Staff Reporter

In a major shake-up of Zimbabwe’s financial and economic landscape, the Reserve Bank of Zimbabwe (RBZ) has cancelled the operating licences of two prominent building societies, while the Government has simultaneously introduced sweeping customs duty waivers to boost the transport, mining, and tourism sectors.

The RBZ announced earlier today the cancellation of licences for ZB Building Society and FBC Building Society.

The moves, effective immediately, follow major internal restructuring at both parent financial institutions.

According to Mr. Phillip Madamombe, the RBZ Registrar of Building Societies, ZB Building Society’s licence was cancelled following a voluntary surrender by its shareholders, ZB Financial Holdings Limited.

The group has resolved to liquidate the society and consolidate its banking operations under a single entity, ZB Bank Limited.

To protect depositors, the RBZ confirmed that ZB Building Society is solvent and holds sufficient liquid assets to pay all creditors in full.

Customers were previously given a 90-day window to migrate their accounts to ZB Bank or alternative institutions.

In a parallel move, FBC Building Society’s registration was revoked following its formal merger with FBC Bank Limited.

The merger, approved by Finance Minister Professor Mthuli Ncube, will see the combined entity continue operations solely under the FBC Bank brand.

Customs duty has been waived on new public service buses with a minimum 60-seat capacity.
Notably, electric buses now attract 0% duty, while diesel and petrol equivalents will pay a reduced rate of 10%.

Safari and tour operators have been granted a two-year extension on duty-free imports for specialized motor vehicles, running through December 2027.