RBZ allows Time Bank reopening with restrictions

The Reserve Bank of Zimbabwe has given the green light for Time Bank to reopen its doors, more than 10 years after the financial institution closed.

“It is hereby notified that Time Bank of Zimbabwe Limited has been authorised to conduct limited banking activities in terms of the Banking Act following a pre-opening inspection of the institution's readiness to commence banking business,” RBZ said in statement.

But the central bank said that Time Bank would not be taking deposits from the public.

“Having regard to the institution's risk management structures and processes, level of capitalisation, corporate governance arrangements, its business plan and the Banking Act, Time Bank has been authorised to conduct limited banking activities and shall not be taking deposits from the public,” the central bank added.

Along with other banks like Royal Bank, Kingdom Financial Holdings Limited, Highveld Financial Services and Interfin Banking Corporation, Time Bank was closed following corrective measures set by the central bank. The bank’s closure was declared unlawful by the Administrative Court in 2009.

In 2015 Dr John Mangudya, resolved the dispute between Time Bank and RBZ.