Following yesterday’s rebranding from MBCA, Nedbank Zimbabwe said they want to play a dominant role in financing the private sector. The bank alluded to the mantra “Zimbabwe is open for business” as a key influence for them to choose funnelling funds to the private sector.
This initiative is going to be introduced in the same vein as the supposed innovative financial products that seek to widen and improve the bank’s services. Nedbank said they will be seeking to leverage on its reputation which emanates from South Africa as a bank that offers enhanced solutions and services to its customers.
Nedbank will target SMEs…Another bank again
The recent steps by CABS and CBZ to target SMEs are going to be emulated by Nedbank as they announced that they plan to provide more finance to the SMEs.
Speaking at the rebranding ceremony, Nedbank’s managing director Charity Jinya indicated that funds for the private sector will pay more attention to the Small to Medium Enterprises (SMEs) since the sector is proving to be integral to the economic growth of the country. She highlighted the growth of Nedbank’s SMEs loan book in recent years as a testament to the bank’s commitment to increase finance to SMEs.’
The motives behind the increased attention being paid to the private sector, particularly the SMEs by banks was discussed in yesterday’s article.
Nedbank’s promise seems to be something that is going to take place in a relatively distant future compared to CABS and CBZ’s initiatives because Nedbank did not state the amount of finance set aside for SMEs so they might need time to assess various factors before they disburse funds.