Nheweyembwa new GetBucks CEO

GetBucks Microfinance Bank has appointed seasoned banker George Nheweyembwa as CEO with effect from January 1 as the fintech concern realigns its management in line with the changing environment.

He took over from Terrence Mudangwe who left the bank at the end of last year after nearly three years at the helm.

Before joining GetBucks, Nheweyembwa was MD of the bank’s sister company, MyBucks Mozambique.

He is a former MD of ZB Bank and has also worked for African Development Corporation, EY and First Mutual Life Assurance, among others.

A chartered accountant, Nheweyembwa holds a Master of Business Administration degree from the IMD Business School.

He joins the bank at a time it had secured ZWL$50m to boost its lending capacity as it positions itself for growth.

An insider told Business Times the management changes are designed to lead the bank into a growth strategy.

“For the past three years, we have been on a defensive strategy to overcome the challenges in the economy. Now, we have to re-engineer ourselves and move into the growth strategy,” the insider said.

“We have managed to weather the storm and we will reinvest going into the future. We are positive on the economic turnaround.”

In its financial results for the quarter to September 30, 2020, GetBucks’ loss widened to ZWL$102.2m from ZWL$1.7m recorded in prior comparative period due to monetary assets which lost power during the Covid-19 pandemic lockdown.

Total income for the lender shrunk 39% during the reviewed period to ZWL$57.4m from ZWL$93.7m in the same period last year to revaluation adjustments in investment property and foreign currency balances held by the bank.

The bank was in August licensed as an authorised dealer which makes it able to offer banking services to exporting clients and offshore payment services to importers as well as participate on the auction system on behalf of clients.-BusinessTimes