A Harare-based financial advisory and remittance company, which runs Access Finance (Pvt) Ltd and Access Forex (Pvt) Ltd is mired in a refresh US$6,8 million web of corruption over a dodgy construction project involving state security agency, Central Intelligence Organisation (CIO), and several other interested parties, documents seen by The Standard reveal.
Access is already under probe in South Africa for money laundering activities.
The documents say the corruption scandal is currently under investigation by the Zimbabwe Anti-Corruption Commission (Zacc) which recently raided Access Finance, Alpha Asset Management, Chigama Architectural Services and Project Management (Pvt) Ltd, and Terrestrial Holdings - a CIO company.
Access Finance, which is related to Access Forex, is led by local banker Raymond Singathini Chigogwana.
Chigogwana, who is chief executive of the group, including Access Finance in Zimbabwe and Access Forex (Proprietary) Limited in Johannesburg, and his companies are already under probe for layering - money laundering - activities in South Africa relating to the Zimbabwe Electoral Commission (Zec) US$100 million 2023 elections deal.
The firm is accused of facilitating a shadowy movement of funds across different financial jurisdictions and accounts from proceeds of the allegedly corrupt Zec tender.
The South African Revenue Services (Sars) and police are investigating the issue.
With decades of experience in banking, Chigogwana, who has assets in Zimbabwe and South Africa, worked for Zimbank (now ZB Bank), BancABC, the defunct Premier Bank (now Ecobank) where he was managing director and now Access Finance as amajority shareholder.
Access Finance and Access Forex have operations in Harare and Johannesburg.
However, Access Forex operations in Johannesburg have become skeletal.
Zacc stormed offices of some of the companies involved in the US$6.8 million CIO fraud and looting brandishing search and seizure warrants to get agreements signed, contracts, financial statements and critical information in a series of events between November last year and January 2026.
The CIO corruption case revolves around US$6.8 million renovation and construction works on a three-storey multi-purpose building owned by CIO company, Terrestrial Holdings, through Aldershot Enterprises (Private) Ltd, located at N0.8 Natal Road, Belgravia, Harare.
Zaac's investigation is primarily focused on directors of Chigama Architectural Services and Project Management (Pvt) Ltd, and Terrestrial Holdings for diverting project funds for self-serving investment, profit and self-enrichment.
Chigama Architectural Services and Project Management, based in Unit 34, N0.6 Chelmsford Road, Belgravia, and 9 Curie Street, Windhoek West, Namibia, is an architectural and project management firm run by a local businessman who shuttles between Harare and the Namibian capital.
Documents say sometime in 2024, Terrestrial was awarded a government contract to renovate and build a three-story building at stand N0.8, Natal Road, Belgravia, Harare, known as 3218 Salisbury Township, which is owned by the Office of the President and Cabinet - a reference to CIO.
In November 2024, Terrestrial approached the National Social Security Authority (Nssa), saying it required a loan of about US$6 780,000, purportedly to be used exclusively for financing the renovation and the construction of the three-storey mixed-use facility.
Terrestrial directors - who work for CIO - knew at the time they did not intend to use the funds for that, but instead intended to divert the cash for investment and profit-making activities.
Nssa disbursed US$4 500 000 into a Stanbic Bank Zimbabwe foreign currency account number 9140009045936 held by Chigama Architectural and Project Management.
After receipt of the funds, Chigama Architectural and Project Management did not use the money for the intended renovation of the CIO complex.
Instead, they allegedly diverted the funds into fixed-term investments for profit and self-enrichment.
Chigama Architectural and Project Management made a 90-day fixed-term investment of US$2 060 000 with Alpha Asset Management, which attracted interest at a rate of 15% per annum, with a maturity value of US$2 127121.67 on July 2, 2025.
Upon maturity, the company rolled over the investment for a further one-year period, extending the maturity date to June 26, 2026, with an increased maturity value of US$ 2 397576.33.
Additionally, Chigama Architectural and Project Management made a 120-day fixed-term investment of US$500 000 with Access Forex, which investment attracted interest at a rate of 18% per annum, resulting in a maturity value of US$ 530 000 on August 7, 2025.
Access Forex is legally a remittance company, which is not licensed to take deposits.
It is a non-deposit taking remittance institution, also known as non-bank financial institution, that provides some financial services, but do not hold a full banking licence, thus prohibited from accepting traditional demand deposits or checking accounts from the public.
In Zimbabwe, remittance service providers operate exclusively as cash-pickup agents or mobile money agents rather than as traditional banks, meaning they cannot accept deposits, provide interest, or hold money in conventional, interest-bearing accounts.
Access Forex is said to have broken the rules because Chigogwana's companies are allegedly experiencing cash flow problems amid restructuring, downsizing, retrenchments and staff exodus.
Access Forex has of late been caught in a series of illegalities.
On October 17, 2025, the South African Reserve Bank (SARB) announced it had imposed administrative sanctions on Access Forex (Pty) Limited, a sister company to Access Forex in Zimbabwe, an authorised dealer in foreign exchange with limited authority.
The sanctions were part of the SARB's regulatory oversight to supervise financial institutions and ensure compliance with financial regulations.
Access Forex was fined R100 000 for failure to comply with section 42(1) of the Financial Intelligence Centre (Act (Fica), specifically regarding the development and implementation of a risk management and compliance programme; R37 500 for non-compliance with section 20 of the Fica (section 21), which relates to customer identification and verification and R25 000 fine for breaching section 43 of Fica, which mandates ongoing employee training.
Reputational damage to a financial institution implicated in corruption is often far more severe and long-lasting than the direct legal and financial penalties, acting as a secondary or derivative risk that erodes trust—the core asset of banking.