HomeBusiness DigestKariba suffers knock as CFX Bank shuts down

Kariba suffers knock as CFX Bank shuts down

Godfrey Marawanyika

IN a development that is most likely to affect tourism in one of the country’s star attractions, Kariba no longer has a commercial bank.

, Arial, Helvetica, sans-serif”>CFX Bank was the remaining commercial bank until last week when it was placed under the management of a curator.

Kariba also used to have Barclays Bank which has again closed its branch as part of its realignment plan.

Now Kariba is only serviced by two building societies, namely Cabs and Beverly Building Society.

Kariba mayor John Houghton said the six-month closure of CFX was the last thing his town needed.

“We are in a bit of a fix. Holidaymakers will not come here because there is nowhere to change their money,” he said.

“Even the two building societies that are here were banking with the two commercial banks. Such a scenario will have a negative impact on the very little tourism we were having. We are in a serious fix.”

Houghton said in addition to tourists, companies in the town would also be badly hit by the abrupt closure of CFX.

When the Barclays Bank branch was closed last year, CFX took over the space.

CFX Bank was placed under the management of a curator after its auditors found a $115 billion hole in its books.

The nearest commercial bank to Kariba is in Chinhoyi which about 250 km away.

The closure of the bank has affected several thousands of employees and clients who are now battling to access their salaries and savings in the festive season.

CFX joins a long list of financial institutions that have been placed under the management of curator this year. The other banks are Time, Intermarket, Trust, Royal and Barbican which will all soon be collapsed into a single Zimbabwe Allied Banking Group.

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