CBZ commits US$1million to community support

CBZ Holdings, the country’s leading financial products and service provider, has launched the CBZ Foundation aimed at driving social inclusion, empowering the marginalised and alleviating poverty.
CBZ group chief executive, Mr Blessing Mudavanhu, said the bank has committed US$1 million to the CBZ Foundation for the three key priority areas.

“What you are seeing here is the formalisation of some of the activities that we are
already doing to make it more structured.

“The key focus areas being education, health and vulnerable societies, which are broad
areas, but the motivation really is to try and structure our giving so that we can even
attract other companies to leverage on the CBZ Foundation,” he said.

In terms of numbers, as a starting point, he said the group will give about one percent of
its total profit.

“Roughly, we could say about US$1 million as a start, but certainly this does not take into
account some of the funds that we are going to attract into this basket,” said Mr
Mudavanhu.

He said the philanthropic unit will support communities through initiatives that align
with the group’s vision and the country’s development and strategic goals.

Mr Mudavanhu said money will be disbursed across the country and priority will be given
to areas of greatest need.

“This is a country-wide initiative. It will depend on where the greatest need will be.
When it comes to education it is across the whole of Zimbabwe and so is health. So, when
we talk about vulnerable societies, it will now depend on which areas will be needing
more,” he said.

CBZ Holdings in its last trading update said it would continue to leverage on its strong
market presence and digital transformation, as a competitive edge in light of the
changing operating environment. The group has subsidiaries in banking, insurance,
investments, wealth management, mortgages and retail finance.

The group noted that it is committed to supporting economic recovery, by providing and
delivering tailor-made services and solutions to its wide range of customers. -Harare
Bureau/Bloomberg