Shaba stepped down from the association and BancABC on June 30 to pursue private business interests.
When she left, Shaba said she had decided to pursue her “own interests” and would shuttle between Zimbabwe and Zambia because her family resides there. Terrence Mudangwe, who was her deputy, took over as BancABC managing director.
Contacted for comment on Tuesday, Guvamatanga confirmed the appointment, but referred further questions to BAZ president John Mushayavanhu.
Guvamatanga comes on board at a time when banks are recovering from a period characterised by low transaction volumes; low deposit base; limited interbank trading and absence of the lender of last resort.
He also comes on board when Barbican Bank, Royal Bank and Trust Bank have been re-issued with separate commercial banking licences by the Reserve Bank of Zimbawe.
Mushayavanhu confirmed Guvamatanga’s appointment, adding that problems besieging the banking sector needed to be addressed by the financial institutions working together (through BAZ) with authorities. He said there was need to bring confidence into the sector and encourage a saving and banking culture.
BAZ is currently lobbying government to capacitate the central bank to enable it to play its role as the lender of last resort.
“That way, the country will have a functional money market and an overnight lending rate which will become the barometer against which lending rates can be set,” Mushayavanhe told businessdigest.
He also said BAZ was working with member banks to re-invigorate the national payments system and promote the use of plastic money by increasing the population and distribution of point of sale machines throughout the country.