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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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In the community

Victoria Falls Junior Council urged to propose projects for 2026 budget

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BY STAFF REPORTER

In a significant push to empower the youth and encourage community development, Kholwani Mangena, the Chamber Secretary of Victoria Falls City Council, has urged the Junior Council to identify and propose projects they wish to see funded in the 2026 budget.

This call to action was made during a recent budget consultation meeting held at Chinotimba Clinic, where concerns about the lack of support for the Junior Council and local youth from the council’s livelihoods program were raised.

Mangena highlighted an opportunity, revealing that the council has earmarked a piece of land specifically for youth-led initiatives, particularly in agriculture.

“Otherwise, on the other projects you have proposed such as poultry in this coming budget, for 2026, we have earmarked some piece of land so that if you want to do poultry, you can do that,” she stated. Her message was clear: youth and women, as well as people with disabilities, must take the initiative to define their projects and funding needs.

The Secretary brought attention to previous efforts made by the council to support marginalized groups, mentioning, “We gave them a piece of land somewhere about three months ago,” referring to the land allocated for various community projects. She encouraged the Junior Council to be proactive in outlining their desired projects, saying, “Identify your projects. Be clear about the projects that you want to do and the funding. And then we can ask the council to fund those.”

Mangena also offered support for fundraising efforts, suggesting that the council could provide initial funding for activities like a talent show to help raise funds for their proposed initiatives. “Before the end of the year, we can do that. For example, maybe you want to do some fundraising. We can give you the money to start that fundraising,” she continued, emphasizing the importance of grassroots efforts in driving change and development.

 

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National

Zimbabwe road traffic fatalities rise to 20 amid recent accidents

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BY STAFF REPORTER

The Zimbabwe Republic Police (ZRP) has confirmed that the death toll from recent road traffic accidents has tragically escalated to at least 20 individuals in the past few days. This surge in fatalities has raised serious concerns regarding road safety across the nation.

In a statement released today, the ZRP detailed a fatal accident that occurred early this morning at the 246-kilometer peg along the Mutare-Masvingo Road, near Mutendi Complex. A Dragon bus, carrying 20 passengers and traveling from Beitbridge to Mutare, collided with a haulage truck while attempting to overtake. The bus driver swerved back into his lane upon noticing an oncoming vehicle, resulting in a devastating sideswipe that caused timber from the truck to pierce into the bus. Eight people, including the bus driver, died at the scene, and four others were injured in the crash. The injured were transferred to Masvingo General Hospital for treatment.

The ZRP emphasized the alarming trend of road accidents in their statement, noting

that these incidents were predominantly caused by reckless overtaking. “Most of the accidents recorded recently have been due to overtaking errors on the part of drivers,” police officials stated. “We urge all motorists to exercise extreme caution and adhere strictly to traffic regulations.”

This latest accident follows another tragic incident on August 28 involving a Toyota Fortuner GD6 at the 46-kilometer peg along the same road. The vehicle veered off the road and hit a concrete signpost, resulting in four immediate fatalities. This number subsequently rose to six as two more victims succumbed to their injuries after being admitted to Victoria Chitepo Provincial Hospital.

Additionally, on August 29, a separate accident on the Harare-Nyamapanda Road claimed the lives of seven family members when a kombi they were traveling in lost control during an overtaking maneuver, resulting in an overturn that killed five instantly and two more in the hospital.

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Hwange

Argument over underwear leads to stabbing and attempted murder charge for Hwange woman

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BY STAFF REPORTER

Eunice Ngwenya, a 32-year-old woman from Makwika Village, has appeared in the Hwange Regional Court, facing charges of attempted murder following a domestic dispute that left her boyfriend, Mbekezeli Sibanda, in serious condition.

The incident, which occurred on the 18th of August, began when Ngwenya, Sibanda, and Ngwenya’s sister were walking together. According to reports, the disagreement erupted over Sibanda’s inner garment, which Ngwenya allegedly refused to return despite his repeated requests.

Following a brief separation, Ngwenya returned to the scene with the garment in hand. However, she had concealed a kitchen knife within it.

As Sibanda reached to reclaim his clothing, Ngwenya allegedly pulled out the knife and stabbed him twice—once in the right arm and once in the right side of his chest.

Witness accounts indicated that Sibanda sustained serious bleeding injuries as a result of the stabbings.

In a state of distress, he attempted to seek help from a workmate but was unsuccessful. Despite his injuries, he managed to return home, where a friend assisted him in reporting the matter to the police and obtaining medical treatment.

A medical report confirming the wounds has been compiled and will serve as evidence in this case.

Following the incident, Ngwenya was arrested and charged with attempted murder.

She was remanded in custody today, with the court setting her next appearance for on the 5th of September, pending the finalization of investigations.

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