THE Reserve Bank of Zimbabwe (RBZ) has cancelled the licences of ZB Building Society and FBC Building Society following operational changes at the two institutions, the central bank has said.
In separate public notices issued on Tuesday, the RBZ Registrar of Building Societies Mr Phillip Madamombe said ZB Building Society’s licence cancellation was a result of a voluntary surrender, while FBC Building Society’s registration was cancelled following a merger with FBC Bank.
For ZB Building Society, the central bank said: “It is hereby notified, in terms of section 14 of the Building Societies Act. [Chapter 24:02/(the Building Societies Act), that at the building society’s request, the Registrar of Building Societies has cancelled ZB Building Society’s (the Society) licence with effect from date of this notice.
“This follows the institution’s voluntary surrender of its licence and request for its cancellation in terms of section 14 (3) of the Building Societies Act. ZB Financial Holdings Limited, the institution’s shareholders, resolved to surrender the building society licence for cancellation and proceed with its voluntary liquidation. ZB Financial Holdings Limited will remain with one banking subsidiary, ZB Bank Limited.”
The RBZ said the process was designed to ensure a smooth exit of the institution from the banking sector while protecting depositors’ funds.
“In a process designed to ensure smooth exit of the institution from the banking sector and protect depositors funds, the Society issued a 90-day notice (28 May 2025 to 31 August 2025) to its customers, published in newspapers, advising of the contemplated closure of their respective banking accounts in line with the requirements of the Consumer Protection Framework No.1-2017/BSD.”
The central bank said customers were given options regarding their deposits.
“Customers were given a choice to migrate their accounts to the Society’s associate company, ZB Bank Limited or another banking institution of their choice. Some depositors opted for this transfer while others, whose deposits were not so transferred, will receive full reimbursement through the liquidation process.”
Following an assessment of the institution’s financial position, the RBZ said ZB Building Society was solvent.
“An assessment conducted by the Reserve Bank on the financial condition of 28 Building Society, as at 30 September 2025, determined that the Society is solvent and has sufficient liquid assets to pay all its creditors in full and without delay.
“Accordingly, ZB Building Society was granted consent to proceed by way of voluntary liquidation and was directed to ensure that all its creditors are paid in full and without delay.”
The central bank added that as a result of the cancellation of its registration, ZB Building Society is no longer a building society as defined in terms of the Building Societies Act.
In a separate notice on FBC Building Society, the RBZ said the cancellation followed the “approval of the merger of FBC Bank Limited and FBC Building Society at the request of FBC Holdings Limited by the Minister of Finance, Economic Development and Investment Promotion” in terms of section 25 (5) of the Banking Act (Chapter 24:20).
It said the merged entity will continue operating as FBC Bank Limited, while the building society licence was surrendered for cancellation pursuant to the merger. – Herald
