MBCA rebrands to Nedbank Zimbabwe, says no cash for foreign travel

HARARE,– MBCA Bank on Monday rebranded to Nedbank Zimbabwe but said clients would not be able to access cash easily when outside the country despite the bank’s presence in the region.

Nedbank is one of South Africa’s largest banks in South Africa with a significant presence in the region and managing director Charity Jinya the rebranding will allow for leveraging the group’s network.

“This rebranding will allow us to leverage on Nedbank’s network throughout however the present exchange control measures remain in place, meaning the existing situation remains and clients have to load their cards when they travel,” Jinya told journalists.

“The rebranding will also position the bank appropriately against other international and regional banks operating in the Zimbabwean market.”

She said the bank now has 1,800 Point of Sale machines and is looking to invest heavily in POS hardware.

In its latest financials, the bank reported a 40 percent increase in profit after tax for the year ended December 2017 with profit after tax at $7,8 million, up from $5,6 million.

Total deposits grew by 26 percent to $297,4 million. – Source