Zimbabwe: Stanbic Appoints New Chief Executive

11 January 2021

Financial services provider, Stanbic Bank has appointed its Chief Financial Officer, Solomon Nyanhongo as Chief Executive (CE) with effect from 1 January 2021, 263Chat Business has learnt.

Nyanhongo takes over from Joshua Tapambgwa who leaves after 18 years with the financial institution.

"Please join us in congratulating Solomon as he assumes his challenging new position and we look forward to him continuing to drive growth and innovation in the Bank for the benefit of its many and varied customers," said Chairman of the Standard Bank Group subsidiary, Gregory Sebborn.

Nyanhongo joined the bank in 2003 as a Senior Manager, Finance before being appointed Head of Finance in 2009 and subsequently Chief Financial Officer in the same year, a position he has held till his recent appointment.

Nyanhongo is a Chartered Accountant who also holds various qualifications, amongst which is a Master's in Business Administration (MBA) from Nottingham Trent University (UK) Bachelor of Accounting Science (Honours) from University of South Africa (UNISA) and an Honours Accounting degree from the University of Zimbabwe (UZ).

"Stanbic Bank is a big institution and being appointed to take it forward is a challenge I welcome with both hands. Having worked closely with Josh (Tapambgwa) and observing how he rode all challenges we faced will hold me in good stead going forward. Tapambgwa leaves the institution in fine fettle and I am committed to taking it even further as we move into the era of the "new normal" which calls for innovation as the world embraces digitization and the menacing COVID 19," said Nyanhongo.

The changes come as a time the bank is focusing on a digital drive after closing four of its 19 physical branches across the country since 2019.

The bank has recently shut down its Hwange, Westgate, Chitungwiza and Beitbridge branches.

As part of the digitization strategy Stanbic Bank has already launched contactless debit cards and POS machines, becoming the first financial services institution to introduce the secure innovative technology onto the Zimbabwean market.

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