Largest Zimbabwean Financial Institution CBZ Holding Looks At Methods To ‘Leverage Cryptocurrencies’
CBZ Holdings, Founded in 1980 is one of Zimbabwe’s biggest financial institutions, CBZ Holdings has declared that it is currently searching for ways it would “leverage cryptocurrencies and other emerging digital innovations.”
According to the financial institution’s chairperson, Marc Holtzman, CBZ “is open-minded about innovations, as these could open up new opportunities going forward.”
Conversing in an interview with a local Zimbabwean publication, Holtzman also admits that innovations such as cryptocurrencies or rather blockchain in extensive fintechs, biotechs, and tech firms are all serving specific gaps.
Revealing his stand on informative technology, the Chairman said:
“Our view is that these innovations have the potential to strengthen the way we do business, the way we serve our customers, as well as open up new market opportunities”
Mr. Marc Holtzman reinforces his points that such opportunities “can be pursued through collaboration and cooperation with the startups and fintech companies.” CBZ will be embracing “an open innovation strategy in which we will work with and through these fintechs in areas such as mobile money and mobile wallets.”
Regardless of the organization’s interest in Digital and innovative technology, the CBZ boss comments on acknowledging the potential risks that will arise as a result of embracing these innovations.
However, he insists the Reserve Bank of Zimbabwe (RBZ)’s fintech regulatory sandbox which is responsible for guiding banks’ participation in these innovations and advanced technologies will help limit such risks.
“This allows for prior testing of solutions, detection of potential risks, and crafting of risks mitigants before solutions are launched to the wider market,” explained Holtzman.
With this disclosure, CBZ Holdings became one of the first financial institutions in Zimbabwe to formally signal an intention to embrace cryptocurrencies. This announcement comes as the CBZ warms up to fintech.
It remains unclear how CBZ plans to leverage cryptocurrencies when the central bank statement says that cryptocurrencies and other forms of digital assets are ineligible in the country.
Whilst the Zimbabwean Government has not said anything at all about the legality of cryptocurrencies, the Reserve Bank of Zimbabwe has. The Reserve Bank’s position makes it clear that any person trading in cryptocurrencies ‘will not have legal protection from, or recourse against, any regulatory authority.
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