Harare – ZB Bank has made history by becoming the first financial institution in Zimbabwe to receive sustainability certification, marking a major milestone for the country’s banking sector. The recognition underscores growing efforts to align the nation’s financial system with international sustainability standards and promote responsible business practices that balance profitability with social and environmental impact.
The certification was awarded under the Sustainability Standards and Certification Initiative (SSCI), an internationally recognised framework supported by the European Organisation for Sustainable Development (EOSD). The initiative validates a financial institution’s commitment to sustainable business practices — ensuring that it not only generates profit but also operates responsibly, protecting people and the planet.
Speaking at a media briefing to celebrate the achievement, Reserve Bank of Zimbabwe (RBZ) acting governor Mrs. Jesimen Chipika hailed ZB Bank’s certification as a landmark development that sets a new benchmark for the country’s financial institutions.
“This certification is not only a recognition of ZB Bank’s leadership,” said Mrs. Chipika, “but also a reflection of the Reserve Bank’s broader vision to transform Zimbabwe’s banking sector into one that is inclusive, transparent, and aligned with sustainable development goals.”
She revealed that the SSCI programme forms part of the RBZ’s long-term sustainability initiative, which seeks to build a resilient, responsible, and high-performing financial sector. “We expect more banking institutions to be SSCI-certified in the very near future,” she said. “Out of the 19 major banks operating in the country, 15 have already enrolled in the SSCI, together with three smaller ones, bringing the total to 18 — that’s over 90 percent of the sector.”
ZB Bank Becomes Zimbabwe’s First Sustainability-Certified Institution
The RBZ emphasised that sustainability integration is no longer optional but essential for long-term stability. According to Mrs. Chipika, the central bank’s sustainability push aims to create a financial ecosystem that not only delivers profits but also supports national development goals and safeguards natural resources.
“In this renewal process, we are building strong financial institutions that are both profitable and resilient,” she said. “The standards are rigorous — they ensure banks generate higher profits responsibly while supporting communities and protecting the environment.”
She added that the initiative also guards against systemic risks. “It’s very easy for financial institutions to collapse due to weak governance or reckless practices,” Mrs. Chipika noted. “Sustainability builds institutions that endure, that support companies correctly, and that contribute to the economy without over-exploiting the country’s natural wealth.”
Mrs. Chipika further explained that central banks globally are now placing renewed emphasis on balancing their core mandates of macroeconomic stability with economic growth, development, and structural transformation — a balance that Zimbabwe’s central bank seeks to emulate.
ZB Financial Holdings group chief executive Dr. Shepherd Fungura described the certification as a “key milestone for the nation,” highlighting its significance beyond the institution itself.
“This certification demonstrates that our banking systems can meet international standards of sustainability,” Dr. Fungura said. “It shows that as a nation, we are serious about the way we conduct business — ensuring that our practices contribute positively to society and the environment.”
He added that ZB Bank is committed to sharing its experience and supporting other financial institutions pursuing certification, to ensure the entire sector moves forward collectively.
ZB Bank chief executive officer Mr. Elisha Chibvuri revealed that the certification marks the culmination of a five-year sustainability journey that began in 2020.
“As an institution, we run five-year strategy cycles,” Mr. Chibvuri explained. “Our 2021–2025 strategy placed sustainability at the core of our operations — it became a key tenet of our strategic pillars, vision, and mission.”
He said this strategic shift was not merely about branding but about redefining the bank’s identity and relationship with stakeholders. “It marked a transformation in how we operate and how we want to be perceived — as a bank that serves communities responsibly and supports sustainable growth.”
ZB’s sustainability agenda aligns closely with Zimbabwe’s National Development Strategy 1 (NDS1) and the United Nations Sustainable Development Goals (SDGs). The bank’s high-impact goals include promoting financial inclusion, stimulating the agricultural value chain, and fostering investments in sustainable infrastructure.
“Our way of doing business is evolving,” said Mr. Chibvuri. “We’re continuously refining our policies, processes, and products to ensure they have a positive societal impact.”
He added that the SSCI certification provides a foundation for future international accreditation, including potential qualification under the Green Climate Fund, which could open access to global financing for environmentally friendly projects.
Analysts say ZB Bank’s milestone could mark the beginning of a new chapter for Zimbabwe’s financial sector — one that integrates environmental, social, and governance (ESG) principles into everyday banking operations.
For the RBZ, the achievement is also a validation of its push for institutional transformation within the sector. As Mrs. Chipika noted, “Sustainability is not a passing trend. It’s a new way of doing business — responsibly, transparently, and with a long-term vision for both profit and people.”
ZB Bank’s certification is valid for three years, but its significance is expected to resonate for much longer, setting the tone for a more sustainable and resilient financial future for Zimbabwe.
Soure- Herald
