who Fail To Repay Loans Under Command Agriculture</a></li>
</ul>
More: <a href="https://www.herald.co.zw/reprieve-for-defaulting-command-agric-farmers/">Herald</a>

Defaulting Command Agriculture Farmers Can Repay Loans In 3 Years -CBZ

The former minister of Finance and Economic Development (GNU era), Tendai Biti who is also the vice president of the opposition MDC Alliance has described as “unprecedented looting” the purchase of ZB Financial Holdings’ shares by a vehicle company linked to business tycoon, Kuda Tagwirei.
The shares were previously held by the National Social Security Association (NASSA).
Biti claims Tagwirei who is a close associate of President Emmerson Mnangagwa is now eyeing shares at First Mutual Holdings. He tweeted:
<blockquote> This a bank heist. Kuda Tagwireyi acquired a major bank in 2019 through purchase of Government shareholding in that Bank. Now he has acquired ZB Bank against clear provisions of banking Act against multiple bank ownership. Now target is <a data-focusable="true" dir="ltr" href="https://twitter.com/FirstMutualHold?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1333328172578975744%7Ctwgr%5E%7Ctwcon%5Es1_&amp;ref_url=https%3A%2F%2Fwww.newzimbabwe.com%2Fbank-heist-as-kuda-tagwirei-acquires-zb-biti%2F" rel="noopener noreferrer" role="link" target="_blank">@FirstMutualHold</a>. Unprecedented looting.</blockquote>
Tagwirei, the Sakunda Holdings boss, is also alleged to be a huge shareholder at another commercial bank, CBZ Bank Limited, also known as CBZ Bank.
Meanwhile, Shingai Ndoro claimed the sale of the shares did not involve Tagwirei adding that “instead, they were bought by CBZ Holdings subsidiary called Datvest. 
The business tycoon also has interests in other sectors including mining, health, transport and energy prompting some to say this will or has already caused state capture.
Tagwirei is accused of using his influence to manipulating political elites in the country.
More: <a href="https://twitter.com/BitiTendai/status/1333328172578975744" rel="noopener noreferrer" target="_blank">Tendai Biti </a>

Biti: "This A Bank Heist" As Tagwirei Buys ZB Bank Shares

United Kingdom-based law professor Alex Magaisa says that it is important that authorities release the full list of the names of people who benefited from the creation of the Zimbabwe Asset Management Company (ZAMCO).
ZAMCO was created by the Reserve Bank of Zimbabwe soon after the current Governor, John Panonetsa Mangudya’s appointment as central bank chief in 2014.
ZAMCO was created to buy non-performing loans from banks, and 61% of the loans were bought from CBZ, the bank which Mangudya was leading before being appointed RBZ Governor. This raises eyebrows. Magaisa explains:
<blockquote>Zimbabwe, don’t listen to the view that the RBZ Debt Assumption Act didn’t cover the Farm Mechanisation Debt. I’ll explain what happened. But the real BIGGIE, the one we await an angel to reveal, is the ZAMCO scam; debts that were transferred from banks to you the taxpayers!
Each day I’m checking if an angel who loves Zimbabweans has done the Lord’s work. The ZAMCO list would weigh better than gold. Zimbabweans deserve to know the elites whose debts they’re paying via ZAMCO. But we’re making progress.
I’ve previously explained how the RBZ Governor, Dr John Panonetsa Mangundya left CBZ in 2014 to his current role where he soon created ZAMCO to buy non-performing loans (NPLs) from banks. CBZ accounts for 61% of all NPLs sold to ZAMCO. Raises eyebrows in a big way!
I’ve now come across information showing that CBZ Asset Management Company, a subsidiary of @CBZHoldings applied to be an “independent advisor” to ZAMCO for the sale of NPLs. I’m yet to establish if it got the role. But if it did, this would be a massive CONFLICT OF INTEREST.
It would not only mean @CBZHoldings profited from selling its bad debts to ZAMCO but that it also made money from “advising” on the same sale through its subsidiary, CBZ Asset Management Company. Both @CBZHoldings &amp; @ReserveBankZIM really need to clear this one.
The fact that CBZ Asset Management had the audacity to apply to “advise” ZAMCO, created by its former boss &amp; that CBZ would go on to be the biggest seller of NPLs to ZAMCO is more than enough to attract any serious watchdog. But members of watchdogs are probably beneficiaries!
So I hope patriotic Zimbabweans who want to clean up their country of systemic corruption will be inspired to do the right thing. Something about ZAMCO is very murky. But the ZAMCO, CBZ and its asset management arm deserves more than a probe. It doesn’t look right.</blockquote>
More: <a href="https://twitter.com/Wamagaisa/status/1286402222889279491" rel="noopener noreferrer" target="_blank">Alex Magaisa on Twitter</a>

Magaisa Revisits ZAMCO, How Zimbabwean Taxpayers Paid Off The Debts Of The Elite {Full Thread}

CBZ Bank intends to raise $80.6 million through the sale of bonds to finance maize and soybean farming.
This development comes when forecasts have indicated that Zimbabwe is likely to face another drought in 2020 and when Zimbabwe is already submerged in severe starvation.
While authorities blame starvation on the El Nino induced drought and cyclone Idai, the World Food Programme believes the problem is a result of the mismanagement of the country’s resources.
Meanwhile, CBZ indicated in a notice that it wanted to raise 500 million Zimbabwe dollars (US$30.6 million) to purchase seeds, fertiliser and chemicals for maize and soybean production whilst a second bond worth US$50 million seeks to raise money to import farming chemicals and fertilisers that are not available locally.
This initiative is undertaken when there are reports suggesting that US$3 billion that was meant for the Command Agriculture just disappeared without a trace.
Since two decades ago when Zimbabwe embarked on the fast track land reform, local farmers have failed to produce enough to feed the nation let alone to export for foreign currency.
Resultantly, the country has been importing grain from neighbouring countries including Zambia and Tanzania.
More: <a href="https://www.reuters.com/article/zimbabwe-cbz/zimbabwes-cbz-bank-issues-bonds-under-scheme-to-raise-funds-for-maize-soy-farming-idUSL8N29B1EI?rpc=401&amp;">Reuters</a>

CBZ Seeking To Raise US$80.6M To Finance Maize And Soybean Farming

The CBZ which is being <a href="https://news.pindula.co.zw/2019/09/16/cbz-caught-mixing-uss-with-counterfeits-report/">accused of issuing counterfeit United States Dollars</a> has dismissed the allegations saying their system is robust.
In a statement, the bank said that they have since conducted investigations which revealed that the transaction in question was done according to the book. Reads the statement:
<blockquote>Investigations conducted revealed that the customer’s cash withdrawal transaction was handled procedurally by the branch and there was no evidence that the counterfeit notes originated from our bank.</blockquote>
The statement comes after New York-based International Sports Administrator, Tanyaradzwa Nzvengende accused the bank of having issued her with two fake US$100 bills in May.
She said that she discovered that the notes were fake when she tried to make a transaction in the USA. Since then, she has been trying but in vain to engage the bank in a bid to recover the money. She said that she is now taking the legal route.
Meanwhile, Stanbic Bank is also said to be facing similar allegations with a Harare man dragging the bank to court for confiscating his US$1250 which the bank said was counterfeit.
More: <a href="https://www.zimlive.com/2019/10/10/cbz-and-stanbic-face-claims-of-issuing-counterfeit-united-states-dollars/">Zim Live</a>

CBZ Responds To "Bank Issuing Counterfeit US$" Reports

Zimbabwean journalist and former editor for the state-run weekly newspaper <a href="https://www.pindula.co.zw/The_Sunday_Mail" title="The Sunday Mail">The Sunday Mail</a> has said that the CBZ Bank Limited, was caught mixing counterfeit USDs with real money.
Kudzayi added that the bank would then give unsuspecting customers who would have come to make withdrawals. Posting on Twitter, Kudzayi said:
<blockquote>Major scandal at CBZ after the bank was caught mixing counterfeit US dollar notes with the real thing and giving out to withdrawing customers. It is not possible for these notes to have been deposited by a client. That is the scary part as it points to a conspiracy cc <a class="link-complex" data-user-name="ZACConline" href="https://twitter.com/ZACConline/" rel="noopener user noreferrer" target="_blank">@ZACConline</a></blockquote>
The commercial Bank is a wholly-owned owned by CBZ Holdings Limited, a diversified financial organisation listed on the Zimbabwe Stock Exchange.
More: <a href="https://twitter.com/EdmundKudzayi/status/1173585004322086913">Edmund Kudzayi</a>

CBZ Caught Mixing US$s With Counterfeits - Report

Since the introduction of <a href="https://news.pindula.co.zw/2019/06/24/breaking-rbz-si-142-bans-use-of-all-foreign-currencies-with-effect-from-24-june-2019/">Statutory Instrument 142 of 2019</a>, the interbank rates for the Zimbabwe dollar against the US dollar have been going up at an increased speed. Below is a Table by ZFN of the Interbank rates on 23 July 2019.
<img decoding="async" src="https://pbs.twimg.com/media/EAJdFNGXkAAUthb?format=png&amp;name=large"/>
More:<a href="https://twitter.com/MarketWatchZW/status/1153586812230807553" rel="noopener noreferrer" target="_blank"> Zfn</a>

PICTURE: Interbank Rates Today - 23 July 2019

Former Energy minister Samuel Undenge has been taken to the High Court by CBZ Bank Limited over a US$121 062 debt.
CBZ Bank Limited recently issued summons against Undenge, who is yet to respond to the litigation. According to CBZ, Undenge approached the financial institution on November 12, 2009 and was offered a loan facility. The amount given to Undenge did not exceed US$48 000. Undenge and CBZ agreed the working capital facility would expire on April 30, 2010 and the input facility on June 30, 2010.
As part of the agreement, the bank reserved the right to give notice of any alteration in the rates of interest and thereafter the bank would be entitled to charge such other rates as it may prescribe.
More: <a href="https://www.newsday.co.zw/2019/03/undenge-in-trouble-over-us121k-bank-loan/">NewsDay</a>

Former Energy Minister Taken To Court Over US$121 000 Debt

Higher and Tertiary Education, Science and Technology Development Permanent Secretary Professor Fanuel Tagwira told The Chronicle that Government has secured $150 million for the construction of students’ hostels at three local universities to ease accommodation challenges.
Tagwira said the $150 million was availed by CBZ. Said Tagwira:
<blockquote>What the Ministry is doing is that we have taken a totally new approach to the issue of student accommodation. We are now saying let industry come and partner with us on a Public Private Partnership (PPPs) basis to create student housing. And I’m glad that a number of industries have come forward. We have received a lot of support from CBZ which we have channelled to Gwanda, Marondera and Lupane universities ($50 million each). We are very much concerned about the fact that most of our students stay in communities they don’t know, we don’t know the conditions under which they are living. Many parents, we know are very concerned, they want their children to find a place to stay in campus and we are working hard to make sure that this happens.</blockquote>
More: <a href="https://www.chronicle.co.zw/government-unveils-150m-for-students-accommodation/">Chronicle</a>

CBZ Unveils $150 Million For Students’ Hostels

According to state media, President Emmerson Mnangagwa told off an official from CBZ Bank when she brought his first salary in a “sack of cash.” The official indicated that this was the arrangement which had been initiated by former president Robert Mugabe. However, Mnangagwa is reported to have turned this down and instructed the bank to his bank account. A source who spoke to the Sunday Mail said,
<blockquote>I can tell you for a fact, because I was there, that a lady (name withheld) from CBZ Bank came with a sack of cash to President Mnangagwa’s Office when his first payday arrived. The President asked her what the money was for, and she pulled out a form and said it was his salary and he must sign for it.
The President said it was highly irregular and irresponsible, and the lady indicated that cash salary payments were standard for the old man (Mr Mugabe) and she assumed that was how things were done for the highest office in the land.
His Excellency gave her his bank account number and told her to do a transfer as is done for everyone else, and told her that if he needed cash he would queue for it like everyone else because the cash shortages affected all Zimbabweans and he would demand no such preferential and irregular treatment.</blockquote>
The president’s salary was not revealed although former president <a href="https://news.pindula.co.zw/2018/03/11/mugabe-demanding-to-be-paid-pension-in-cash-as-always-received-his-salary-of-20-000-month-in-cash/" rel="noopener" target="_blank">Robert Mugabe is reported to have been his monthly salary of $20 000/ month in cash</a>.  State media appears to be going after president Robert Mugabe ever since<a href="https://news.pindula.co.zw/2018/03/05/full-text-mutinhiri-is-leader-of-new-patriotic-front-mugabe-is-supporting-him/" rel="noopener" target="_blank"> his endorsement of the new opposition party, the National Patriotic Front (NPF)</a>.
More: <a href="http://www.sundaymail.co.zw/mugabe-demands-cash/">Sunday Mail</a>

Mnangagwa Refuses To Receive Presidential Salary In Cash, Says I Will Join Queue If I Need Cash

CBZ Bank is reported to have been fined $385 million by the United States Treasury’s Office of Foreign Assets Control (Ofac) after it allegedly performed over 15 000 transactions on behalf of ZB Bank when it was still under US sanctions. CBZ was initially fined a whopping $3.8 billion dollars for the violations, but the amount was reduced by 90 percent after negotiations and mitigation. The fine was reduced in March and there is the chance that it can be reduced further as the negotiations are still ongoing.
Ofac deputy director Andrea Gacki wrote to CBZ saying:
<blockquote>Accordingly, the base penalty for the apparent violations equals the applicable schedule amount for each apparent violation, capped at US$250 000 per apparent violation, which in this case totals US$3 856 505 460</blockquote>
According to the weekly newspaper, the Independent, this is the real reason that CBZ group chief executive officer Never Nyemudzo resigned from his post,<a href="https://news.pindula.co.zw/2017/10/25/outgoing-cbz-ceo-speaks-allegations-forced-retire/" rel="noopener" target="_blank"> contrary to his claims that he wanted to spend more time with family.</a>
More:  The Independent

CBZ Bank Fined $385 Million by the US for doing transactions on behalf of ZB, which was under sanctions

CBZ has set new withdrawal limits for its international Visa card holders who will also be required to deposit money into their accounts before travel.
CBZ Visa card holders will be restricted to $200 per day on ATMs and $1,000 for  International Point Of Sale machines and online transactions. In January this year, CBZ banned all its VISA customers from using their cards to make local payments.
More: <a href="http://source.co.zw/2017/07/cbz-set-new-visa-cards-limits/">Source</a>

CBZ sets new withdrawal limits for Visa cards

CBZ Bank has suspended the local use of Visa cards as a result of foreign currency shortages.
In a statement, CBZ Bank said Visa card services at ATM (automated teller machines), point-of-sale (POS) and Internet payments would only be available outside the country. Said CBZ:
<blockquote>In line with market conditions, CBZ has suspended the use of the Visa card on the local market with effect from January 15, 2017. The Visa card will, however, continue to transact outside Zimbabwe and new limits have been set.</blockquote>
The limits per day are as follows: ATM outside Zimbabwe, $250; POS terminals outside Zimbabwe: $1 000 and internet payments: $500. Other commercial banks such as FBC and MBCA also announced decisions to disable Visa and Master Cards as part of measures to conserve the little foreign currency available in the country. The Reserve Bank of Zimbabwe also capped the amount of money one could take out of the country to $5 000.
More: <a href="http://www.chronicle.co.zw/cbz-suspends-visa-cards-use-in-zim/">Chronicle</a>

CBZ suspends local use of Visa cards

CBZ Bank has suspended the local use of Visa cards as a result of foreign currency shortages.
In a statement, CBZ Bank said Visa card services at ATM (automated teller machines), point-of-sale (POS) and Internet payments would only be available outside the country. Said CBZ:
<blockquote>In line with market conditions, CBZ has suspended the use of the Visa card on the local market with effect from January 15, 2017. The Visa card will, however, continue to transact outside Zimbabwe and new limits have been set.</blockquote>
The limits per day are as follows: ATM outside Zimbabwe, $250; POS terminals outside Zimbabwe: $1 000 and internet payments: $500. Other commercial banks such as FBC and MBCA also announced decisions to disable Visa and Master Cards as part of measures to conserve the little foreign currency available in the country. The Reserve Bank of Zimbabwe also capped the amount of money one could take out of the country to $5 000.
More: <a href="http://www.chronicle.co.zw/cbz-suspends-visa-cards-use-in-zim/">Chronicle</a>

Harare businessman and <a href="http://www.pindula.co.zw/Dynamos_Football_Club" target="_blank">Dynamos</a> president <a href="http://www.pindula.co.zw/Kenias Mubaiwa" target="_blank">Kenny Mubaiwa</a> has slammed the club’s previous executive for mismanaging funds and failing to service a $250 000 loan from <a href="http://www.pindula.co.zw/CBZ_Holdings" target="_blank">CBZ Bank Limited</a>.  This was after property belonging to the club as well as to  members of the previous executive was attached for defaulting on the debt.
Speaking to the Daily News, Mubaiwa said.
<blockquote>At the moment, what I would want to know is what that previous executive did with the money that came from Caf after Dynamos reached the semi-finals.
Look, when they borrowed the money from CBZ, the agreement was that they would pay back once the funds from Caf had been made available.
The money from Caf came but they never bothered to pay back the loan. They are the signatories to the application hence why their property was also attached.
None of my property was attached because I successfully approached the bank and argued that my name was nowhere near the application since I was not at Dynamos at the time.
It’s only that the Sheriff of the High Court made a mistake and included my name on the notice they published in the press.
Mubaiwa claims that when he came to the helm, they inherited the debt and did their best to pay it back.
I was never part of the executive when the loan was accessed but when I joined the club we tried to pay back,” the Harare businessman said.
Most of it went towards the loan’s interest and right now with the way the economy is like, we could no longer make any more payments.
It is unfair for people to blame my executive because we tried our best to deal with this debt.
</blockquote>
More: <a href="https://www.dailynews.co.zw/articles/2016/11/11/mubaiwa-defends-dembare" target="_blank">Daily News </a>

Mubaiwa slams previous Dynamos Executive for mismanagement after club property is attached

Harare businessman and <a href="http://www.pindula.co.zw/Dynamos_Football_Club" target="_blank">Dynamos</a> president <a href="http://www.pindula.co.zw/Kenias Mubaiwa" target="_blank">Kenny Mubaiwa</a> has slammed the club’s previous executive for mismanaging funds and failing to service a $250 000 loan from <a href="http://www.pindula.co.zw/CBZ_Holdings" target="_blank">CBZ Bank Limited</a>.  This was after property belonging to the club as well as to  members of the previous executive was attached for defaulting on the debt.
Speaking to the Daily News, Mubaiwa said.
<blockquote>At the moment, what I would want to know is what that previous executive did with the money that came from Caf after Dynamos reached the semi-finals.
Look, when they borrowed the money from CBZ, the agreement was that they would pay back once the funds from Caf had been made available.
The money from Caf came but they never bothered to pay back the loan. They are the signatories to the application hence why their property was also attached.
None of my property was attached because I successfully approached the bank and argued that my name was nowhere near the application since I was not at Dynamos at the time.
It’s only that the Sheriff of the High Court made a mistake and included my name on the notice they published in the press.
Mubaiwa claims that when he came to the helm, they inherited the debt and did their best to pay it back.
I was never part of the executive when the loan was accessed but when I joined the club we tried to pay back,” the Harare businessman said.
Most of it went towards the loan’s interest and right now with the way the economy is like, we could no longer make any more payments.
It is unfair for people to blame my executive because we tried our best to deal with this debt.
 </blockquote>
More: <a href="https://www.dailynews.co.zw/articles/2016/11/11/mubaiwa-defends-dembare" target="_blank">Daily News </a>