Less Than Half of Adults Have Bank Accounts

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.