Chinamasa said government would continue to support the savings bank to ensure that it grows and play a pivotal role in supporting financial inclusion.
“Of all the banks, you are a good example of financial inclusion because of your extensive branch network,” he said.
The minister cautioned the bank against extending loans to non-executive directors, warning this would compromise their ability to effectively play their oversight role.
This came after it was disclosed the bank was owed $1.4 million in outstanding loans by former directors.
“This should be discouraged if not stopped at all,” he said. In response, Dzumbunu said the new board, appointed in September last year, “fully discouraged” the practice.
Chinamasa praised the bank for allowing the media to sit out through the annual general meeting as this promoted “transparency and accountability” in the manner in which affairs of the bank are held.- The Source
(131 VIEWS)
This post was last modified on May 11, 2016 3:24 pm
Page: 1 2
Zimbabwe is among the top 30 countries in the world with the widest gap between…
Zimbabwe’s battered currency, the Zimbabwe Gold, which was under attack until the central bank devalued…
Plans by the ruling Zimbabwe African National Union-Patriotic Front to push President Emmerson Mnangagwa to…
The Zimbabwe government’s insatiable demand for money to satisfy its own needs, which has exceeded…
Economist Eddie Cross says the Zimbabwe Gold (ZiG) will regain its value if the government…
Zimbabwe’s capital, Harare, which is a metropolitan province, is the least democratic province in the…