NMB Holdings has secured US$57 million in lines of credit and is in the process of negotiating an additional US$25 million with two different funders to bolster support for exporters.

Group Chief Executive, Mr. Gerald Gore, disclosed this information at the company’s annual general meeting, emphasizing the bank’s commitment to supporting key economic sectors, particularly agriculture.

“Currently, we have about US$57 million in lines of credit, and we are negotiating with two additional funders. One negotiation is at the documentation stage, and the other has just completed a due diligence exercise, totaling around US$25 million,” Gore said, providing a trading update for the first five months of 2024. He noted that these credit lines are specifically aimed at exporters, as their foreign currency earnings facilitate easier repayment.

Mr. Gore highlighted the significant demand from the agriculture sector, stating, “Many funders prefer to finance agriculture because it supports job creation and is the backbone of our economy. Supporting agriculture impacts various value chains positively.”

NMB Holdings has been actively pursuing strategic partnerships to enhance its capabilities. “Partnerships are essential where we lack capacity. We collaborate with like-minded partners to gain access to the necessary resources. For instance, we have a three-year partnership with Rabobank, a Dutch bank specializing in agriculture, to transform NMB into a leading food and agriculture bank,” Gore explained.

During the review period, NMB Holdings reported total revenue of $1.3 trillion, a 203 percent increase from the same period last year. This growth was driven by transactional income and the lending business, with most revenue now denominated in US dollars. The bank’s balance sheet stands at $1.7 trillion, with 92 percent in US dollars. Additionally, the group has a microfinance division launched last year, which has grown to over 17,000 customers, contributing nearly 10 percent to the group’s profit.

The group also established NMB Properties last year, launching it in May 2024 with an initial capital of US$3.5 million, set to increase to US$10 million for upcoming projects. These include 26 completed cluster units in Marlborough and 18 duplex units currently under construction.

Two years ago, NMB Holdings adopted strategies focusing on strengthening its core banking business and expanding its transactional business through digital platforms. This approach included raising credit lines to support customers’ long-term funding needs and broadening its reach via an agency banking model. The bank also pursued value-added services like bancassurance and money transfer to mobilize foreign currency.

In terms of diversification, the bank has expanded into technology, property, microfinance, and enhanced its service offerings geographically. “We started with the bank as our main subsidiary. Today, we also have NMB Properties, Xplug Solutions in technology, and our microfinance arm, though the bank remains the primary revenue contributor,” Gore noted.

NMB Bank recently migrated to a new core system in April, enhancing its operational capacity. The bank has also partnered with the Government to fund agriculture, supporting nearly 5,000 hectares of soy and maize and targeting 2,500 hectares for the winter crop, of which 700 hectares of wheat have already been funded.

The bank’s partnership with Zimpost has extended its agency banking model, making NMB Bank one of the top three banks in terms of distribution network without building new branches.

“We developed the technology for this agency model, allowing customers to open accounts digitally. Currently, 91 percent of our accounts are opened this way, with customers accessing services at Zimpost outlets if needed,” Gore said. He added that about 50,000 transactions were processed through the agency network in the last quarter, contributing nearly 5 percent to the total transactions.

Former Mbare Constituency legislator Starman Chamisa, brother of opposition presidential candidate Nelson Chamisa, has been captured on a viral video assaulting his former girlfriend, Bridget Nyandoro, who is the Citizens Coalition for Change (CCC) Member of Parliament for Southerton.

The video, widely circulated on social media, shows members of the public intervening to rescue Nyandoro.

In an interview with The Herald, Nyandoro reported that while the assault did not leave her with visible bruises, Chamisa twisted her neck, causing ongoing pain for which she is taking painkillers. She revealed that the attack occurred after she requested money for their child’s school fees.

Nyandoro accused Starman Chamisa of being an irresponsible father who refuses to acknowledge his child and neglects his parental duties. “Every time I ask him for money for the child’s fees and upkeep, he starts telling me the child is not his and I need to do a DNA test,” she said. Despite Chamisa previously arranging a DNA test, he later refused to undergo it, even in the presence of his lawyer.

Feeling threatened, Nyandoro shared that Chamisa has boasted about his connections with the Central Intelligence Organisation (CIO) and the army, claiming he has the power and resources to make their child disappear without repercussions. “If it was not for the people who heard me screaming, I would have died,” she added.

Nyandoro expressed fear for her safety and has chosen not to report Chamisa to the authorities, describing him as “thuggish” and well-armed. She mentioned that he keeps a gun under his car seat and has repeatedly threatened to use his connections to make her life difficult in Parliament.

Clarifying their relationship, Nyandoro denied being married to Chamisa, stating that he is already married and that their affair, which began in October 2014, was akin to a tryst.

Due to her injuries, Nyandoro was unable to attend the Parliament session on Thursday. Efforts to contact Starman Chamisa for his side of the story were unsuccessful, as he did not respond to multiple calls from The Herald.

The Financial Intelligence Unit (FIU), a division of the Reserve Bank of Zimbabwe (RBZ), has enhanced its capabilities to combat financial crimes through the recruitment of specialized personnel and the acquisition of advanced technology.

This move aims to address illegal financial activities and support the newly introduced Zimbabwe Gold currency (ZiG).

RBZ Governor, Dr. John Mushayavanhu, recently launched a coordinated effort involving the FIU and other security agencies to crack down on illegal money changers and businesses violating exchange control regulations. This initiative is part of a broader strategy to protect the ZiG currency from economic sabotage.

In response to inquiries from legislators, Finance, Economic Development, and Investment Promotion Minister Professor Mthuli Ncube announced that the FIU would receive additional resources to intensify its operations against illegal currency trading and other financial crimes.

The FIU director-general, Mr. Oliver Chiperesa, confirmed the unit’s readiness to tackle these issues, although he withheld specific details about personnel for security reasons.

“In terms of giving you actual numbers of the people I have in the FIU, it’s something that I would not be comfortable sharing with the market,” Chiperesa explained. “It’s like a country at war or an army at war, then giving the enemy details of how many soldiers and how many weapons it has.”

Chiperesa highlighted that the FIU underwent significant expansion in January 2022, effectively doubling its workforce and diversifying its skill set to include expertise in IT and forensic auditing. This recruitment drive has equipped the FIU with the necessary tools and skills to analyze financial transactions and identify suspicious activities.

“We analyze those transactions to discern trends, patterns, suspicious activities, something that you can’t do manually. So we have various IT tools, analytical tools that we use to analyze such transactions. So at the moment we are adequately resourced,” Chiperesa stated. He also mentioned that the FIU’s strategic plan includes periodic reviews to ensure they remain fully equipped to meet their goals.

The FIU’s operations are primarily office-based, involving the analysis of vast amounts of transaction data obtained from financial institutions. However, the unit also collaborates with other agencies, including the police, to address financial crimes at the district level. These joint efforts have already resulted in the arrest of 220 illegal money changers and the freezing of over 90 bank accounts since the introduction of ZiG.

Chiperesa emphasized the continued support from the Central Bank and the Ministry of Finance and Investment Promotion, which have consistently provided the necessary resources for the FIU to fulfill its mandate effectively.

Overall, the FIU’s strengthened capabilities and collaborative efforts signify a robust approach to safeguarding Zimbabwe’s financial system and ensuring the stability of the local currency.