CBZ, Stanbic, and Ecobank are set to record significant gains in 2026 on the back of rising fees and commission income driven by strong growth in agriculture, mining, and remittance-linked transactions.
According to the Morgan & Co 2026 Financial Services Sector Report, the three banks collectively control about 60% of Zimbabwe’s formal transaction market, positioning them to benefit more than their peers as economic activity strengthens.
The report notes that Zimbabwe’s agriculture sector is on track for consecutive bumper harvests, supported by La Niña conditions that have bolstered crop output.
Agriculture production is projected to rise by 21.5% in 2025, sustaining higher activity into 2026 and driving up formal banking transactions across payment platforms.
Mining continues to provide further momentum, recording record gold deliveries and benefiting from firm international prices. Export receipts from the sector nearly doubled between 2024 and October 2025.
At the same time, diaspora remittances have reached new highs, led by inflows from the United States, United Kingdom, and South Africa.
These three economic drivers have collectively increased the velocity of money—raising the frequency of transactions and directly boosting fee income from ZETSS transfers, POS usage, ATM withdrawals, and mobile and internet banking.
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The report highlights that fees and commissions remain the dominant income stream for banks as lending activities face pressure from tight monetary policy and elevated statutory reserves. USD loans face additional constraints due to tenors capped at 2030, reflecting lingering uncertainty around de-dollarisation.
Despite these headwinds, the leading trio continues to outperform the sector in non-interest revenue. CBZ remains the market leader, with Stanbic and Ecobank closely behind.
The three also maintain strong deposit positions, while Ecobank holds the largest share of agriculture loans at 16%, with CBZ and Stanbic each at 15%, strengthening their role in processing high-volume transactions.
Although non-performing loans have declined due to improved USD liquidity, the report notes that banks are prioritising fee-based income over aggressive credit expansion, especially as interest rates soften.
Looking ahead to 2026, Morgan & Co expects the positive trend in fee income to continue, supported by improving macroeconomic conditions, the strengthening of the Zimbabwe Gold currency, and inflation cooling below 20% by the end of 2025.
The three banks are therefore projected to outperform the broader sector in non-interest revenue, supporting overall profitability even as lending conditions remain subdued.
The financial services sector, which contributes 11% to GDP, is projected to grow by 4.7% in 2025. With agriculture output rising, mining exports strengthening, and remittances accelerating, formal banking channels are expected to handle higher transaction volumes—solidifying CBZ, Stanbic, and Ecobank’s position at the forefront of sector earnings growth.
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