The banking sector has been resilient despite strong economic headwind, the Reserve Bank of Zimbabwe (RBZ) has said.
BY TARISAI MANDIZHA
Speaking at the listing of GetBucks on the Zimbabwe Stock Exchange (ZSE) last week, Norman Mataruka, director of Bank Supervision at RBZ, said the banking sector has contributed to the transformation of the economy.
“The banking sector has demonstrated significant resilience in spite of a challenging operating environment and has significantly contributed to the transformation of the Zimbabwe economy,” Mataruka said.
Mataruka said the banking sector was poised for growth with improved capacity to support the economy arising from policy initiatives being implemented by government and RBZ which includes the establishment of the Zimbabwe Asset Management Company (Zamco) and the creation of a central credit reference bureau.
Zamco was established in 2014 as a special purpose vehicle to buy secured bad loans on the books of banks to free their balance sheets and enable them to lend to the various sectors of the economy. To date Zamco has bought non-performing loans of over $200 million.
Mataruka said RBZ strongly believed that the listing would support the operations of GetBucks and its increased responsibilities as a deposit taking microfinance institution. The company was recently licenced to take deposits.
GetBucks became the first microfinance institution to list on ZSE. GetBucks’ initial public offering became the first in nearly 10 years. The IPO raised $3,2 million. Of the proceeds, $2,9 million will go towards working capital.
GetBucks debuted on ZSE at a price of $0,00342. No shares exchanged hands.