- The country has witnessed severe power shortages, resulting in companies adopting alternative power sources and increased investments in solar energy.
- The group has been accelerating the products it has been able to offer to clients.
Nedbank Zimbabwe says it has seen increased demand for solar financing and renewable energy initiatives by corporates in Zimbabwe to counter power challenges. In the past few months, the country has witnessed severe power shortages, resulting in companies adopting alternative power sources and increased investments in solar energy.
The government is implementing several power projects, with Hwange Power Station units 7 and 8 expected to feed into the national grid by the end of this month. Mrs Sibongile Moyo, Nedbank Zimbabwe’s managing director, speaking on Tuesday during an online media briefing on the group’s financial performance for the year to December 31, 2022, said the bank was part of the wider conversations on the financing of energy projects.
She said, “We subscribe to demands that banks finance solar installations in key sectors such as manufacturing, agriculture and other large players in the market.” She added that the group extended solar installation loans across the retail space across the sector, which will also benefit the bank’s clients in Zimbabwe.
Mrs Moyo said Nedbank Zimbabwe’s contribution to the wider group has been notable, with return on equity (ROE) doubling while the cost-to-income ratio was below 50 percent, below target. She noted that the bank’s mobile app launched in 2021 had achieved steady growth, with mobile app downloads activation doubling. Mr Terence Sibiya, the managing executive of Nedbank Africa Regions, said on power challenges; the group has been accelerating the products it has been able to offer to clients.