FIRST Capital Bank Zimbabwe Limited, formerly Barclays Bank Zimbabwe, whose leadership and management team is now headed by Managing Director Tapera Mushoriwa (pictured), is on an overseas client mobilisation, business and investment roadshow in the United Kingdom.
Mushoriwa, who was National Building Society managing director, replaced Ciaran McSharry at the helm. The executive management team also includes a Fanuel Kapanje (Chief Financial Officer), Mutemwa Ushewokunze (Commercial Director), Angela Kamhiriri (Consumer Banking Director), Munyaradzi Kavhu (Chief Operating Officer), Lovemore Mangenda (Head of Compliance), Shingai Shora (Head of Credit), Hillary Kubvoruno (Head of Risk), Sarudzai Binha (Head of Legal and Company Secretary), Farai Chirozva (Head of Internal Audit), Emily Nemapare (Head of Marketing and Communication) and Brian Takaedza (Heaf of Treasury and Markets).
The First Capital will team will visit Doncaster, Leicester, Birmingham and London, one of the world’s biggest financial services centres. The bank is looking for new markets – clients, business and investment – in the UK, which has the biggest Zimbabwean diaspora overseas, to bolster its position in the market.
It also wants to further tap into the growing remittances business in Zimbabwe. The remittances business is big in Zimbabwe, with most money coming from South Africa and UK.
The United States, Australia and Canada also contribute significantly. The remittances business in Zimbabwe has been lucrative due to the need for efficient financial solutions in the current digital environment.
In his 2023 mid-term monetary policy statement, Reserve Bank of Zimbabwe governor John Mangudya said as at 30 June international remittances through official channels amounted to US$1.4 billion, a 4% increase from US$1.3 billion recorded in the same period last year.
Remittances are a critical source of foreign currency and income for Zimbabwe’s economy; supporting individuals, families and businesses, as well as communities.
The other sources of foreign currency are exports, donor and humanitarian inflows, lines of credit and foreign direct investment. However, Zimbabweans overseas face numerous challenges when sending money back home, including high costs of transactions, exchange rates volatility, and limited access to financial services.
This is where First Capital wants to come in and play an increased role in the market.
The UK roadshow is part of that. First Capital Bank Zimbabwe is a subsidiary of FMBCapital Holdings plc, a financial services group based in Mauritius with other related divisions in Botswana, Malawi, Mozambique, Zambia.-STAFF WRITER