CBZ focuses on impact-driven initiatives, regional expansion 

Source: CBZ focuses on impact-driven initiatives, regional expansion – herald

Tapiwanashe Mangwiro

Senior Business Reporter

CBZ Holdings is intensifying its focus on impact-driven balance sheet growth and regional expansion to position itself as a competitive African financial services player, group chief executive officer Mr Lawrence Nyazema has said.

Speaking on the sidelines of the World Economic Forum in an interview with CNBC Africa, Mr Nyazema said CBZ’s priorities in 2026 were anchored on scaling the balance sheet to deliver tangible developmental outcomes for the economy.

CBZ was part of the Zimbabwe delegation at WEF led by Finance, Economic Development and Investment Promotion Professor Mthuli Ncube and accompanied by Foreign Affairs and International Trade Minister Amon Murwira.

He said the group, which adopted a 2024–2028 strategic plan to double its balance sheet, had already achieved significant progress.

“When we look at CBZ from 2024 to 2028, we said we were going to double the balance sheet. We are already three-quarters of the way there,” said Mr Nyazema.

“We were moving from a US$1 billion balance sheet and we are now just above US$1,5 billion. Our target is to reach US$2 billion by 2028.”

However, he stressed that balance sheet expansion on its own was not the ultimate objective. “For us, it is not just about growing the balance sheet. It is about the impact of that growth. Many institutions can grow a balance sheet, but what matters is how that growth addresses real economic and social challenges,” he said.

Mr Nyazema pointed to Zimbabwe’s infrastructure deficit, housing backlog and persistent challenges in water delivery as areas where banks must play a more deliberate developmental role.

“We have housing backlogs, we have infrastructure gaps, and even water remains a challenge, yet we have water all around Harare. The problem is getting it into people’s homes,” he said.

He said CBZ was already working with partners to finance water infrastructure solutions, including the rollout of prepaid water meters, with pilot projects underway in suburbs like Warren Park.

“That project has already started and we are looking forward to covering the whole of Harare so that we have clean water going to our citizens. That is what we mean by an impactful balance sheet,” said Mr Nyazema.

Local bankers have stressed the need to align growth with development outcomes. Banker and financial analyst Mr Raymond Madziwa said CBZ’s approach reflected a maturing financial sector that increasingly recognises its role in national development.

“Zimbabwean banks can no longer afford to pursue growth that is detached from the real economy,” said Mr Madziwa.

“What Mr Nyazema is articulating is a model where balance sheet expansion is deliberately linked to infrastructure, housing and service delivery, which is exactly what the economy needs at this stage.”

Mr Madziwa said financing projects such as water infrastructure not only improves living standards but also strengthens economic productivity and urban sustainability.

“When water systems work, municipalities function better, businesses operate more efficiently and households are more resilient. That kind of impact creates a virtuous cycle for banks as well, because it reduces systemic risk and supports long-term loan performance,” he said.

Beyond the domestic market, Mr Nyazema said CBZ was also accelerating its regional expansion drive, arguing that Zimbabwean financial institutions should have ventured into the continent much earlier.

“As Team Zimbabwe, we probably should have expanded beyond our borders over the past 50 years. Some attempts were made and some failed, but at CBZ, we believe now is our time,” he said.

The group is set to enter the South African market through life and short-term insurance, with underwriting expected to commence shortly. CBZ is also expanding into Botswana through reinsurance broking, while Rwanda and Dubai are being considered for asset management operations.

Mr Nyazema said the country’s leading financial services group was prioritising asset-light businesses in its regional strategy, given the high cost and limited availability of capital.

“Capital is not easy to come by and it’s not cheap, so we are focusing on asset-light models. Using what we already have, it is time for us to get into the continent,” he said.

Mr Madziwa said CBZ’s regional ambitions were well-timed, particularly as Zimbabwe continues to produce skilled professionals who are already running financial services operations across Africa.

“When you look at technology, insurance and financial services across the continent, you will find Zimbabweans in senior roles,” he said. “The shift now is from being employees to being entrepreneurs and owners of capital. That transition is critical for long-term value creation.”

He added that CBZ’s strategy demonstrated growing confidence in Zimbabwean institutions to compete regionally while remaining anchored to national development priorities.

“As long as expansion is disciplined and impact-focused, it strengthens both the institution and the country’s financial brand,” said Mr Madziwa.