CBZ Holdings, Zimbabwe’s leading financial institution, has announced its plans to extend its operations into regional markets as part of a broader growth strategy.
At an event with clients and partners, CEO Lawrence Nyazema outlined the company’s intention to go beyond its domestic base and establish a strong presence across the African financial sector.
Nyazema emphasised that the expansion is a strategic decision, aimed at supporting its current partners and tapping into the significant opportunities within the African market.
“We cannot remain solely a Zimbabwean entity, as our partners are expanding internationally, and we must support them,” Nyazema explained, stressing the importance of shared growth and development.
The company’s initial focus will be on regional markets, with the first phase of expansion planned for this year. Nyazema stated that CBZ is in active discussions with key stakeholders to facilitate the move.
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South Africa is expected to be a primary target for the expansion, given its dominant role in Africa’s insurance market, which represents 70% of the continent’s insurance revenues. “By avoiding South Africa, you’re missing out on a significant portion of the market,” Nyazema noted.
Although CBZ is aware of its smaller size relative to other established players, the company plans to overcome these challenges through strategic partnerships, joint ventures, greenfield investments, and mergers and acquisitions.
Botswana is also seen as a key location due to its favourable capital environment and regulatory conditions, which will help the company raise capital for expansion both within and outside Africa.
In addition to geographic expansion, Nyazema highlighted the importance of innovation and digital transformation as part of CBZ’s strategy to enhance customer service and operational efficiency.
The company is focusing on using data and digital solutions to create more accessible and effective financial products.
As CBZ embarks on its international growth journey, it is committed to building resilience, embracing change, and continuing to provide value to customers and partners across the continent.
