Former Interfin Bank Limited managing director Raymond Njanike will be spearheading the establishment of the newly formed EmpowerBank following his appointment as board chairman of the institution.
Government through Ministry of Youth, Indigenisation and Economic Empowerment capitalised the micro-finance institution to the tune of $2,5 million. About 39 385 youths are expected to access loans from the bank. The Herald Business has established that Mr Njanike successfully secured a micro-finance licence for the financial institution.
"In July 2016 Raymond's application for micro-finance licence was successful and the RBZ issued the licence to Twinstock Capital (Pvt) Ltd, an entity that he now chairs after its acquisition by the National Indigenisation and Economic Empowerment Fund.
"He is also the chairman of Twinstock (Pvt) Ltd and Abrayn Investments (Pvt) Ltd, a family farming business majoring in large scale poultry production," read part of the document seen by The Herald Business.
Mr Njanike was the managing director of Interfin Bank for almost seven years. He was with the institution for 10 years. He joined Interfin Bank Limited when it was still Interfin Merchant Bank Zimbabwe Limited as the head of treasury and rose through the ranks before being appointed executive director for treasury and international banking in 2007.
In 2009 he became the deputy managing director. He spearheaded the transformation of the finance institution into a commercial bank during the same year. Mr Njanike has 26 years banking experience and has worked for several financial institutions including Standard Chartered Bank, Syfrets Merchant Bank and Universal Merchant Bank (Unibank). He left Unibank and joined Time Bank as a treasury manager in 1998.
In 2003 Mr Njanike joined Trust Holdings Limited as the managing director for Trust Discount House Limited and in 2004 he was appointed divisional director for Trust Bank Corporation treasury, a post he held until he left to join Interfin in August 2005.