The Reserve Bank of Zimbabwe (RBZ) recently gave Time Bank of Zimbabwe (Time Bank) the green light to resume some operations according to a notice recently published in various newspapers. According to the notice, Time Bank will not be resuming all operations yet. Rather they are only allowed to “conduct limited banking activities”. The RBZ gave their nod after Time Bank passed a pre-inspection. Time Bank used to be a well-known commercial bank before it was forced to close by the RBZ some decades ago but it recently won a legal battle to have its licence restored.
Authoriseation to Conduct Banking Activities
TIME BANK OF ZIMBABWE LIMITED
It is hereby notified that Time Bank of Zimbabwe Limited has been authorised to conduct limited banking activities in terms of the Banking Act [Chapter 24:20] following a pre-peniing inspection of the institution’s readiness to commence banking business
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 Ban has been authorised to conduct limited banking activites and shall not be taking deposits from the public
Registar of Banking Institutions
12 October 2022The Notice on Time Bank of Zimbabwe
As hinted in the notice the bank will probably get the nod to resume all its operations in due course as everything seems to be in order. In the meantime they are not yet allowed to take deposits from the wider public.
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