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The Zimbabwe Banks and Allied Workers Union (Zibawu) has accused financial institutions of exploiting workers through low wages. The workers also accused the institutions of ripping off clients through high bank charges. Speaking to New Zimbabwe, Zimbabwe Congress of Trade Unions (ZCTU) president Peter Mutasa said,
<blockquote>
Banks are making super profits yet we are hearing that NMB has recorded a 155 percent increase in profits for the half year, CBZ charging up to 15 percent interest rates. Many workers are losing homes, assets and properties because of banks.
Why is it that banks are making money when everyone else is struggling? We are fighting for the workers because banks are not increasing salaries. It’s been five years and no salary increase in most banks and in those five years, they have been making money. Tomorrow (Friday) we will be demonstrating at the People’s Own Savings Bank (POSB) headquarters.</blockquote>
More: <a href="https://www.newzimbabwe.com/bank-workers-in-protest-over-poor-wages-high-bank-charges/" target="_blank" rel="noopener">New Zimbabwe</a>
&nbsp;

Pindula News

Workers Accuse Banks Of Exploiting Customers And Paying Slave Wages

Deputy Minister of Finance and Economic Planning Terrence Mukupe has called on banks to relax the stringent collateral requirements for entrepreneurs in order to allow business to grow. Speaking at the 2018 Zimbabwe National Chamber of Commerce Mashonaland Region Awards, the Minister said,
<blockquote>The issue of collateral by banks is overrated. I am calling on local banks that if we are to properly empower entrepreneurs, they have to revisit the issue of collateral and the way they approach their loan books. If banks are not extending debt and lines of credit to businesses because the entrepreneurs lack collateral, how do you expect business to grow? Look at the tobacco sector, the country managed to resuscitate it without any demands for collateral by contractors.</blockquote>
More: Financial Gazette

Collateral Is Overrated, Banks Must Remove Collateral Requirements For Entrepreneurs: Minister

<blockquote>NMBZ Holdings’ profit before taxation for the year ended 31 December 2017 was $13 017 690. Profit after tax was $9 938 826, an increase of 96 percent over last year’s after tax figure of $5 058 166.
Its banking subsidiary, NMB Bank, achieved a capital adequacy ratio of 24,26 percent. The minimum required by the Reserve Bank of Zimbabwe is 12 percent. NMB’s regulatory capital was $61 135 389, well above the minimum required regulatory capital of $25 million.
Operating expenses increased by five percent from $26 176 706 in 2016 to $27 578 347 last year, as a result of non-recurrent staff expenses.
Briefing analysts on the group’s results, NMBZ chief executive Ben Washaya attributed the increased profit to an increase in income from transactional fees and a significant reduction in impairment losses on loans and advances.
Impairment losses on loans and advances amounted to $3 853 149 compared to $8 059 726 the previous year.
He pointed out that last year was characterised by nostro funding challenges, cash shortages, company closures and job losses, which put pressure on the bank’s lending.
Interest income was adversely affected by the capping of 12 percent per annum as the maximum interest rate banks could charge borrowers in the productive sectors of the economy.
“However, it was good for the economy,” he said.
He said the positive financial results were largely driven by the bank’s broadening of its target market, migration to digital channels, stricter credit underwriting standards and concerted efforts to contain non-performing loans and operating expenditure. 
The bank upgraded its core banking system and other electronic channels. It launched a mobile point of sale machine (mPOS) largely targeted at the SMEs and informal sector.
Draw down on its lines of credit was limited by the need to reserve the funds for exporters, who have foreign currency generating capacity to support repayments.
Shareholders’ funds and shareholders’ liabilities stood at $65 651 843 compared to $55 600 406 in 2016. 
The board declared a dividend of 0,36 cents per share, Mr Washaya said.
Mr Washaya said there had been a nationwide blitz to acquire low cost accounts in order to promote financial inclusion. 
He said the non-performing loans ratio was 7,98 percent, compared to 10,69 percent the previous year. He expressed satisfaction that the ratio had come down to a single digit figure. He said the bank was targeting five percent by the end of 2018.
“We will continue to promote our mortgages and leasing products to assist individual customers to own or improve their homes and enable companies to retool,” he said.</blockquote>

We Made $10 Million Profit In 2017, NMB Announces

Finance Minister Patrick Chinamasa has said that banks should lend money to farmers and to the private sector, as the government had absorbed almost one billion dollars in bad debts from the banks.
Speaking at a Command Agriculture workshop, Chinamasa said:
<blockquote>I must say banks have no excuse not to lend to farmers and the private sector. We have taken nearly $1 billion of their bad debts from their balance sheet. We have cleaned their balance sheet in order to whet their appetite for more lending to the productive sector including agriculture
Those bad debts are now to government through a company that we formed. So, they have no reason not to lend to the productive sector including agriculture.</blockquote>
More: <a href="https://www.newsday.co.zw/2017/06/08/no-reason-banks-not-lend/">NewsDay</a>

Banks have no excuse not to lend to farmers and the private sector - Chinamasa

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