Nqobile Bhebhe nqobile.bhebhe@chronicle.co.zw CABS’ loans and advances rose to ZWG9,02 billion in the first half of the year from ZWG6,78 billion as the financial institution stepped up funding to productive…
Nqobile Bhebhe [email protected]
CABS’ loans and advances rose to ZWG9,02 billion in the first half of the year from ZWG6,78 billion as the financial institution stepped up funding to productive sectors while maintaining strict credit and risk management standards.
The strong growth in lending underscores the role of financial institutions in driving economic activity by mobilising resources towards businesses and sectors with capacity to expand production, create jobs and improve livelihoods.
“The increase in loans and advances in the first half of the year from ZWG6.78 billion to ZWG9.02 billion reflects the Society’s commitment to facilitating economic growth while maintaining prudent credit underwriting standards and robust risk management practices,” reads part of the half year financials for the period ended 30 June.
CABS said its lending strategy was increasingly focused on sectors capable of generating broad economic benefits, including agriculture, mining, manufacturing and small and medium-sized enterprises (SMEs).
“Particular focus remains on supporting sectors that have the potential to drive economic activity and employment creation, including agriculture, mining, manufacturing, small and medium-sized enterprises (SMEs) and other productive industries,” reads part of the half year financials for the period ended 30 June.
The increased flow of credit is significant for Zimbabwe’s economic development, with businesses requiring affordable and appropriately structured funding to expand capacity, invest in equipment, increase production and create employment.
CABS said it was working with development finance institutions and strategic partners to widen access to affordable funding.
“To further strengthen its support for these sectors, the Society continues to work closely with development finance institutions and strategic partners to mobilise affordable and appropriately structured funding solutions that enhance access to finance and promote sustainable economic development.”
Beyond lending, the Society said financial inclusion remained central to its contribution to economic development, particularly through digital banking and targeted products.
“The Society’s commitment to-economic development extends beyond lending. CABS continues to promote financial inclusion through accessible banking solutions, digital channels and targeted financial products, with particular attention to women-led businesses, SMEs and underserved communities.
“Through financial literacy initiatives and appropriate financing solutions, the Society seeks to enable broader participation in the formal financial system and support sustainable economic empowerment. The stable operating environment provides an opportunity to deepen financial inclusion while ensuring that customers have access to appropriate and sustainable financial services.”
The focus on SMEs and women-led businesses is particularly important given the role of smaller enterprises in employment creation, household incomes and local economic activity.
The Society said its growth strategy remained aligned with Zimbabwe’s broader economic development objectives.
“CABS continues to play an important role in supporting Zimbabwe’s economic development through the provision of financial solutions to individuals, businesses and productive sectors of the economy.”
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