CABS upbeat about future | Business Times

BUSINESS REPORTER

Mehluli Mpofu, the managing director of CABS, the banking arm of Old Mutual Zimbabwe, is confident  that the mortgage lender would be the mainstay of  the Zimbabwe economy  because  it is ‘ready to redefine’ the boundaries of what’s possible in the financial services industry, Business Times can report.

He spoke at the CABS 75th anniversary celebrations on Friday in the capital Harare. The celebrations were held under the theme “Celebrating 75 years of CABS helping you realise your dreams since 1949”.

It comes after CABS undertook several projects across the country including low-income project in Budiriro in Harare, Nkulumane and Pumula South in Bulawayo.

In addition, CABS, has provided financial support to other economic sectors.

These include the production of tobacco, macadamia nuts, bananas, strawberries, blueberries and avocados.

The lender has also supported mining, tourism, retail, and distribution sectors.

 

“With our rich history as a mortgage lender, we have helped thousands of families realise their dreams of homeownership. Among our recent projects are the development of 2,797 low-income houses in Budiriro and the development and servicing of 1,030 stands in Nkulumane and Pumula South, in Bulawayo,” Mpofu said.

He added: “As we look to the future, we are ready to redefine the boundaries of what’s possible in the financial services industry.

 

“Guided by our core values, focused on delivering exceptional customer experience, and leveraging our greatest strength, our people, we will continue, with your support, to elevate the CABS brand.”

 

According to Mpofu, the help that CABS obtained from offshore credit line providers such as Afreximbank, Trade and Development Bank, European Investment Bank, and the African Development Bank significantly increased the lender’s ability to finance these industries.

 

“We appreciate the trust these institutions continue to place on us,” Mpofu said.

Speaking at the same event, Old Mutual Zimbabwe Group CEO, Samuel Matsekete said :“Today, , we celebrate a remarkable journey – 75 years of CABS being a trusted partner for generations of customers. As the banking arm of the Old Mutual Group in Zimbabwe, CABS has written a great story over the years.”

 

He added: “It is a story of resilience, innovation, and an unwavering commitment to this great country and its people.

From humble beginnings on 6 July 1949 as a Building Society focusing on mortgage loans and deposit accounts, CABS has grown and evolved.

Today, it is a leading financial institution in Zimbabwe.

“We are your trusted partner because we understand your life moments, your needs and your circumstances.

“In our products, and all our products, we consciously anchor ourselves on sustainability, long term sustainability.  We actively incorporate. This is why for example, at Old Mutual, Sustainable Development Goals, or SDGs, are not just a fancy term. They guide how we do business, and how we seek to serve our customers and the communities we serve.

“As an example, SDG6 reminds us of our duty to provide Clean Water and Sanitation. CABS has responded on this goal through the borehole drilling project, which is supplying clean water to identified needy communities.

 

 

We remain committed to continuing innovate and deliver solutions for our customers.”

Professor Mthuli Ncube, Minister of Finance, Economic Development, and Investment Promotion, urged financial institutions to collaborate with the government in order to bolster its resource mobilization initiatives.

“Government through NDS1 is committed to focus on developing and reviving all sectors of the economy. In this regard, we desire to see a lot of collaborative efforts our financial institutions in mobilising resources to achieve our goals,” Ncube said.

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