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<a href="https://www.pindula.co.zw/First_Capital_Bank">First Capital Bank Limited</a> has announced plans to delist from the <a href="https://www.pindula.co.zw/Zimbabwe_Stock_Exchange">Zimbabwe Stock Exchange (ZSE)</a> with the intention to list at the <a href="https://www.pindula.co.zw/Victoria_Falls_Stock_Exchange">Victoria Falls Stock Exchange (VFEX).</a>
This comes at a time VFEX is gaining rapid momentum having attracted more top-performing companies, injected much-needed confidence and cemented the country as a safe investment destination.
The USD-denominated VFEX is a subsidiary of the Zimbabwe Stock Exchange (ZSE) launched in 2020 as an off-shore financial services centre.
In a cautionary statement published Friday, First Capital Bank company secretary Sarudzai Binha said: 
<blockquote>
The directors of First Capital Bank Limited (the “company’) wish to advise all shareholders and the investing public that the board has approved the delisting of the company from Zimbabwe Stock Exchange, to be immediately followed by its listing on the Victoria Fall Stock Exchange (the “Transaction”).
Further details of the transaction will be provided to shareholders once all regulatory processes have been finished.
Shareholders are, therefore, advised to exercise caution and consult their professional advisors when trading in the company’s shares.
</blockquote>
VFEX offers a raft of incentives including tax exemptions on capital gains and the ability to repatriate funds from a country where foreign exchange is in short supply to attract global capital.
For instance, investors who participate in the VFEX can move their capital and dividends in and out freely.
They also benefit from low transaction costs and tax incentives that include a five per cent dividend withholding tax for foreign investors, as well as exemption from capital gains withholding tax for all investors and minimal currency risks.
First Capital Bank was previously called Barclays Bank Zimbabwe.
<h2><a href="https://zero.pindula.co.zw/">More Pindula News</a></h2>

Pindula News

First Capital Bank Plans To Delist From ZSE And List On VFEX

Leading financial services provider, First Capital Bank (FCB) has seen operating income surging by $1.4 billion on the back of increased loans and transactional income.
The bank’s company secretary, Sarudzayi Binha said sound financial strides were made during the second and third quarters period. Presenting a trading update covering the second and third quarters, Binha said:
<blockquote>
The Bank’s year to date inflation-adjusted operating income increased by $1.4 billion from the second quarter to $3.7 billion in the third quarter whilst in historical terms, the increase was $1.4 billion to $3.6 billion.
In inflation-adjusted terms, year to date operating expenses increased by $1billion to $2.6 billion while in historic cost terms, the increase was $692 million to $1.9 billion.
</blockquote>
Year to date operating profit excluding investment property gains and tax increased by $814 million to $1.5 billion in inflation-adjusted terms whilst in historic cost it increased by $674 million to $1.6 billion.
During the period, profit after tax was $393 million and $1.3 billion in historical terms. 
The growth was attributed to both increase in loans and transaction income realised during the reporting period.
Customer deposits grew by $2.8 billion to $12.6 billion driven by growth from local and foreign currency depositors with foreign currency constituting 46 % of the total deposits.
Loans grew by $1.3 billion to $6.1 billion and the loans book continued to perform well with non-performing loans at 0.19 % of the loan book.
More: <a href="https://www.newzimbabwe.com/first-capital-banks-operating-income-up-14-billion/">NewZimbabwe</a>

First Capital Bank Operating Income Surges By $1.4 Billion

First Capital Bank has closed several branches across the country to ensure the implementation of measures to improve the health and safety of its staff and clients in light of the COVID-19 pandemic.
The bank closed its Kadoma branch on Wednesday and on Thursday closed the Harare Street branch and all Masvingo branches until further notice. First Capital Bank said in a statement:
<blockquote>We advise of the temporary closure of our Harare Street and Masvingo Branches from Thursday, July 15, 2021, until further notice.
This is to allow for the implementation of COVID-19 precautionary measures that will enhance the health and safety of our colleagues and customers.
Digital platforms remain our recommended transactional channels. If in need please contact the cluster manager for any further assistance. Stay safe.</blockquote>
The bank, however, advised its clients to utilise its digital platforms as they remain the primary transactional channels being promoted during the pandemic period.
First Capital Bank has already re-opened its Msasa branch in Harare after implementing the COVID-19 precautionary procedures.
<h4>More: <a href="https://www.chronicle.co.zw/latest-first-capital-bank-closes-branches/">Chronicle</a></h4>

First Capital Bank Closes Branches

First Capital Bank has reopened 19 branches across the country during the ongoing lockdown for its customers’ convenience. The selected branches will start operating with effect from 21 April 2020.
Five of the branches are dotted across Harare while the rest are in other provinces. In a statement on Tuesday, the bank said:
<blockquote>As your banking partners, we continue to re-evaluate customer requirements in a bid to solve both business and personal financial requirements.
As a result, please be advised of the opening of select First Capital Bank branches nationwide based on the below schedule effective from 21 April 2020.</blockquote>
First Capital Bank Outside Harare Branches
Premier – Tuesday &amp; Friday 
Avondale – Tuesday &amp; Friday 
First Street – Tuesday &amp; Friday 
Highlands – Tuesday &amp; Friday 
Pearl House – Tuesday &amp; Friday
The branches will be open from 9 AM to 12 noon.
First Capital Bank Outside Harare Branches
Affluent Centre Byo – Wednesdays 
Beitbridge – Wednesdays 
Bindura – Wednesdays 
Chinhoyi – Wednesdays 
Chiredzi – Tuesday &amp; Friday 
Gokwe – Tuesday &amp; Friday 
Gweru – Tuesday &amp; Friday 
Kadoma – Wednesdays 
Kwekwe – Tuesday &amp; Friday 
Main Street – Tuesday &amp; Friday 
Marondera – Wednesdays 
Masvingo – Tuesday &amp; Friday 
Mutare – Tuesday &amp; Friday 
Zvishavane – Wednesdays
The branches will be open from 9 AM to 12 noon.

First Capital Bank Reopens 19 Branches Across The Country

First Capital Bank has announced revised digital banking limits which have seen Cards ZIMSWITCH POS Purchase transaction limit fixed at $50 000 daily.
We present below transactional limits for specified categories.
POS/ATMs :
<blockquote>
<ul>
<li>Cards VISA (International) $1000</li>
<li>RTCS (First Capital Bank to Other Banks) $500 000</li>
</ul>
</blockquote>
MOBILE BANKING APP:
<blockquote>
<ul>
<li>Inter-Account (First Capital Bank to First Capital Bank) – $200 000</li>
<li>Bill Payment – $25 000</li>
<li>Airtime Purchase – $1000</li>
</ul>
</blockquote>
MOBILE BANKING USSD:
<blockquote>
<ul>
<li>ZIPIT – $20.000.00</li>
<li>Inter-Account – $200000</li>
<li>Bill Payment – $25 000</li>
<li>Airtime Purchase – $1000</li>
</ul>
</blockquote>
Internet Banking Retail:
<blockquote>
<ul>
<li>RTCS (First Capital Bank to Other Banks) $200 000</li>
<li>ZIPIT – $20.000.00</li>
<li>Inter-Account (First Capital Bank to First Capital Bank) – $200 000</li>
<li>Bill Payment – $25 000</li>
<li>Airtime Purchase – $1000</li>
</ul>
</blockquote>
ECOCASH:
<blockquote>
<ul>
<li>Ecocash Bank to Wallet -$10 000</li>
<li>Wallet to Bank – As advised by Ecocash</li>
</ul>
</blockquote>

FULL TEXT: First Capital Revised Digital Banking Limits

Different consumer lobby groups have implored monetary authorities to review the point of sale charges as they say they are a rip off especially to low-income earners, The Chronicle reports.
The publication spoke to different consumer representatives who said:
<blockquote>We wonder where the monetary authority is when consumers are being ripped off in broad daylight. The norm should be every time one wants money, he or she withdraws it from the bank but at the moment, banks don’t have money. While banks are failing to give consumers their money, consumers agreed to an arrangement to use their debit cards when transacting but they are now being penalised again for accepting that arrangement through exorbitant POS charges. – Comfort Muchekeza CCZ
Due to cash shortages, the public has resorted to the use of POS in paying for their goods and services, but this has now become expensive as banks have hiked significantly such charges.For example, <a href="https://www.pindula.co.zw/First_Capital_Bank">First Capital Bank</a> [formerly Barclays Bank] is now charging $8 for any transaction above $10 once a customer uses POS machines, while CABS is charging $3. Imagine if a customer walks into a shop and decides to buy bread currently priced at $18 then unknown to him or her there is POS extra charge of $8. Effectively, the customer would have paid $26 to purchase a loaf of bread – George Nhapera Financial Market Analyst  
We must not forget that people aretaking home very little disposable incomesbecause of the weakening currency and therising cost of living as well, and from the little that they have, it means banks end up sharing half to half with the consumers who are doing transactions. We believe that the Central Bankshould intervene and ensure that whateverbanks are charging is profitable but not profiteering.As I’m giving an illustration if you do five transactions of $20 each and you are paying $8 per purchase it means $40 in a $100 purchase that is almost half of what you transacted going to the bank- CRA  Mr Effie Ncube </blockquote>
More: <a href="https://www.chronicle.co.zw/outcry-over-high-pos-charges/">The Chronicle </a>

Consumer Lobby Groups Complain About The Exorbitant POS Charges

Old Mutual Group has appointed Mr Samuel Matsekete as its chief executive designate. Matsekete will be replacing incumbent group chief executive officer, Mr Jonas Mushosho, who retires at the end of 2019.
The development was revealed by the group in a statement on Thursday. The statement read in part:
<blockquote>Old Mutual is pleased to confirm the appointment of Samuel Matsekete as the group CEO-designate of Old Mutual Zimbabwe Limited.</blockquote>
Mr Matsekete who is a qualified chartered accountant and an associate of the Institute of Bankers, Zimbabwe joins Old Mutual from First Capital Bank, where he is serving as the managing director.
Old Mutual rest of Africa managing director, Mr Clement Chinaka, said that he was pleased to welcome Matsekete back to Old Mutual revealing that he was part of the team that set up Old Mutual Asset Managers, now OMIG, in Zimbabwe soon after demutualisation 20 years ago.
More: <a href="https://www.chronicle.co.zw/old-mutual-gets-new-ceo/">The Chronicle</a>

Old Mutual Group Has Appointed New Chief Executive Officer

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