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CBZ Holdings Limited has crossed a major financial milestone, with total deposits surpassing US$1 billion for the first time, closing the year at approximately US$1.1 billion, driven largely by growth in core customer accounts.
Speaking during the analysts’ briefing in Harare, CBZ Group Chief Executive Officer Mr. Lawrence Nyazema said the achievement reflects growing customer confidence and a deliberate shift toward sustainable funding sources.
“We went above the US$1 billion mark… in fact, by the end of the year, we were looking at almost US$1.1 billion. That’s almost a 30% growth in customer deposits,” Nyazema said.
He emphasized that the bulk of the growth came from traditional banking channels rather than external funding lines.
“Most of the growth came from current accounts… as well as savings accounts and fixed deposits,” he said.
This shift is significant for the group, as core deposits are considered more stable and cost-effective compared to wholesale or borrowed funding.
Complementing this development, Group Chief Financial Officer Mr. Joel Makombe said that though largely not at their best, there has been an emerging change in customer behavior, with increased uptake of savings and long-term financial products.
“We are beginning to see an uptick in the savings deposits and retirement deposits, and that’s the culture that we also want to encourage,” Makombe said.
The deposit growth comes at a time when Zimbabwe’s banking sector is seeking to deepen financial inclusion and formalize liquidity circulating outside the system.
Makombe also highlighted that a significant portion of funds remains in the informal market, presenting an opportunity for expansion.
“What we want to encourage is market development… deposits that are outside there that are not yet within the financial services system must be tapped into the formal market,” he said.
With a market share of around 20.3%, CBZ remains one of the sector’s dominant players, but management believes there is still significant room for growth.
Nyazema said the focus going forward will be on sustaining deposit growth through innovation, customer-centric products, and leveraging the group’s ecosystem.
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