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Less Than Half of Adults Have Bank Accounts

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Less Than Half of Adults Have Bank Accounts
TN CyberTech Bank has raised alarm over Zimbabwe’s widening financial exclusion, revealing that only 46% of adults hold a formal bank account amid high fees, limited rural access, and lingering mistrust of traditional institutions. The digital-first bank aims to expand inclusion through affordable, tech-driven solutions. (Credit: Hurumende News Hub)

TN CyberTech Bank has raised concerns over Zimbabwe’s deepening financial exclusion, revealing that only 46% of the country’s adult population holds a formal bank account, according to its latest six-month results ending 31 August 2025.

The figure underscores more than just economic metrics, reflecting decades of mistrust, systemic inefficiencies, and structural barriers.

Historical experiences with hyperinflation, abrupt currency changes, and the loss of savings and pensions have left many Zimbabweans wary of formal banking institutions, often preferring cash holdings or informal savings groups like mukando.

High costs and charges further limit participation.

Traditional banks in Zimbabwe typically impose steep fees for account maintenance, transactions, and balance inquiries, offering minimal returns on savings.

Additional levies, such as the Intermediated Money Transfer Tax (IMTT), a 2% tax on electronic financial transactions, have compounded the burden for low-income earners and informal sector workers, who often find alternative financial solutions more practical.

Accessibility remains another barrier. Bank branches and ATMs are largely concentrated in urban areas, leaving rural populations underserved.

Mobile money networks, by contrast, have expanded rapidly, with agent networks up to ten times denser than bank branches, providing financial access in even the most remote areas.

The proliferation of mobile phones has further accelerated the adoption of digital platforms such as EcoCash, offering low-cost alternatives that bypass traditional banking obstacles.

Frequent currency reforms and volatile macroeconomic conditions have also made long-term financial planning through formal banks unpredictable, prompting many Zimbabweans to rely on foreign currencies or informal systems to preserve wealth.

Rigid account requirements, including mandatory payslips or minimum balances, continue to exclude a significant portion of the population, particularly those in informal employment.
Against this backdrop, TN CyberTech is positioning itself to address the nation’s financial inclusion challenge.

“Our strategic blueprint seeks to tackle financial exclusion, a challenge evidenced by the fact that only 46% of Zimbabwe’s adult population holds a formal bank account,” said Group Chief Executive Officer Tawanda Nyambirai.

The bank, a subsidiary of TN CyberTech Investments Holdings Limited (formerly EcoCash Holdings Zimbabwe), is emerging as Zimbabwe’s first fully-fledged neobank.

Its digital-first, low-cost model has produced strong financial results: net interest income rose to ZWL106.6 million, tripling from ZWL31.8 million the previous year, while profit after tax surged 184%, supported by higher loan volumes, robust deposit growth, and operational efficiency.

Deposits increased 25% to ZWL5.9 billion, and the loan book expanded 19% to ZWL1.1 billion.
Following a 2024 corporate restructuring that divested non-core subsidiaries such as EcoCash, Vaya, and MARS Zimbabwe, TN CyberTech has repositioned itself as a digital banking powerhouse.

Its transformation is guided by the IDIFOH ethos, Innovation, Dignity, Industry, Faith, Originality, and Humility, which underpins both the brand and customer engagement strategy.

In May 2025, the bank launched a low-KYC core banking system, reducing dependence on foreign software vendors and cutting costs for onboarding new customers.

Looking ahead, TN CyberTech plans to expand nationwide financial access through digitalisation of remittances and card services, consolidation of e-commerce platforms for SMEs, and rollout of nano-loans targeting financially marginalised groups.

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Govt Casts Line For USD 1 Billion Fish Industry

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The Government has unveiled an aggressive new roadmap to transform Zimbabwe’s aquaculture sector into a USD 1 billion industry, rallying investors to back a national drive to dramatically scale up fish production.

Stakeholders converged at Cresta Oasis last week in the capital for a high-level Investment Roundtable, where authorities outlined a comprehensive “seed-to-market” strategy designed to modernise the sector.

The plan targets a significant increase in national output from the current 35,151 metric tonnes (MT) to 60,000 MT by 2030, bridging a yawning gap in domestic demand.

Speaking on behalf of the Permanent Secretary in the Ministry of Lands, Agriculture, Fisheries, Water and Rural Development, Professor Obert Jiri, the Guest of Honor, ARDAS Chief Director Mrs. Medlinah Magwenzi, called for a transformative approach that moves the sector beyond simple ponds into high-tech processing, cold-chain logistics, and digital trading platforms.

The plan will be powered by the government’s flagship Rural Development 8.0 initiative.

Mrs. Magwenzi said that 35,000 Village Business Units (VBUs) will be the primary vehicle for ensuring this “Blue Transformation” reaches every village, empowering women and youth to lead Zimbabwe’s journey toward its ambitious target.

The push for growth is being backed by a suite of fiscal incentives designed to de-risk investment and attract private capital into the value chain.

At the same roundtable, Professor Jiri confirmed that the government is working with the Treasury to provide duty waivers, VAT exemptions, and tax holidays for investors.

“We will provide clear policy direction and regulatory certainty, facilitate access to land and water resources and ensure ease of doing business in this sub-sector,” said Prof Jiri

Authorities see opportunities spanning the entire value chain, from hatcheries and feed production to cold storage, processing, and logistics.

This investment drive is critical, as Zimbabwe’s current fish production of just over 31,000 MT falls far short of the national demand of 60,000 MT, with per capita consumption languishing at a low 3.2 kg.

The sector, however, already supports an estimated 48,000 livelihoods.

International partners are already on the ground bolstering the sector’s foundations.

The government has also recently validated its first-ever comprehensive Fisheries and Aquaculture Bill, aimed at unifying scattered regulations and providing a cohesive legal framework to foster investment and safeguard the sector’s long-term sustainability .

With the newly unveiled incentives and a clear national strategy, Zimbabwe is betting big that its vast water resources can become a new frontier for economic growth and rural industrialisation.

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Shuntai Supercharges Zimbabwe’s Cement Industry

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Shuntai Supercharges Zimbabwe’s Cement Industry
  • US$120M Chegutu plant set to cut imports, stabilise prices
  • Hundreds of jobs expected, supporting local communities

  • Nationwide expansion to raise production to 3.3M tons annually

The Central African Ruthene Mining Corporation, through its subsidiary Shuntai, has launched a major investment in Zimbabwe’s cement sector, marking a significant expansion of China-Africa economic cooperation and a shift toward value-added industrial development.

The project, centred on the Shuntai Chegutu Cement Plant, represents one of the largest recent private-sector investments in Zimbabwe’s construction materials industry.

Originally rooted in zinc mining operations, Shuntai is diversifying into cement production to strengthen local manufacturing capacity and reduce reliance on imports.

US$120 Million Flagship Plant in Chegutu

Construction of the Chegutu plant was prioritised as a project for 2025–2026.

Located in Chegutu, Mashonaland West Province, the facility is designed to operate under internationally recognised environmental standards, incorporating energy-efficient and low-emission technologies.

As of January 2026, more than US$80 million has been invested in the project, with total capital expenditure expected to reach US$120 million.

The plant is scheduled for completion in June 2026.

Once operational, the facility will produce premium-grade cement for the domestic market, helping stabilise supply and reduce Zimbabwe’s dependence on imported cement.

Job Creation and Local Economic Impact

The Chegutu plant is expected to create hundreds of direct jobs, including skilled, semi-skilled and unskilled positions.

Additional employment opportunities are anticipated across supporting sectors such as transportation, logistics and small-to-medium enterprises supplying goods and services to the facility.

Company officials say the project prioritises local sourcing of labour and materials where feasible, aligning with Zimbabwe’s broader economic development and industrialisation objectives.

Nationwide Expansion Plan

Beyond Chegutu, Shuntai has announced plans to invest an additional US$300 million to expand cement production capacity nationwide. The expansion blueprint includes:

  • Chegutu: An 800,000-ton cement production line, a 300,000-ton limestone production line, and a 300 MW thermal power plant.
  • Belingwe: A 6,000-ton-per-day cement clinker production line, a 200,000-ton-per-day limestone production line, a 500,000-ton-per-day cement grinding station, and a 50 MW thermal power station.
  • Bulawayo: A 500,000-ton cement production line.
  • Murewa: A 500,000-ton cement production line.
  • Harare: A 1 million-ton cement production line.

Four additional grinding stations are expected to be completed by December 2027.

Upon completion of all planned facilities, Shuntai’s total annual cement production capacity in Zimbabwe is projected to reach 3.3 million tons, alongside 600,000 tons of lime production. Company projections indicate that increased capacity could push cement prices down to approximately US$80 per ton, depending on market conditions.

Integrated Distribution Network

To support distribution, Shuntai is establishing sales centres in several key locations, including Masango, Chinhoyi, Marondera, Bindura, Murewa, Gweru, Kwekwe and Gokwe.

The network is intended to ensure proximity-based supply, reduce transportation costs and improve delivery times.

Aligning With National Development Goals

The investment reflects a broader trend of Chinese-backed industrial projects across Africa, aimed at local beneficiation and industrial diversification. By transitioning from mining into cement manufacturing, Shuntai is positioning itself within Zimbabwe’s infrastructure and housing growth sectors.

The project also aligns with Zimbabwe’s Vision 2030 development strategy, which seeks to achieve upper-middle-income status through industrialisation, infrastructure development and increased foreign direct investment.

With the construction of the Chegutu plant nearing completion, the initiative is expected to play a significant role in reshaping Zimbabwe’s construction materials industry and reinforcing economic ties between China and Zimbabwe.

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Tobacco Gold: 2026 Season To Open In Early March

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Itai Mazire

The Tobacco Industry and Marketing Board (TIMB) has officially set the stage for the 2026 tobacco marketing season, announcing that the golden leaf will begin hitting the floors in early March.

 

In a statement that has sent ripples of excitement through the agricultural sector, the regulator confirmed that auction tobacco sales will commence on Wednesday, 4 March 2026, followed by contract tobacco sales on Thursday, 5 March 2026.

 

The announcement brings much-needed clarity to thousands of growers across the country who have been meticulously preparing their crop for the market.

 

Butressing the importance of quality, the TIMB issued a spirited call to action in Shona: “Ngatigadzirei fodya yemandorokwati nokuti fodya yakanaka inozvitengesa yoga!” (Let us prepare high-quality tobacco because good tobacco sells itself!)

 

In a move aimed at ensuring the viability of tobacco farming, the TIMB has maintained a favorable payment structure for the upcoming season.

 

Growers are set to receive a significant portion of their earnings in hard currency, providing a crucial buffer against local inflationary pressures.

 

“TIMB wishes to advise tobacco growers that for the 2026 Marketing Season they will receive 70 percent of their payments in foreign currency (USD) while the remaining 30 percent will be paid in local currency (ZiG),” TIMB stated.

 

This 70/30 split is expected to empower farmers to reinvest in their operations, procure essential inputs, and settle international obligations, further cementing tobacco’s status as the nation’s premier foreign currency earner.

 

The 2026 season opens under the shadow of a historic 2025 performance, where the industry shattered multiple records.

 

Last year, Zimbabwe’s tobacco sector reached unprecedented heights, driven by favorable weather conditions and increased hectrage.

 

The jump from 232 million kilograms in 2024 to over 350 million kilograms in 2025 represented a monumental leap for the industry.

 

This surge in production saw earnings soar to a staggering US$1.2 billion, providing a massive boost to the national treasury.

 

As the 2026 season approaches, stakeholders are optimistic that the momentum from the previous year’s record-breaking harvest will carry forward. With the auction floors set to open in just a few weeks, all eyes are now on the quality of the leaf and the opening prices, as Zimbabwe looks to maintain its position as a global tobacco powerhouse.

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