ZB Financial Holdings

What ZB Financial Holdings does

ZB Financial Holdings Limited is a diversified financial services conglomerate headquartered in Harare, Zimbabwe, listed on the Zimbabwe Stock Exchange and the Victoria Falls Stock Exchange. The group operates through wholly-owned subsidiaries covering retail and corporate banking (ZB Bank), life and general insurance (ZB Life, ZB Reinsurance), microfinance (Qupa), property investment (Mashonaland Holdings), venture capital and corporate advisory (ZB Capital), and transfer secretarial services (ZB Transfer Secretaries). It serves individual consumers, SMEs, corporates, high-net-worth clients, and the Zimbabwean diaspora, with a 45+ service centre footprint across Zimbabwe and a regional reinsurance office in Botswana.

The company has built a multi-channel digital banking platform anchored on the MyZB mobile application, USSD banking (*225#), WhatsApp Banking (launched 2024), internet banking, and the Smile & Pay merchant payment gateway, integrating with Visa, Mastercard, EcoCash, InnBucks, ZimSwitch, and SmileCash. Underwriting operations include treaty and facultative reinsurance across fire, engineering, motor, marine, personal accident and liability classes, with a security panel anchored by Africa Re, Continental Re, GIC Re, and Kuwait Re.

Revenue is generated through net interest income on loans and overdrafts, transaction-based fees (RTGS transfers at 1.5%, cash withdrawals at 2%, telegraphic transfers, letter of credit commissions), recurring insurance premiums (life, funeral cover, hospital cash plans), subscription-based investment products (Prime Plan, GrowthPlus, personal pensions), microfinance interest income (Qupa loans up to USD$5,000), and professional fees from transfer secretarial and corporate advisory services. Distribution combines owned service centres, ZB Pauri/Khonapho and Smile Cash agency banking (minimum float USD$500), self-serve digital platforms, and diaspora remittance partnerships with WorldRemit, Mukuru, RIA, and Small World.

Name

ZB Financial Holdings

Legal name

ZB Financial Holdings Limited

Website

https://zb.co.zw

Company type

Public

Founded year

1952

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

ZB Financial Holdings is a Zimbabwe-listed diversified financial services conglomerate offering retail and corporate banking, life and reinsurance, microfinance, property investment, and transfer secretarial services through 45+ service centres, digital channels, and subsidiaries including ZB Bank, ZB Life, ZB Reinsurance, and Qupa.

Ownership category

akta.pro rank

Product category

Retail Banking

NAICS

Depository Credit Intermediation (5221), Commercial Banking (522110), Portfolio Management and Investment Advice (523940), Trusts, Estates, and Agency Accounts (525920), Finance and Insurance (52)

SIC

National Commercial Banks (6021), Personal Credit Institutions (6141), Life Insurance (6311), Miscellaneous Business Credit Institution (6159)

akta.pro primary industry

Account & Balance Services (Operating accounts, statements, eBAM) (FSABAIAD)

akta.pro secondary industries

Corporate Finance & Capital Advisory (BPAHADAB), Corporate Finance Advisory (Strategic Finance, Capital Structure & Recaps) (FSAEAGAE), Real Estate (Commercial Property, REITs) (FSABACAH)

Keywords

• Retail banking services
• Microfinance lending
• Life insurance products
• Reinsurance services
• Payment processing

Headquarters

HQ city

Harare

HQ country

Zimbabwe

HQ region

Africa

Offices33 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Technology or R&D, Marketing or Sales, Supply Chain

Revenue model

1. Banking Services: Traditional banking revenue from interest income on loans and overdrafts, transaction fees (RTGS transfers, internal transfers), monthly account service fees, cash withdrawal charges, telegraphic transfer commissions, letter of credit fees, and foreign exchange services.
2. Insurance Premiums: Life assurance, funeral cover, medical/hospital cash plans, and personal pension products generating recurring premium income. Reinsurance services for fire, engineering, motor, marine, and other insurance classes.
3. Investment Products: Unit-linked savings plans (Prime Plan, GrowthPlus), endowment plans, property investments through Mashonaland Holdings, venture capital investments, and financial advisory services.
4. Microfinance Lending: Qupa microfinance division provides loans to individuals and small businesses including salary-based loans, civil servant loans, education loans, order finance, and agricultural loans, generating interest income.
5. Wealth Management: Premium and Plus Platinum banking services for high-net-worth customers offering personalized financial advisory, credit cards with negotiated limits, and exclusive lounge access.
6. Transfer Secretarial Services: ZB Transfer Secretaries provides share and bond register management, company secretarial services, and trustee/fiduciary services to public and private companies.
7. Merchant Payment Processing: Online payment gateway services (Smile & Pay) enabling merchants to accept payments, generating transaction fees from card payments, mobile money, and other payment methods.

Pricing tiers

Go-to-market motion3 records

Distribution channels9 records

Marketing channels8 records

Core offering

ZB Financial Holdings is a diversified financial services group in Zimbabwe providing retail and corporate banking, insurance and reinsurance, microfinance, investment management, wealth management, and transfer secretarial services through its subsidiaries (ZB Bank, ZB Life, ZB Reinsurance, Qupa Microfinance, Mashonaland Holdings, ZB Capital, and ZB Transfer Secretaries). Offerings include savings/current accounts, loans, payment gateways, funeral and hospital cover, premium banking, pensions, property investment, and venture capital advisory.

Product overview

ZB Financial Holdings operates as a diversified financial services group in Zimbabwe offering banking, insurance, investments, and wealth management products through a multi-brand portfolio. The core banking platform is supported by MyZB mobile and internet banking, with Smile Cash (digital wallet) and Smile & Pay (payment gateway) as key digital banking products. Insurance offerings include Cash Funeral Plan, Hospital Cash Plan, and life assurance through ZB Life. Investment products span microfinance via Qupa, property management through Mashonaland Holdings, venture capital via ZB Capital, and transfer secretarial services. Premium services include Plus Platinum and Airport Lounges for high-net-worth customers. The group also operates ZB Reinsurance as a market leader in Zimbabwe's reinsurance sector, providing treaty and facultative coverage across multiple risk classes.

Differentiator

Problem solved

Functional benefit

Products and services

• Smile Cash Mobile-based next-generation financial services platform providing access to banking, insurance, and investment tools through USSD code or mobile app for individual and small business customers in Zimbabwe.
• Smile & Pay All-in-one online payment processing solution enabling merchants, corporates, institutions, and government entities to collect payments across multiple channels including cards and mobile money.
• MyZB Mobile Banking Mobile banking application for iOS and Android providing unlimited access to manage all ZB accounts on a single platform without multiple passwords for retail and corporate customers.
• ZB WhatsApp Banking WhatsApp-based banking service enabling day-to-day transactions, quick payments using saved nicknames for regular recipients, and bill payments for individual customers.
• Qupa Microfinance Microfinance lending arm providing salary-based loans, civil servant loans, education loans, order finance, micro-housing loans, and agricultural loans to individuals and small businesses in Zimbabwe.
• ZB Reinsurance Reinsurance solutions provider offering treaty and facultative business across fire, engineering, motor, marine, personal accident, and liability classes for local and regional insurance companies, reinsurers, and medical aid societies.
• Cash Funeral Plan Funeral insurance policy providing lump-sum cash payout within 24 hours of death notification to cover funeral and related expenses for the deceased, with cover extending to up to 8 dependents.
• Hospital Cash Plan Hospital insurance providing daily cash payment for each day spent in hospital exceeding 48 hours, covering medical bills, medication, and lost income for individual policyholders.
• Plus Platinum Premium Banking Premium banking and wealth management service for high-net-worth customers offering personalized financial advisory, credit cards with negotiated limits, exclusive lounge access, and preferential Qupa microfinance interest rates.
• Airport Lounges Premium airport business networking and travel support service offering VIP check-in, shuttle service, and personalized office support for premium banking customers.
• Salary Based Loan Loan product for formally employed individuals based on salary, with flexible repayment terms and credit alert within 48 hours of approval.
• Civil Servant Loan Specialized loan for civil servants offering up to USD $500 with 12-month repayment term and 48-hour credit alert processing time.
• Education Loan Education financing loan covering school fees with up to USD $500 loan amount, 6-month repayment tenor, and 48-hour processing time.
• Business Loans Loan products for business enterprises to support operations and growth across small, medium and large enterprises in Zimbabwe.
• Order Finance Invoice financing loan enabling businesses to fulfill orders without cash constraints, up to USD $5,000 with 3-month repayment tenor and 72-hour processing time.
• Mortgages Property purchase and construction loans with comprehensive requirements available to both salaried individuals and businesses.
• Consumer Loans General purpose consumer loans covering education, car purchases, travel, and home improvement with fixed monthly repayments for individual borrowers.
• ZB Transfer Secretaries Licensed transfer secretarial services providing share and bond register management, company secretarial, and trustee/fiduciary services to public and private companies in Zimbabwe.
• Mashonaland Holdings Property investment and management services including commercial property management and property development for individual and corporate investors.
• ZB Capital Venture capital and corporate finance advisory services including IPOs, rights issues, mergers and acquisitions for corporate clients in Zimbabwe.
• International Cards Visa and Mastercard debit and credit cards including Executive Debit, Ordinary Debit, Mass Prepaid, and Business Corporate Credit cards for individual and corporate customers.
• Reinsurance Underwriting Capacity Reinsurance underwriting services with specified capacity limits across fire, engineering, motor, marine, personal accident, and liability classes provided to insurance companies.
• International Cash Funeral Cover Funeral insurance for diaspora customers covering family members in Zimbabwe with multi-currency options (USD, GBP, ZAR) for Zimbabweans living abroad.
• GrowthPlus Retirement Annuity Plan Personal retirement investment vehicle with unit-linked fund offering long-term real returns for retirement preparation for individual savers.
• Prime Plan Long-term savings plan allowing policyholders to invest in a unit-linked fund with the flexibility to choose a fixed savings period of 10 to 25 years.
• More Cover Endowment Plan Long-term endowment savings plan combining investment portfolio participation with life cover death benefit protection for individual policyholders.
• Stash Account (Youth Savings) Youth-targeted savings account for individuals aged 16-26 with no minimum initial deposit, low monthly service charge of USD $1, and free withdrawals to encourage early banking habits.
• Plus Platinum Credit Card Premium credit card for Plus Platinum members with minimum USD $2,000 credit limit, guaranteed 2% discount on computed interest rates, and negotiable higher loan cap of 20% above the applicable standard cap.

Quantifiable outcome

• Claims payout within 24 hours of death notification for Cash Funeral Plan
• +2 more outcomes

Named customers6 records

Segments7 records

Ideal customer profiles7 records

Technology focussed No

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration10 records

Feature5 records

Partnerships

15 partnerships are on record, tiered core and minor.

• P&C Reinsurance BotswanacoreStrategic or Co-development Partner · 1 January 2022Regional reinsurance subsidiary established in 2022 trading as P&C Reinsurance Botswana. Represents ZB Reinsurance's expansion into the Southern African regional market.
• WorldRemitcoreChannel Partner/ Reseller/ DistributorInternational money transfer service allowing Zimbabweans abroad to send money home. Recipients can collect USD cash instantly at QUPA branch locations across Zimbabwe. Provides diaspora remittance services.
• MukurucoreChannel Partner/ Reseller/ DistributorInternational money transfer service enabling cash collection at QUPA branches nationwide. Offers instant transfers and cash reservation via email for recipients.
• RIA Money TransfercoreChannel Partner/ Reseller/ DistributorOne of the world's largest international money transfer companies. Cash collection available at QUPA MFI branches nationwide across Zimbabwe.
• Small World Financial ServicescoreChannel Partner/ Reseller/ DistributorLeading global payments services provider for secure, fast money transfers to Zimbabwe. USD cash collection at QUPA MFI branch network including remote locations.
• ZESA HoldingsminorChannel Partner/ Reseller/ DistributorPartnership for ZESA token purchases at QUPA locations, enabling customers to buy prepaid electricity tokens conveniently.
• Africa Re (African Reinsurance Corporation)coreOthersCredit Rating A from AM Best. Part of ZB Reinsurance's security panel providing capacity and risk diffusion for reinsurance arrangements.
• Continental RecoreOthersCredit Rating B+ from GCR. Member of ZB Reinsurance's security panel for underwriting capacity and claims management.
• GIC Re (General Insurance Corporation of India)coreOthersCredit Rating A- from AM Best. Security panel member providing global risk diffusion and reinsurance capacity.
• Kuwait RecoreOthersCredit Rating A- from AM Best. Contributes to ZB Reinsurance's security panel for risk management and capacity.
• Securities and Exchange Commission of Zimbabwe (SECZ)coreOthersRegulatory body overseeing securities and capital markets. ZBTS is licensed by SECZ to carry out Transfer Secretarial Services.
• Victoria Falls Stock Exchange (VFEX)minorOthersSubsidiary of ZSE established for Offshore Financial Services Centre in Victoria Falls Special Economic Zone. Affiliated entity for capital markets services.
• Zimbabwe Stock Exchange (ZSE)minorOthersLicensed securities exchange since 1894, one of Africa's longest-established capital-raising platforms. Affiliated through ZB Group.
• Chengetedzai Depository CompanyminorOthersCentral securities depository for Zimbabwe securities industry. Affiliated through regulatory and market infrastructure connections.
• ZB Bank (for Trustee Services)coreStrategic or Co-development PartnerPartnership between ZB Transfer Secretaries and ZB Bank to offer top-class Trustee and Fiduciary Agent Services. Ensures trust objectives are met with joint expertise.

Scale indicators3 records

Recent moves2 records

Expansion highlights6 records

Direct peers

• CBZ Holdings: CBZ Holdings is the other major diversified financial services group listed on the Zimbabwe Stock Exchange, offering commercial banking, insurance, asset management and microfinance; the closest peer to ZB Financial Holdings in product mix, market (Zimbabwe) and regulatory perimeter.
• First Capital Bank Zimbabwe: First Capital Bank (formerly Barclays Bank of Zimbabwe's retail book, restructured with FSG ownership) operates the largest branch network in Zimbabwe, offering personal, corporate and SME banking plus diaspora services; competes head-to-head with ZB Bank on retail and corporate deposits, lending and remittance payouts.
• Stanbic Bank Zimbabwe: Stanbic Bank Zimbabwe is a subsidiary of Standard Bank Group and a major universal bank in the country, providing personal, corporate and investment banking plus card and digital services; direct competitor to ZB Bank, especially in corporate banking, FX, trade finance and high-net-worth segments.
• Nedbank Zimbabwe: Nedbank Zimbabwe, the local subsidiary of Nedbank Group, offers personal and business banking, treasury and card services in Zimbabwe; competes with ZB Bank on corporate accounts, foreign currency accounts and digital banking for high-value clients.
• Old Mutual Zimbabwe: Old Mutual Zimbabwe provides life insurance, pensions, investment management, banking (Old Mutual Finance, CABS) and asset management in Zimbabwe; directly comparable to ZB's insurance, pension and wealth management arms (ZB Life, GrowthPlus, Prime Plan, Plus Platinum).
• Zimnat Group: Zimnat is a Zimbabwe-listed financial services group offering general and life insurance, microfinance and investment products; comparable to ZB's insurance (ZB Life) and microfinance (Qupa) businesses in the same domestic market.
• Ecobank Zimbabwe: Ecobank Zimbabwe is the local subsidiary of the pan-African Ecobank Group providing personal, corporate and trade finance plus remittances; overlaps with ZB Bank on corporate banking, FX/telegraphic transfers and diaspora money transfer payouts.
• BancABC Zimbabwe: BancABC Zimbabwe (part of ABC Holdings/Atlas Mara) is a multi-market African bank offering retail, corporate and treasury banking within Zimbabwe; competes with ZB Bank on personal accounts, corporate lending and digital banking.

Broad incumbents

• African Reinsurance Corporation (Africa Re): Africa Re is the largest pan-African reinsurer, also a security-panel partner of ZB Reinsurance; operates across treaty and facultative lines continent-wide and represents the dominant incumbent ZB Re competes with for cross-border mandates out of Botswana and the wider SADC region.
• Standard Bank Group: Standard Bank Group is Africa's largest banking group by assets, with full-service operations across personal, corporate, investment and insurance banking; relevant benchmark for ZB on digital transformation, corporate banking and pan-African expansion ambitions, although at very different scale.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

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• LinkedInlinkedin.com/company/zb-financial-holdings
• Instagraminstagram.com/zb_foryou

Revenue estimate

Valuation estimate

Number of profiles

Subsidiaries6 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about ZB Financial Holdings