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Top German bank cuts ties with Zimbabwe’s Stanbic

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BY RAY NDLOVU AND ROXANNE HENDERSON

Germany’s Deutsche Bank has cut correspondent banking ties with Standard Bank Group Ltd’s Zimbabwean unit, dealing a body-blow to one of the few remaining international banking providers operational in the southern African nation.

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Stanbic Bank Zimbabwe Ltd as the local unit is known, is the latest lender to have its United States dollar correspondent banking services — which are key to facilitating foreign currency exchange and payments — terminated by an international bank.

“Deutsche Bank were no longer able to support the clearing of a few of our US dollar based services,” the lender said in an August 30 emailed response to questions.

No reasons were given for the termination. Deutsche Bank declined to comment.

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The Reserve Bank of Zimbabwe estimates that at least 102 correspondent banking relationships were lost over the last decade because of the country’s perceived high risk due to sanctions.

Stanbic Bank, which counts among its clients major exporters, non-governmental organizations and embassies, said it now operates a US dollar correspondent banking relationship through its parent company in South Africa.

Deutsche Bank for years has been pulling back from offering correspondent banking as the costs to ensure compliance with know-your-clients rules have increased.

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It has also been exposed to regulatory actions for acting as a correspondent bank for Danske’s Estonia unit while suspicious transactions from Russia were flowing through that lender. – Bloombergny’s Deutsche Bank has cut correspondent banking ties with Standard Bank Group Ltd’s Zimbabwean unit, dealing a body-blow to one of the few remaining international banking providers operational in the southern African nation.

Stanbic Bank Zimbabwe Ltd as the local unit is known, is the latest lender to have its United States dollar correspondent banking services — which are key to facilitating foreign currency exchange and payments — terminated by an international bank.

“Deutsche Bank were no longer able to support the clearing of a few of our US dollar based services,” the lender said in an August 30 emailed response to questions.

Advertisement

No reasons were given for the termination. Deutsche Bank declined to comment.

The Reserve Bank of Zimbabwe estimates that at least 102 correspondent banking relationships were lost over the last decade because of the country’s perceived high risk due to sanctions.

Stanbic Bank, which counts among its clients major exporters, non-governmental organizations and embassies, said it now operates a US dollar correspondent banking relationship through its parent company in South Africa.

Advertisement

Deutsche Bank for years has been pulling back from offering correspondent banking as the costs to ensure compliance with know-your-clients rules have increased.

It has also been exposed to regulatory actions for acting as a correspondent bank for Danske’s Estonia unit while suspicious transactions from Russia were flowing through that lender. – Bloomberg

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Hwange

Hwange Central finally receives long-awaited CDF funds

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BY NOKUTHABA DLAMINI

Hwange Central constituency has finally received its long-awaited Constituency Development Fund (CDF) allocation, marking the first disbursement since 2022, Member of Parliament for the area, Fortune Daniel Molokele, has confirmed.

In a statement, Molokele said an amount of ZiG 1.3 million was deposited last week into a special bank account set up exclusively to administer CDF funds for the constituency. The disbursement falls under the 2024 national budget, following confirmation from the Parliament of Zimbabwe that no CDF disbursement will be made under the 2023 national budget.

He further noted that there is still no clarity on when CDF allocations under the 2025 and 2026 national budgets will be released.

“With this development, our local CDF Committee will, during the coming week, initiate the process of rolling out the approved projects,” said Molokele.

Priority Wards and Projects

The initial phase of implementation will cover five wards, namely Wards 1, 4, 5, 6 and 14, with the remaining wards expected to benefit under the next CDF disbursement.

According to minutes from a public consultation meeting held on 13 April 2024 at St Ignatius Primary School in Hwange, the community unanimously prioritised solar-powered boreholes with JoJo tanks and fenced nutritional gardens as the flagship project for the 2024 CDF cycle.

The project is set to be implemented at the following locations:

  • Ward 1: Chibondo
  • Ward 4: Baghdad
  • Ward 5: Empumalanga
  • Ward 6: Phase Four
  • Ward 14: Ngumija

Other proposals discussed at the meeting included the construction of an Advanced Level laboratory science facility at Nechilisa Secondary School and the refurbishment of Nengasha Stadium, but these were deferred in favour of addressing water and food security.

CDF Committee in Place

The public meeting also elected a new 2023–2028 CDF Committee, comprising:

  • Alice Phiri (Trade Unions, Women and Local Communities)
  • Luka Katako (Traditional Leaders and Faith-Based Leaders)
  • Bryan Nyoni (Youth and Local Communities)
  • Shonipai Muleya (Finance and Accounting)

Francisca Ncube was nominated as the National Assembly representative, while Teresa Kabondo will represent the constituency in the Senate.

The CDF bank account signatories and procurement committee members include Molokele, Luka Katako, Thulani Moyo and Alice Phiri.

Funding Clarifications

Although earlier discussions indicated that the 2024 allocation would include outstanding funds from 2023—bringing the total to an estimated USD100 000, to be disbursed in ZiG at the interbank rate—the Speaker of Parliament later clarified that the 2023 CDF allocation was no longer available.

“As a result, each constituency ended up receiving ZiG 1.3 million, which was meant to be equivalent to USD50 000,” Molokele explained, adding that the approved projects were subsequently endorsed by the relevant Parliamentary committee.

He also confirmed that no CDF proposals have yet been submitted for 2025 and 2026.

Residents seeking further information have been advised to contact CDF Committee Secretary Thulani Moyo on 078 648 3659.

Molokele said at least two public feedback meetings will be held once implementation begins, to ensure transparency and accountability in the use of the funds.

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National

Education ministry launches nationwide one laptop, one iPad per pupil program

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BY LWAZI SHOKO

Zimbabwe has launched a nationwide One Laptop, One iPad Per Pupil initiative aimed at bridging the digital divide and expanding access to technology in schools, Minister of Primary and Secondary Education Torerayi Moyo announced on X on Monday.

The programme, being implemented in partnership with UNICEF Zimbabwe, will see the distribution of ICT equipment including laptops, tablets and projectors to schools across the country, with priority given to disadvantaged and solar-powered schools.

According to Minister Moyo, the initiative is designed to strengthen digital teaching and learning while promoting inclusive and equitable education. He said the programme seeks to ensure that all learners, regardless of geographic location or socio-economic background, have access to modern learning tools.

“As part of this initiative, I had the honour of presiding over the official handover of a major consignment of ICT devices,” Moyo said, adding that the resources would support the delivery of quality education and help prepare learners for a technology-driven future.

The minister described the programme as a transformative step that goes beyond the provision of devices, framing it as an investment in equity, opportunity and long-term national development.

Moyo also paid tribute to President Emmerson Dambudzo Mnangagwa, crediting his leadership under Vision 2030 and the Presidential Computerisation Programme for driving innovation and public-private partnerships in the education sector.

“By placing a laptop and an iPad in the hands of every pupil, we are building the digital foundations of a knowledge-based economy,” he said.

Lastly, expressed gratitude to UNICEF Zimbabwe and other development partners for their continued support, noting that the collaboration is key to building a more connected and future-ready education system.

 

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In the community

Two artisanal miners die in Umguza mine shaft collapse

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BY STAFF REPORTER 

Two artisanal miners have died following the collapse of a flooded mine shaft at Cement Side in Umguza District, ZBC has reported.

The incident occurred early Tuesday morning after heavy water ingress caused the shaft to give way, trapping the two men underground.

When rescue teams arrived at the scene, officers from the Bulawayo Fire and Ambulance Services Department, assisted by local volunteers, were leading recovery efforts.

A survivor of the incident, Khulumani Nkomo, described the terrifying moments leading up to the collapse.

“We heard a loud cracking sound as we reached the ground, then water started rushing in. The two were behind us, and the shaft just closed, trapping the other one in the tunnel,” he said.

Nkomo added that attempts to rescue the trapped miners proved futile.

“We tried to dig with our hands and tools, but the water kept coming. By the time help arrived, it was already too late.”

A brother of one of the deceased miners said the family is struggling to cope with the loss, revealing that the victim was only 19 years old.

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