‘FCB to leverage on digital strategy’

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Seasoned banker, Mutemwa Ushewokunze (MU), was recently appointed First Capital Bank (FCB) commercial director. Our markets editor, Kuda Chideme (KC), sat down with him to get some insight into the bank’s operations and strategies going forward.
Below are excerpts of the interview:

KC: What is your assessment of the state of the country’s banking sector?
MU: The banking sector landscape in Zimbabwe is highly competitive especially when one considers the number of deposit-taking institutions.
One might go as far as to argue that perhaps the economy is over-banked, which may lead to cannibalisation among market players. In addition, the banking offering in some contexts is very one dimensional and generic, with limited differentiation and intermediary participation.
Notwithstanding, the desire to innovate is not lacking, as a highly fluid operating environment can only result in advancement. It is encouraging to see that despite risk and volatility concerns, foreign participation remains ever present.