Zimbabwe Stock Exchange (ZSE)- listed financial and banking services provider NMBZ Holdings, evolved with the onset of the Economic Structural Adjustment Policy (ESAP) and the subsequent liberalisation and deregulation of the banking sector in 1992.
NMBZ Holdings comprised NMB Bank Limited, Carey Farm Limited, and Stewart Holdings Limited.
Initially, a group of Zimbabwean entrepreneurs with previous experiences in international institutions of renown like the World Bank and the International Finance Corporation, had converged to form the National Merchant Bank of Zimbabwe.
In years preceding 1992, the country had a sophisticated banking sector which, however, dominated mostly by foreign owned banks. Merchant banks occupied a significant place in the financial system characterised by some kind of monopoly and oligopoly.
The financial reforms that ensued with the implementation of the Economic Structural Adjustment programme opened entry doors to a number of merchant banks including NMB into the domain of commercial banks.
As part of the reform process the Reserve Bank of Zimbabwe (RBZ) advocated for liberalisation and deregulation of the financial sector.
The Central bank at the time denounced what it perceived as lack of competition, a situation that deprived the sector of quality, innovation and efficiency. The Banking Act was amended to assume the new dimension.
What ensued was the provision of licences by the Registrar of Banks to many new players. Consequentially, years to 2003 saw an influx of new commercial banks into the sector and a fall in the number of merchant banks. NMB was one such victim of the positive tide alongside Kingdom Bank and Trust Bank.
In 1997, following an initial public offering (IPO) that was oversubscribed, the group was successfully listed on ZSE. The listing in turn qualified the group to the London Stock Exchange’s official list. The development empowered the group to diversify into some financial services.
The commercial bank status was attained in December 1999. This too widened the scope of business. In 2000, another door for public shareholding was opened. The acquisition of a commercial banking licence presented opportunities for the group as it positioned itself in the new millennium.
In 2002, the VISA, credit and debit cards, internet banking and additional brands were launched to expand the delivery channels.
In 2005, a subsidiary, Continental Securities Trading Limited (CST) was disposed of.
In 2010 the group acquired an interest in African Century, adding the acquisition to its list of subsidiaries.
In 2011, the group upgraded the core banking from Globus G12 to T24 in a development that provided for seamless integration to other modern service delivery channels as well as enhanced efficiency in transaction processing. Further, an NMB Young Pro Account and NMB Junior Account were launched.
In 2012, NMB Bank had made a strategic decision to partner with three international shareholders: FMO, Norfund and AfricInvest for a collective additional capital of $14,8 million.
New products launched in the year included SMS alerts, DSTV payments real time integration, Integrated website, E-statements and ATM upgrade.
NMB Holdings subsequently divested from the African Century Leasing in May 2013 and introduced an internal leasing department in the bank. During the same year, 2013, the group launched Mobile banking, upgraded internet banking, Teller POS, Bancassurance, Aptra Promote- an ATM idle time marketing and Ecocash Integration.
2014 developments included the launching of Mortgage lending, Moneygram, Automated end to end management system and Chip and Pin cards.
Up until 2019 the group had been upgrading its services as well as introducing fresh technologies for an enhanced banking experience. In 2019 an aggressive POS machine deployment was undertaken alongside the upgrade of core banking and support systems. A decision was further reached to secure a US$20 million facility for exporters. To date the holding company offers a wide array of financial services.
As updated on February 10, 2020, the counter holds a market capitalisation of $202 085 845 and a share price of 50,00 cents.
Benefit Washaya is the current group chief executive officer.