CBZ Holdings is intensifying its focus on impact driven balance sheet growth and regional expansion as it positions itself to become a competitive African financial services player, group chief executive officer Mr Lawrence Nyazema has said.
Speaking on the sidelines of the World Economic Forum(WEF)in an interview with CNBC Africa, Mr Nyazema said CBZ’s priorities for 2026 were anchored on scaling the balance sheet in a manner that delivers tangible developmental outcomes for the wider economy.
CBZ was part of the Zimbabwe delegation at the WEF, led by Finance, Economic Development and Investment Promotion Minister Professor Mthuli Ncube and accompanied by Foreign Affairs and International Trade Minister, Amon Murwira.
Mr Nyazema said the group, which adopted a 2024–2028 strategic plan aimed at doubling its balance sheet, had already made substantial progress.
“When we look at CBZ from 2024 to 2028, we said we were going to double the balance sheet. We are already three-quarters of the way there. We were moving from a US$1 billion balance sheet and we are now just above US$1,5 billion. Our target is to reach US$2 billion by 2028,” he said.
However, he emphasised that expanding the balance sheet was not the sole objective.
“For us, it is not just about growing the balance sheet. It is about the impact of that growth. Many institutions can grow a balance sheet, but what matters is how that growth addresses real economic and social challenges,” he said.
Mr Nyazema highlighted Zimbabwe’s infrastructure gaps, housing shortages and ongoing challenges in water delivery as areas where financial institutions must take a more deliberate developmental role.
“We have housing backlogs, we have infrastructure gaps, and even water remains a challenge, yet we have water all around Harare. The problem is getting it into people’s homes,” he said.
He said CBZ was already partnering with stakeholders to support water infrastructure initiatives, including the rollout of prepaid water meters, with pilot projects underway in suburbs such as Warren Park.
“That project has already started and we are looking forward to covering the whole of Harare so that we have clean water going to our citizens. That is what we mean by an impactful balance sheet,” said Mr Nyazema.
Local bankers have also underscored the need for growth strategies that contribute directly to national development. Banker and financial analyst Mr Raymond Madziwa said CBZ’s approach reflected the evolution of Zimbabwe’s financial sector.
“Zimbabwean banks can no longer afford to pursue growth that is detached from the real economy. What Mr Nyazema is articulating is a model where balance sheet expansion is deliberately linked to infrastructure, housing and service delivery, which is exactly what the economy needs at this stage,” said Mr Madziwa.
Mr Madziwa said investments in essential infrastructure such as water systems not only raise living standards but also enhance economic efficiency and resilience.
“When water systems work, municipalities function better, businesses operate more efficiently and households are more resilient. That kind of impact creates a virtuous cycle for banks as well, because it reduces systemic risk and supports long-term loan performance,” he said.
Beyond its domestic initiatives, Mr Nyazema said CBZ was accelerating its regional expansion, noting that Zimbabwean institutions should have moved into continental markets much earlier.
“As Team Zimbabwe, we probably should have expanded beyond our borders over the past 50 years. Some attempts were made and some failed, but at CBZ, we believe now is our time,” he said.
The group is preparing to enter the South African market through life and short term insurance operations, with underwriting expected to begin soon. CBZ is also extending its footprint into Botswana through reinsurance broking, while Rwanda and Dubai are under consideration for asset management ventures.
Mr Nyazema said the group’s regional strategy prioritised asset light business models given the high cost and limited availability of capital.
“Capital is not easy to come by and it’s not cheap, so we are focusing on asset-light models. Using what we already have, it is time for us to get into the continent,” he said.
Mr Madziwa said the timing of CBZ’s regional ambitions was appropriate, noting that Zimbabwean professionals already hold senior roles across Africa’s financial services landscape.
“When you look at technology, insurance and financial services across the continent, you will find Zimbabweans in senior roles. The shift now is from being employees to being entrepreneurs and owners of capital. That transition is critical for long-term value creation,” he said.
He added that CBZ’s strategy demonstrated growing confidence in local institutions to compete beyond national borders while remaining aligned with domestic development priorities.
“As long as expansion is disciplined and impact-focused, it strengthens both the institution and the country’s financial brand,” said Mr Madziwa. – Herald
