Central Africa Building Society

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Central Africa Building Society
Trading name
Central Africa Building Society
Type
Private
Industry Banking
Founded September 8, 1954 (1954-09-08)
Headquarters Northridge Park , Northend Close, Borrowdale, Harare , Zimbabwe, Harare, Zimbabwe
Parent Old Mutual
Website www.cabs.co.zw

Central Africa Building Society (CABS) is the largest building society in Zimbabwe. CABS is a subsidiary of Old Mutual Zimbabwe Limited, Zimbabwe's largest life assurance organization. Old Mutual Zimbabwe is in turn a subsidiary of Old Mutual PLC - an international financial services conglomerate. The CABS bank has branches all over the country. The bank has over sixty years of experience and over 50 branches in Zimbabwe.[1]

Background

The bank was established in the then Rhodesia on 8 September 1954.[2] CABS is owned by Old Mutual Zimbabwe limited which has interests in various sectors of th economy including retail, properties and insurance. Thus CABS operates as a subsidiary of this giant multinational company.

Management

CABS is run by a board of directors appointed by the tip management of Old Mutual. Each branch is headed by a branch manager who directly takes orders from works closely with the superiors at the banks Headquarters in the leafy suburb of Borrowdale in Harare.

  1. Kevin Terry- Managing Director
  2. K Chitando- Head of Retail Banking
  3. A Chaavure- Chief Finance Officer
  4. J Jabangwe- Head of Operations
  5. C Ndoro- Head of Corporate Banking
  6. E Mujekenyeki- Head of Risk Management
  7. J Mapiye- Corporate Treasurer
  8. F Machawira- Head of Compliance
  9. M Nyathi- Marketing Executive
  10. P Koen- Platinum Manager
  11. P Kudakwashe- Head of Credit.[3]

Products

  1. Transaction Accounts
  2. Savings Products
  3. Loan Products
  4. CABS Bancassurance
  5. CABS investment Services
  6. Corporate Banking Services.[4]

Services

  1. Internet Banking
  2. DSTV Payments
  3. Bill Payments
  4. Debit Cards
  5. Bill Payments
  6. CABS Cash passport
  7. Paynet
  8. Payroll Services
  9. Exchange Control Products & Services
  10. Interbank Transfer System
  11. CABS Cellphone Services
  12. Senior Citizen Discount[4]

Successes

On Monday December 15, 2014, introduced the new CABS Mobile Banking App. The introduction of the App was was a milestone achievement for the bank because customers could now carry out transactions without having to travel to a CABS Branch. Between 2010 and 2013, CABS channeled $101 million dollars for housing projects in Harare's Budiriro suburb and other pats of the the country.[5]

Awards

2014- Zimbabwe Financial News Awards 2014- CABS lifted the top performing bank.[6]

References

  1. , Central Africa Building Society (CABS), "AUHF", retrieved:17 Jul 2014"
  2. , Central Africa Building Society (CABS),Reserve Bank of Zimbabwe, retrieved:9 Jan 2015"
  3. , Senior Management, "CABS", retrieved:17 Jul 2014"
  4. 4.0 4.1 , Products, "CABS", retrieved:17 Jul 2014"
  5. V. Mutomba, CABS channels $101m into housing projects,NewsDay, published:29 Apr 2013,retrieved:9 Jan 2015"
  6. F. Mhlanga, Top banks win awards,The Independent, published:21 Nov 2014,retrieved:9 Jan 2015"