ABC Holdings Limited, a financial institution with headquarters in Botswana, recently reported that it expects to expand its retail banking offerings in Zimbabwe to include microfinance services during the second half of 2011. BancABC, a subsidiary of ABC Holdings, reported an operating profit of BWP 111 million (USD 17 million) in 2010 largely from its microfinance operations in Zambia. With Zimbabwe’s projected growth at 9.3 percent in 2011, according to ABC Holdings, the company expects both its Zambia and Zimbabwe microfinance businesses to generate strong financials, barring any political challenges. Frances Dzanya, ABC Holdings’ chief executive, was quoted as saying, “There is real significant growth coming through that should propel growth in our business. Zimbabwe has come out well and should compete with Zambia. They are huge opportunities for the Group in those markets.” ABC Holdings has yet to determine whether microfinance products and services will be offered through its existing retail branch network or whether a network of specialized microfinance branches will be established.
As of June 2010, ABC Holdings reported total assets of BWP 5.1 billion (USD 787 million) and operates in Botswana, Mozambique, Tanzania, Zambia and Zimbabwe.
By Julie Moksim, Research Associate
About ABC Holdings Limited (BancABC): ABC Holdings is the parent company of a number of sub-Saharan African banks that operate under the BancABC brand name. The banks offer financial products and services including personal, business and corporate banking, asset management and stockbroking. Established in 1956, ABC Holdings is headquartered in Botswana. The company is listed on the Botswana Stock Exchange and the Zimbabwe Stock Exchange. As of 2010 ABC Holdings reported operating profit of BWP 111 million (USD 17 million). As of June 2010, ABC Holdings reported total assets of BWP 5.1 billion (USD 787 million) and operates in Botswana, Mozambique, Tanzania, Zambia and Zimbabwe.
Sources and Additional Resources:
The Business Diary: “Group Effect Microfinance Plans” by Andrew Maramwidze, April 20, 2011, http://www.thebusinessdiary.co.bw/?p=1559
MicroCapital.org Brief, September 14, 2010: BancABC Chief Confident About Outlook of Zimbabwean Economy, Eyes Civil Servants as for Microfinance Clients, https://www.microcapital.org/microcapital-brief-bancabc-chief-confident-about-outlook-of-zimbabwean-economy-eyes-civil-servants-as-for-microfinance-clients/
MicroCapital’s Microfinance Universe Profile: ABC Holdings Limited
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=ABC+Holdings+Limited
Browse the MicroCapital Universe and add your entry to the wiki at: https://www.microcapital.org/microfinanceuniverse/
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