Financial Sector Timeline

What happened when?  This is for when you want to quickly find out the dates of important events in recent local financial sector history.

January 2018 Financial Sector Timeline

1 January 2018: The Zimbabwe Stock Exchange (ZSE) introduces the All Share Index, which will show the changing average value of share prices of all companies on the market and will be a more efficient measure of how the same market will be performing.

3 January 2018: Markets in Financial Instruments Directive, or Mifid II, one of the EU’s most ambitious, yet controversial, packages of financial reforms is rolled out. It is designed to offer greater protection for investors and inject more transparency into all asset classes: from equities to fixed income, exchange traded funds and foreign exchange.

11 January 2018: The Insurance Journalists’ awards ceremony is held at Cresta Lodge in Harare as the Insurance and Pension Commissions (IPEC) partners with ZimSelector to sponsor these inaugural awards.

17 January 2018: The Global Fund to fight HIV, Tuberculosis and Malaria avails a $502 million, 3-year grant to the Government of Zimbabwe towards fighting HIV, Tuberculosis (TB) and Malaria.

17 January 2018: Finance and Economic Planning Minister Patrick Chinamasa issues a press statement dismissing speculation about de-dollarisation and affirming that bond notes will remain in circulation until Zimbabwe introduced its own currency.

17 January 2018: The African Development Bank (AfDB) launches the 2018 edition of its yearly flagship report, the African Economic Outlook (AEO), at its headquarters in Abidjan.

18 January 2018: President Emmerson Mnangagwa launches the national investment policy statement, titled Investment Guidelines and Opportunities in Zimbabwe that outlines the guidelines for investing in and harnessing the opportunities available in Zimbabwe.

18 January 2018: Nigerian President Muhammadu Buhari on commissions African Development Bank’s purpose-built Office in the presence of Dr. Akinwumi Adesina, President of the African Development Bank. It is the first time that the AfDB has built an office complex outside of its headquarters in Abidjan, since its beginning in 1964. Nigeria is the largest shareholder of the African Development Bank.

19 January 2018: Government gazettes the Zimbabwe Iron and Steel Company (Debt Assumption) Bill, H.B 2, 2018 to take over about $500 million owed to both domestic and external debtors. The Bill is published by Clerk of Parliament Kennedy Chokuda under General Notice 117 in an Extraordinary Government Gazette published on this date.

23 January 2018: The Minister of Finance and Economic Development, Patrick Chinamasa, reduces  Excise Duty on fuel in terms of section 225 of the Customs and Excise Act [Chapter 23:02].

25 January 2018: International Monetary Fund (IMF) Managing Director Christine Lagarde meets with President Emmerson Mnangagwa of Zimbabwe on the sidelines of the World Economic Forum in Davos.

26 January 2018: Untu Capital Limited publishes results of its Note Issuance for Tranche 1 ISIN Number ZW FSE 0000201 for US$1million which opened on 04 December 2017. Subscriptions amounted to US$1 725 450, equating to an oversubscription rate of 72.545%.

29 January 2018: Untu Capital lists its medium term note on the Financial Securities Exchange (Finsec) board after announcing a 72 percent over-subscription of its initial public offer.

30 January 2018: The European Union (EU) injects $17 million into Zimbabwe’s justice system, in a move meant to improve justice delivery and strengthen the rule of law.

30 January 2018: Untu Capital Limited publishes the applicable pricing supplement for tranche 2 of its US$5 million medium term note programme.

31 January 2018: Untu Capital Limited’s US$2 million public offer, whose proceeds are intended to be used to underwrite new business, opens.  

31 January 2018: Barclays Bank Plc ceases to offer correspondent banking services to its former Zimbabwean unit, which it sold to Malawi’s FMB Capital in 2017.


December 2017 Financial Sector Timeline

1 December 2017: Impact Earth Foundation’s offer meant to raise funds by selling IMPACTXO Coins with a nominal value of USD1 each open and is expected to close on 22 December 2017.

4 December 2017: Untu Capital Limited’s Tranche 1 of the US$5 million Medium Term Note Programme, opens and is set to close on 5 January 2018.

5 December 2017: The banking sector reportedly loses an estimated $70 million after Internet-dependent transactions could not be processed because of the data blackout which lasted six hours as a result of a technical fault on Liquid Telecom’s main fibre lines from South Africa.

5 December 2017: Government Gazettes  Statutory Instrument 145 of 2017 in terms of  Presidential Powers Regulations for Amnesty in respect of Illegally Expatriated Property. The Presidential Powers (Temporary Measures) (Amendment of Exchange Control Act) Regulations, 2017 contains the detailed provision for this amnesty.

6 December 2017: The People’s Republic of China, through the Export-Import Bank of China, extends a US$153 million loan facility to Zimbabwe for the upgrade of the Robert Gabriel Mugabe International Airport and also announces two grants for the construction of the New Parliament Building in Mount Hampden (US$50 million) and the High Performance Computing Centre (US$15 million) being constructed at the University of Zimbabwe.

7 December 2017: Minister of Finance and Economic Planning Patrick Chinamasa presents the US$5.1 billion 2018 National Budget. Former Finance Minister Ignatius Chombo had been scheduled to present the budget on 23 November 2017 but failed to do so as the country went through a process that culminated in a change in political leadership.

7 December 2017: The Zimbabwe National Chamber of Commerce’s Business Review Conference 2017 is held under the theme “Consolidating the New Normal Economy through Policy Reforms.”

7 December 2017: Government confirms that the RBZ directed banks to identify and immediately freeze all accounts in the name of Professor Jonathan Moyo and Saviour Kasukuwere and any accounts in which the said individuals are directors or have a known beneficial interest. Banks were further directed to submit, a written report to the RBZ, by no later than the 8th of December 2017, listing and giving particulars (including balances) of all the accounts that they would have identified and frozen in terms of the directive.

8 December 2017: Speaking at a Confederation of Zimbabwe Industries post-budget breakfast meeting in Harare, Minister of Finance and Economic Planning Patrick Chinamasa says Zimbabwe is not ready for its own currency as the country needed to first address some issues such as the budget deficit, trade balance and import cover.

8 December 2017:  The Marketers Associations of Zimbabwe (MAZ) hosts the 2017 Superbrand Awards ceremony at the Rainbow Towers Hotel in Harare and amongst the winners are several financial sector entities.

12 December 2017: The African Export-Import Bank (Afreximbank) announces a US$1.5 billion economic stabilisation package for Zimbabwe to go towards the revival of the productive sectors in order to stimulate exports and provide investment guarantees.

15 December 2017: The Board of Barclays Bank of Zimbabwe announces the appointment of Samuel Matsekete as substantive Managing Director of the company with immediate effect.

18 December 2017: The 6th Edition of the annual Buy Zimbabwe Awards is held at Sango Conference Centre at the Cresta Lodge in Harare.

19 December 2017: An agreement is reached for Zimre Holdings Limited to dispose of its 30.03% stake in NicozDiamond Insurance Limited (NDIL) to National Social Security Authority (NSSA), at a consideration of US$7.040 million.

20 December 2017:President Emmerson Mnangagwa presents his maiden State of the Nation Address to a joint sitting of Parliament at the Harare International Conference Centre.

20 December 2017: The Reserve Bank of Zimbabwe issues a press statement warning members of the public against the use of virtual currencies in Zimbabwe.

20 December2017: The Reserve Bank of Zimbabwe issues a press statement regarding administrative arrangements for the repatriation of expatriated foreign exchange and assets.

31 December 2017: NetOne, the country’s second biggest mobile network operator by subscribers signs a $71 million funding agreement with Huawei Technologies International of China for the expansion of its mobile phone network into the rural areas.

November 2017 Financial Sector Timeline

1-4 November 2017: The 9th Annual Marketers Convention is held at the Kingdom Hotel, Victoria Falls under theme: “The Changing Face of Marketing: Towards Organisational and Economic Transformation.

6 November 2017: NicozDiamond Insurance Limited CEO Grace Muradzikwa resigns from the CFI Holdings Board of Directors, having served as Acting Chairperson since April 2016 and having been a member of the board since 2004.

12 -15 November 2017: Insurance Institute of Zimbabwe (IIZ) Annual Conference is held at Elephant Hills – Victoria Falls under the theme Visualise, Exceed, Explore.

14 November 2017: The Insurance Institute of Zimbabwe (IIZ) names Ushe Mungaraza its new president, deputised by 1st Vice President Mapiye Chigorondondo and 2nd Vice President Reuben Java.

21 November 2017:  Robert Mugabe tenders his resignation as President of Zimbabwe.

24 November 2017:  Emmerson Mnangagwa is inaugurated as the country’s second Executive President.

28 November 2017:   The new President of Zimbabwe Emmerson Dambudzo Mnangagwa issues a public statement on the granting of a three-month amnesty for the return of illegally externalised funds and assets.

29 November 2017:  The Infrastructure Development Bank of Zimbabwe (IDBZ) lists by introduction the entire issue of the Infrastructure Development Bonds (“IDB”) Series 1 2014B and the Infrastructure Development Bonds (“IDB”) Series 2 2014B on the Financial Securities Exchange (“FINSEC”) Fixed Income Board.

29 November 2017:  The Institute of Chartered Secretaries and Administrators in Zimbabwe (ICSAZ) hosts the 2017 Excellence in Corporate Governance Awards under the theme “Good Corporate Governance for Sustainable Economic Development”

30 November 2017:  Megafest 2017 Northern Region Awards Ceremony  is held at Cresta Lodge Msasa in Harare under the theme: A brighter future is possible in Zimbabwe”

October 2017 Financial Sector Timeline

1 October 2017: In line with its paperless strategy, ZB Bank no longer processes manual RTGS and Internal Transfer application forms with effect from this date.

1 October 2017: Rueben Java is appointed as the new Chief Executive Officer of Fidelity Life.

1 October 2017: The minimum retirement pension pay-out for NSSA pensioners is increased from $60 to $80.

4 October 2017: Metbank partners Telecel, NetOne, TelOne and Moonlight to launch the Syndicated Mobile Payment Platform System (SMPPS).

6 October 2017: First Mutual Holdings Limited’s Renounceable Rights Offer is closed.

9 October 2017: Founding Board Member of the DPC, Mr Alwyn Pichanick dies on this day.

10 October 2017: Following satisfaction of all conditions, legal completion of the transaction for the sale of Barclays’s majority interest in Afcarme occurs with Barclays Bank Plc selling 81% of Afcarme to FMB Capital Holdings PLC in a private share transfer.

13 October 2017: The Reserve Bank of Zimbabwe holds a consultative meeting on the collateral registry and the operation of the credit registry in Mutare.

13 October 2017: First Mutual Holdings Limited Rights Offer shares are issued and listed on the Zimbabwe Stock Exchange.

13 October2017: Brainworks Limited breaks new ground after it becomes the first Zimbabwean company to have a primary listing on the Johannesburg Stock Exchange.

19 October 2017: The 2017 Exporters’ Conference is held at Meikles Hotel under theme “Building Synergised Pillars for Export Competitiveness”

20 October 2017: Service Excellence Awards co-hosted by the Contact Centre Association of Zimbabwe and the Chartered Institute of Customer Management are held at Rainbow Towers Hotel in Harare.

19-20 October 2017: Fundamentals of Microinsurance and Micropension is held at Holiday Inn Hotel, Harare, co-hosted by IPEC and the Insurance Institute of Zimbabwe (IIZ).

24 October 2017: Banks and Banking Survey Awards Dinner held in Harare.

25 October 2017: OneMoney, NetOne’s new mobile money platform is launched In Harare to replace OneWallet that was launched in 2011 but encountered operational hurdles before being suspended.

25 October 2017: Econet Wireless’ mobile money platform, EcoCash launches the Swipe into EcoCash service that enables customers whose banks have not integrated with EcoCash to swipe their funds from their bank account into their EcoCash accounts.

25 October 2017: The Confederation of Zimbabwe Industries (CZI) launches its annual manufacturing sector survey, published in partnership with The Financial Gazette which reveals that capacity utilisation declined to 45.1 percent in 2017, from 47.4 percent in 2016, having peaked at 57.2 percent in 2011.

27 October 2017: Megafest 2017 Southern Region Awards Night is held at the Bulawayo Rainbow Hotel under the theme “A brighter future is possible in Zimbabwe”

30 October 2017: The International Monetary Fund (IMF) launches the IMF Regional Economic Outlook for Sub-Saharan Africa in Harare. The function is attended by RBZ Governor John Mangudya, African Department of the International Monetary Fund Director Abebe Aemro Selassie and Deputy Division Chief Regional Studies Jaroslaw Wieczorek are amongst those who attend the function.