By ETimes
HARARE – CABS, Zimbabwe’s largest building society, distributed US$12 million (ZiG348.28 million) in dividends to shareholders in 2024, reinforcing its commitment to delivering value despite economic challenges.
The payout reflects the financial institution’s ability to generate steady earnings, driven by digital innovation and diversified revenue streams.
The lender’s non-funded income grew significantly, supported by increased payment transactions and foreign currency gains.
Its digital transformation strategy played a key role, with the introduction of USD account capabilities and digital lending platforms like EezyCredit and FlexiCredit enhancing customer experience.
“We added USD account transacting capabilities to digital channels in response to growing customer demand, which was positively embraced,” said group managing director Mehluli Mpofu.
“We continued to support borrowing needs through local funding and offshore credit lines.”
2024 also marked CABS’ 75th anniversary, highlighting its evolution from a traditional building society to a full-service financial institution. The milestone celebrated its legacy of empowering individuals and businesses while maintaining a strong focus on financial inclusion.
“Looking ahead, CABS remains dedicated to driving financial inclusion, fostering economic growth, and delivering exceptional service,” Mpofu added.
The dividend declaration signals CABS’ confidence in its financial health and long-term strategy, even as it navigates a dynamic economic landscape.
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