During a recent press briefing in Zimbabwe, Dr. Terence Sibiya, the group managing executive of Nedbank Africa Regions, reiterated the firm’s dedication to the Zimbabwean market, emphasizing its importance for sustained growth in the medium to long term.
Operating through Nedbank Zimbabwe under the Nedbank Africa Regions (NAR), the South African financial services group regards Zimbabwe as a significant contributor to its overall expansion strategy. Dr. Sibiya expressed optimism about the country’s potential to bolster the group’s growth, particularly through the growth of its dollar-denominated book.
Anticipating the impact of the forthcoming Monetary Policy Statement (MPS), Dr. Sibiya highlighted the need for clarity on exchange rate challenges and price stability. The group awaits insights from the MPS to inform its business direction, especially in light of clients increasingly borrowing in USD.
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Reflecting on the financial year ending December 31, 2023, Dr. Sibiya noted the SADC operations’ robust performance, with headline earnings (HE) reaching R662 million, driven by a 21 percent surge in revenue to R4 290 million. This growth was attributed to an expansion in net interest margin (NIM) and net forex gains in Zimbabwe.
Furthermore, Nedbank Zimbabwe’s collaboration with American Express (AMEX) has enhanced its service offerings, allowing international AMEX cardholders to utilize their cards in Zimbabwe. Dr. Sibiya and Dr. Sibongile Moyo, managing director of Nedbank Zimbabwe, expressed satisfaction with the partnership’s success and its positive impact on the bank’s client base and deposit growth.
Overall, Nedbank Group remains optimistic about the Zimbabwean market’s potential and is committed to leveraging opportunities for sustained growth and innovation.