Zimbabwe's financial services sector comprises five commercial banks, five merchant banks, five finance houses, four building societies and two accepting houses, as well as the Post Office Savings Bank, insurance companies and pension funds.
Previously operating under stringent government controls, the sector has, over the last few years, had most of the restrictions removed.
New products continue to come onto the market and following the introduction of foreign currency denominated accounts for individuals in 1993, companies are now allowed to operate foreign currency accounts.
The sector has become highly competitive, customer-focused and responsive. Individual institutions are coming up with exciting products and customers, now more demanding than ever before, can shop around for the best product and rates.
The five commercial banks are listed below and all provide a wide range of commercial and personal banking services:
: Standard Chartered Bank of Zimbabwe Limited; : Barclays Bank of Zimbabwe Limited; : Zimbabwe Banking Corporation (Zimbank); : Stanbic Bank Limited; : Commercial Bank of Zimbabwe Limited.Merchant banking services are available from the commercial banks' merchant banking divisions, subsidiaries or from independent merchant banks:
: First Merchant Bank;
: Syfrets Merchant Bank (associated with Zimbank);
: National Merchant Bank of Zimbabwe;
: Merchant Bank of Central Africa;
: Barclays Bank - through its Corporate and Merchant Banking Division;
: Standard Chartered Bank - through its Corporate and Institutional Banking
Division and Advisory Services Division;
: Standard Chartered Merchant Bank.
Hire purchase, leasing and deposit services are also available from finance houses.Zimbabwe's financial institutions offer the following services to importers and exporters:
: advice on exchange control and foreign investment; : commodity import programme guarantees; : counter trade deals; : establishing and confirming letters of credit, both inwards and outwards; : foreign bills and export documentation; : foreign account funding operations; : guarantees involving foreign banks; : international performance bonds; : international trade imports and exports; : negotiated traveller's cheques; : offshore financing; : purchase and sale of foreign currencies; : spot and forward markets/forward exchange; : contracts; : stock exchange listings.