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A Botswana-headquartered investment firm, Norsad Capital has issued a US$10 million medium-term credit facility to support Central Africa Building Society (CABS) Zimbabwe’s growth strategy.
The facility is earmarked towards lending to CABS’ export clients, particularly in the agricultural sector, <a href="https://www.sundaynews.co.zw/cabs-zimbabwe-gets-us10-mil-medium-term-credit-facility/?_ga=2.246260172.930119927.1669117321-787432666.1667110700">The Sunday News</a> reported citing a statement by Norsad Capital investment director and transaction lead, Ms Carol-Jean Harward.
The director said: 
<blockquote>
This investment aligns with Norsad’s sectoral theme of Financial Institutions as well as the impact focus on financial inclusion and sustainable livelihoods.
We are excited to partner with CABS as it plays a catalytic role in unlocking opportunities to enable local farmers and SMEs to export both regionally and internationally.
</blockquote>
CABS deputy managing director, Mr Cecil Ndoro said the funding will help capacitate the exporting industries. Said Mr Ndoro:
<blockquote>
Norsad’s funding will help strengthen CABS’ balance sheet by providing medium-term funding as well as capacitating the exporting industries by providing working capital and capital expenditure facilities, thus boosting the country’s foreign currency earnings.
As CABS, we will deploy the funds to the productive export sectors, notably agriculture, manufacturing, mining, and tourism. The focus will be on generation of foreign currency, creation of employment and value chain financing for the benefit of industry players and the economy at large.
</blockquote>
He said the investment will promote entrepreneurship, enable growth and improve livelihoods.
Norsad Capital is an impact investor and private creditor provider, offering tailor-made debt solutions to mid-market growth companies in Sub-Saharan Africa.
Meanwhile, CABS is one of the top three banks in Zimbabwe and has 38 operational branches, over 900 Agents, and the largest Point of Sales machine network of about 25 000 countrywide.
The agricultural sector is key to Zimbabwe’s economy for domestic production, exports, and employment; hence, Norsad’s facility supports sustainable livelihoods and builds a better Africa by impacting lives.
<h2><a href="https://zero.pindula.co.zw/">More Pindula News</a></h2>

Pindula News

CABS Zimbabwe Gets US$10 M Loan From Botswana-headquartered Norsad Capital

Former <a href="https://www.pindula.co.zw/CABS">Central Africa Building Society (CABS)</a> chairperson, Enos Dzengedza Chiura, also known as EDC, has died, <a href="https://www.herald.co.zw/business-icon-chiura-dies/">The Herald</a> reported.
He was 89.
EDC’s death was confirmed by his son Allen who is an American board-certified consultant urological surgeon in private practice in Harare.
Chiura was <a href="https://www.pindula.co.zw/Delta_Corporation">Delta Corporation Limited</a>‘s executive chairperson and inaugural chairperson of Zimbabwe Sun Limited (now African Sun Limited).
With the assistance of five other board members including Patrick Rooney, Ron Stringfellow (CEO), Eric Bloch, Robbie Mupawose and <a href="https://www.pindula.co.zw/Muchadeyi_Masunda">Muchadeyi Ashton Masunda</a>, Chiura got Zimbabwe Sun listed on the Zimbabwe Stock Exchange in April 1990.
He also became chairperson of the Central Africa Building Society; Merchant Bank of Central Africa Limited; and the <a href="https://www.pindula.co.zw/National_Social_Security_Authority">National Social Security Authority (NSSA).</a>
EDC also served on the council of the<a href="https://www.pindula.co.zw/IODZ"> Institute of Directors Zimbabwe</a>.
He was an alumnus of Georgetown University in Washington DC.
<h2><a href="https://zero.pindula.co.zw/">More Pindula News</a></h2>

Former CABS, NSSA Chairperson Enos Dzengedza Chiura Dies

Members of Parliament (MPs) have raised concern over the little monthly wages ranging from US$5 to US$60, paid in local currency to pensioners.
The issue was raised on Wednesday in the National Assembly by ZANU PF MP for Bindura South, <a href="https://www.pindula.co.zw/Remigious_Matangira">Remigious Matangira</a> who also said the pensioners were also queuing for very long hours at banks to access the money.
In response to Matangira’s plea, Finance and Economic Development Minister, Professor <a href="https://www.pindula.co.zw/Mthuli_Ncube">Mthuli Ncube</a> promised to work with banks to improve the payouts and withdrawal limit for pensioners, which is currently $5 000. <a href="https://www.newsday.co.zw/2022/08/please-help-our-pensioners-mps-cry/">NewsDay Zimbabwe</a> quotes him as saying:
<blockquote>
Pensioners are, indeed, experiencing challenges in accessing their monthly pensions in banks, particularly at CABS, National Building Society, POSB, Steward Bank and NMB. CABS, for example, is using a new banking system which pensioners are not well versed with, hence most are failing to withdraw their income using ATM cards and consequently, tellers spend more time assisting clients on how to use the new system.
We also see resistance to new technology by pensioners, as some insist on getting cash from the banks instead of using ATM cards for purchasing goods and services.
Some banks have introduced incentives for pensioners to transact using their bank cards, for instance applying zero charges for such transactions.
</blockquote>
<h2>The Ministry of Finance also said:</h2>
<blockquote>
1). it would look into the issue of charges across banks saying they must be standardised.
2). it had liaised with the Reserve Bank of Zimbabwe (RBZ) to remove the limit.
3). had negotiated for dedicated tellers for the convenience of pensioners so they do not stand in long queues. 
4). CABS introduced agencies in Norton, Chitungwiza, Budiriro, Highfield and Greendale to assist with cash withdrawals in a bid to decongest banking halls.
5). the National Building Society (NBS) will have a special banking hall in Bulawayo starting next week and intends to collaborate with Metro Peach supermarket to serve the pensioners as an agency.
</blockquote>
 
<h2><a href="https://news.pindula.co.zw/">Pindula News</a></h2>

MP Pleads With Finance Minister To Increase Pensioners Payouts

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