ZB Financial Group Says Zimbabwe’s Mono-Currency Targets Needs Gradual Transition

ZB Financial Holdings (ZBFH) has called for a phased and carefully managed approach toward Zimbabwe’s goal of adopting a mono-currency system by 2030, warning that rushing the process could undermine economic stability.

The group’s strategy executive, Trymore Muhlanga, made the remarks this week as the financial institution prepares to roll out its 2026–2030 mid-term strategy, which aligns with government’s broader vision of consolidating the Zimbabwe Gold (ZiG) as the country’s sole legal tender by the end of the decade.

Muhlanga said the government’s currency transition must be supported by consistent policy measures and gradual market adaptation.

“As a group, we are fully supportive of government initiatives,” he said. “What the central bank will likely do between now and 2030 is to steadily increase the use of our domestic currency. At the moment, around 90% of transactions are conducted in United States dollars or other foreign currencies, so it’s important to rebalance that gradually.”

He explained that the process should involve a step-by-step reversal of the current foreign currency dominance, moving from a 90/10 ratio in favour of the US dollar to 70/30, then 50/50, before eventually transitioning to full use of the ZiG.

“If we don’t manage that transition properly, we may not achieve the level of success that the economy desires,” he cautioned.

Muhlanga’s remarks come as the authorities press ahead with the controversial plan to scrap the multi-currency system by 2030, a move that has drawn mixed reactions from the business sector and the general public amid concerns over currency confidence and inflation stability.

Meanwhile, ZB Bank’s SSCI certification — officially recognised during the Global Sustainable Finance Conference held on September 25, 2025, in Germany — was hailed as a major milestone for the group.

Reserve Bank of Zimbabwe (RBZ) deputy governor Jesimen Chipika commended the institution for integrating sustainability into its corporate operations.

“Allow me to extend my heartfelt congratulations to ZB Bank on attaining this comprehensive sustainability certification,” Chipika said. “This achievement is a testament to the institution’s resolve and commitment to embed holistic sustainability principles across all aspects of its operations.”

The certification aligns with ZB Bank’s long-term goal of embedding environmental, social, and governance (ESG) standards into its strategy, reinforcing its position as one of Zimbabwe’s leading financial institutions championing sustainable growth.