MBCA changes name, launches new banking system

HARARE - MBCA Zimbabwe this week changed its name to Nedbank Zimbabwe after the registrar of companies approved the change of its corporate identity as part of efforts to spur growth.

The Nedbank Group is the fourth largest bank in South Africa by market share and customer numbers.

Nedbank Zimbabwe business manager Wellington Ncube told this publication that the bank’s name change coincides with the rolling out of a new banking system across the country called Flex, whose server is sitting in Cape Town. He said this seals the transformation of the commercial bank.

“We have crossed over very well. We have rolled out a new banking system, with the server sitting in Cape Town,” Ncube said on the sidelines of a tobacco farmers meeting held in the capital this week.

“MBCA is now Nedbank Zimbabwe from today (Monday this week).

“We are now wholly-owned by Old Mutual PLC. What you are going to see is that all products in South Africa, we are also going to offer here. What you see when you enter South Africa, is exactly what you are going to see here.”

In a statement accompanying the bank’s latest financial results, published last week, board chairperson Willard Zireva said: “(The re-branding is) an effort to leverage on the benefits from Nedbank Group brand equity. The re-branding will also position the bank appropriately against other international and regional banks operating in the Zimbabwean market.”

— The Financial Gazette

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