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CBZ hives off two directors in shock move

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DISTINGUISHED banker Marc Holtzman’s sudden departure as board chairperson at the Commercial Bank of Zimbabwe (CBZ) Holdings has rattled the market and sparked speculation that he was pushed out.

Holtzman, who once served as board chairperson at the Bank of Kigali (Rwanda), was head-hunted in 2019 to steer efforts to grow the financial institution’s balance sheet and attract foreign capital.

In a notice to shareholders this week, CBZ announced the departure of Holtzman and chief executive officer Blessing Mudavanhu.

The shock departures come at a time CBZ has assumed a controlling stake in ZB Financial Holdings (ZBFH) in a transaction that strategically positions the financial behemoth to drive national development projects.

As part of its growth and expansionary drive, CBZ has already concluded a 31,22% purchase in First Mutual Holdings Limited (FMHL) from the former majority shareholder, the National Social Security Authority (Nssa), which once held 65,53% shareholding in FMHL.

However, in the statement, CBZ did not give specific reasons explaining why Holtzman and Mudavanhu were leaving the financial institution, triggering speculation in the market that the former “could have been pushed out”, by shareholders.

The financial institution’s group executive marketing and corporate affairs, Matilda Nyathi, later told the Independent that Holtzman had left CBZ to pursue “other interests”, having played “a significant role in supporting the Zimbabwean economy”.

Through the astute leadership of Holtzman, Nyathi said, the outgoing banker was able to unlock lines of international credit.

“Holtzman retired to pursue other interests as was advised by our notice. (He) demonstrated exceptional leadership and made significant contributions to the Holdings’ growth … whilst also playing a significant role in supporting the Zimbabwean economy.

“Marc Holtzman’s appointment, coupled with his strategic initiatives, brought about significant changes to the group’s performance. Firstly, he adopted a comprehensive approach to reach out to foreign investors. The bank has over the period raised international lines of credit.”

In the statement, CBZ noted that the institution would continue to leverage on the solid professional relationships built by Holtzman during his tenure.

“Whilst the board and management will miss Marc’s insights and wisdom, the company will continue to benefit from the many relationships that he built over the years with key stakeholders,” excerpts from CBZ statement to its shareholders read.

A source close to the developments said: “All this happened because of a fight for control of the institution by some shareholders”.

Holtzman will be replaced by ZBFH board chairperson Luxon Zembe, who also has a long-standing history in the banking field.

Questions sent to Holtzman on his mobile phone were not addressed at the time of going to print. His mobile phone was also not available.

The Independent wanted to understand the reasons why he is leaving CBZ at a time the entity is about to tie up the ZBFH takeover deal and what his next adventure would be.

A brief history of Holtzman shows that he once served as the vice-chairperson of Barclays Plc, a British multinational universal bank and executive of Kazakhstan’s largest private bank.

In 2021, Holtzman was part of the delegation that travelled with President Emmerson Mnangagwa to South Africa for the Inter Africa Trade Fair held in Durban.

Holtzman’s web of international connections extends to Washington DC, where he served under President Ronald Reagan’s administration.

Under his watch, the US Treasury cleared CBZ of a US$385 million penalty for processing transactions for a designated entity, ZB Bank.

When the hefty penalty was imposed, the Office of Foreign Assets Control (Ofac) indicated that CBZ had perpetrated numerous violations of US sanctions on Zimbabwe.

Concerning Mudavanhu’s closing chapter at CBZ Holdings, having been at the helm for five years, the executive told the Independent he was leaving because his contract with the financial institution had expired.

Away from the banking world, Mudavanhu said his next adventure would be focused in the field of academia at the University of Cape Town and Witwatersrand University in neighbouring South Africa.

He explained: “I have a five-year contract which expires this year. This gives me an opportunity to do other things such as research and teaching specifically at the University of Cape Town and Witwatersrand.

“My most (outstanding) achievement has been the rebranding of CBZ, which ushered in a new company with new ambitions leading into the acquisition of a large insurance company,” Mudavanhu said.

“The revamping and commercialisation of command agriculture and now the digital transformation are (among) some of my key achievements in my five-year tenure.”

Mudavanhu, whose name has been thrown in the hat among candidates tipped to take over as Reserve Bank of Zimbabwe governor when the tenure of incumbent John Mangudya ends, highlighted that he will be “happy” to take up a position where he can contribute meaningfully.

Mangudya is serving his last term as central bank chief, which ends next year.

“I have not been approached on any opportunities outside CBZ and will be happy to consider opportunities where I can make meaningful contributions,” Mudavanhu said.

Lawrence Nyazema will replace Mudavanhu as group chief executive officer at CBZ.

The Business Diary magazine is a comprehensive publication that centers around business and economic development news. It covers a wide range of topics including finance, mining, technology, environment, climate finance, and agriculture. With its focus on providing valuable insights and updates, the magazine caters to readers who are interested in staying informed about the latest developments and trends in the business and economic landscape of Zimbabwe.

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ZSE and NVCCZ Forge Strategic Partnership to Build Venture-Backed SME Pipeline for ZEEX

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ZSE and NVCCZ Forge Strategic Partnership to Build Venture-Backed SME Pipeline for ZEEX

Harare, Zimbabwe – June 2026 – In a significant development for Zimbabwe’s entrepreneurial and capital markets ecosystem, the Zimbabwe Stock Exchange (ZSE) and the National Venture Capital Company of Zimbabwe (NVCCZ) have signed a Memorandum of Understanding (MOU) aimed at creating a structured pathway for startups and small-to-medium enterprises (SMEs) to access capital markets through the Zimbabwe Entrepreneurship Exchange (ZEEX).

The partnership marks a major step toward bridging the gap between venture capital financing and public market participation, providing entrepreneurs with a clear roadmap from startup funding to long-term growth and investment opportunities.

Creating a Growth Journey for Zimbabwean Enterprises

Historically, venture capital funding and capital markets have operated independently, leaving many promising businesses without a clear route to scale beyond their initial funding stages. Through this partnership, ZSE and NVCCZ seek to change that by establishing a continuum of support that combines financing, governance, compliance readiness, and market access.

The collaboration will focus on identifying high-potential startups and SMEs already supported by NVCCZ and preparing them for eventual participation on ZEEX, Zimbabwe’s newly approved digital capital market platform.

Key Areas of Collaboration

1. Pipeline Development

The two institutions will jointly identify venture-backed businesses with strong growth potential and develop structured graduation pathways that guide them from early-stage financing to public capital market participation. Clear eligibility standards and quality benchmarks will be established to support this transition.

2. Co-Financing and Blended Finance

The partnership will explore innovative financing models that combine venture capital and public market funding. This includes co-investment opportunities and blended finance mechanisms that leverage both public and private sector capital to accelerate business growth.

3. Capacity Building

Recognising that access to capital alone is not enough, the partners will offer training programmes focusing on corporate governance, financial reporting, investor readiness, and compliance with ZEEX listing requirements. Selected enterprises will also receive advisory support to strengthen their readiness for market participation.

4. Market Development

Joint awareness campaigns, investor roadshows, SME financing conferences, and sector-specific financing platforms will be developed to deepen understanding of capital market opportunities among entrepreneurs and investors alike.

5. Product Innovation

The agreement also opens the door for the development of innovative financial products tailored to growth-stage businesses, including SME bond programmes, sustainability-linked instruments, structured SME funds, and alternative digital listing platforms.

Strengthening Zimbabwe’s Entrepreneurial Ecosystem

Speaking on the partnership, ZSE Holdings Group CEO Justin Bgoni highlighted the importance of creating a structured connection between venture capital and public markets.

He noted that entrepreneurs receiving venture capital support can now see a credible pathway toward public market participation from the outset, providing greater certainty and long-term planning opportunities.

NVCCZ Chief Executive Officer Tinotenda Kambasha described the partnership as a milestone for Zimbabwe’s innovation ecosystem, emphasizing that successful venture investing requires support throughout the entire growth journey of a business.

According to Kambasha, the collaboration will provide venture-backed enterprises with strategic exit opportunities while promoting investor participation, improving liquidity, and enabling the recycling of capital into future generations of innovative Zimbabwean businesses.

What This Means for Zimbabwe

The partnership arrives at a critical time when Zimbabwe is seeking new ways to stimulate entrepreneurship, attract investment, create employment, and accelerate economic growth.

By connecting startups, SMEs, investors, venture capital providers, and the capital markets through ZEEX, the initiative is expected to strengthen financial inclusion, support business formalisation, and create sustainable pathways for enterprise growth.

As ZEEX moves closer to full operationalisation, the growing number of institutional partnerships being secured by ZSE demonstrates increasing confidence in the platform’s potential to transform how Zimbabwean businesses raise capital and how investors participate in the country’s economic development.

For entrepreneurs and investors alike, the ZSE-NVCCZ partnership represents an important step toward building a more vibrant, innovative, and investment-ready Zimbabwean economy.

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A Leader’s Next Chapter: Justice Matsatsira Appointed to the Board of Directors of Manica Diamonds Football Club

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A Leader's Next Chapter: Justice Matsatsira Appointed to the Board of Directors of Manica Diamonds Football Club

The Business Diary proudly celebrates a significant milestone in the professional journey of its Chief Executive Officer and Publisher, Justice Matsatsira, following his appointment to the Board of Directors of Manica Diamonds Football Club.

This prestigious appointment reflects Mr. Matsatsira’s growing influence as a business leader, strategist, and advocate for sustainable institutional growth. It is a recognition of his unwavering commitment to excellence, visionary leadership, and his continued contribution to Zimbabwe’s economic and social development.

Over the years, Justice Matsatsira has established himself as a respected voice within Zimbabwe’s business community. Through his leadership of The Business Diary, he has played a pivotal role in promoting entrepreneurship, fostering dialogue on economic development, and providing a platform that highlights business opportunities, innovation, and thought leadership across various sectors.

His appointment to the Manica Diamonds Football Club Board comes at a time when football clubs are increasingly embracing professional governance structures and strategic leadership to drive long-term success both on and off the field. Mr. Matsatsira brings with him extensive experience in business development, corporate communications, stakeholder engagement, and strategic management—qualities that will undoubtedly add value to the club’s vision and future aspirations.

Speaking on the significance of leadership, Justice Matsatsira often emphasizes that true leadership is measured not by title, but by impact.

“Leadership is not about position. It is about impact, influence and inspiration.”

This philosophy has guided his professional journey and continues to shape the way he approaches business, community development, and organizational growth.

At The Business Diary, we view this appointment as more than a personal achievement. It is a reflection of the confidence that institutions place in leaders who consistently demonstrate integrity, professionalism, and the ability to deliver meaningful results. We are confident that Justice Matsatsira’s strategic insight and commitment to excellence will contribute significantly to the continued growth and success of Manica Diamonds Football Club.

As he embarks on this exciting new chapter, we extend our heartfelt congratulations and best wishes. We celebrate not only the achievement itself, but the leadership, dedication, and vision that made it possible.

Congratulations, Justice Matsatsira, on your appointment to the Board of Directors of Manica Diamonds Football Club. May this new role bring continued success and create even greater opportunities to inspire positive change.

 

The Business Diary

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Harare, Zimbabwe

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NESZ 2026: A Convergence of Visionary Leaders Shaping the Future of Education in Zimbabwe

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NESZ 2026: A Convergence of Visionary Leaders Shaping the Future of Education in Zimbabwe

Zimbabwe stands at a defining moment in its education and development journey.

As the nation accelerates toward a knowledge-driven, innovation-led economy, the National Education Summit Zimbabwe (NESZ) 2026 emerges as a critical platform where policy, practice, and progress converge. Scheduled for 27–30 May 2026 at the Zimbabwe International Trade Fair (ZITF) Grounds in Bulawayo, this year’s summit promises to be the most impactful yet.

Under the theme

“From Policy to Practice: Driving Innovation & Investment in Zimbabwe’s Education System,”
NESZ 2026 brings together an exceptional lineup of speakers—leaders whose influence spans government, academia, industry, and global institutions.

A Powerhouse Line-Up of Speakers

This year’s summit features a distinguished assembly of policymakers and thought leaders at the forefront of Zimbabwe’s transformation agenda.

From government, the summit will host senior leaders responsible for shaping the country’s economic, education, and digital future, including:

  • Hon. Prof. Mthuli Ncube – Minister of Finance, Economic Development and Investment Promotion
  • Hon. Dr. Tatenda Mavetera – Minister of ICT, Postal and Courier Services
  • Hon. Prof. Paul Mavima – Minister of Skills Audit and Development
  • Hon. Edgar Moyo – Minister of Public Service, Labour and Social Welfare
  • Hon. Mangaliso Ndlovu – Minister of Industry and Commerce
  • Hon. Supa Mandiwanzira – Chairperson, Parliamentary Portfolio Committee on Primary and Secondary Education

Adding to this powerful policy voice is Hon. Dr. Frederick Shava, a seasoned diplomat and ambassador, bringing global perspective to Zimbabwe’s development discourse.

Leaders in Education, Innovation, and Human Development

Beyond government, NESZ 2026 features influential educationists, institutional leaders, and changemakers whose work continues to shape learning ecosystems:

  • Sr. Dr. Annah Theresa Nyadombo – Global safeguarding expert and education leader
  • Dr. Anna Moyo – Dean of Education, Midlands State University
  • Mr. Canaan Mpala – General Manager, TelOne Centre for Learning
  • Mr. Amos Guy Ngwarati – Headmaster, Wise Owl High School
  • Mr. Tim Middleton – Executive Director, Association of Trust Schools (ATS)

From grassroots education to higher learning and institutional leadership, these speakers bring a holistic perspective on the challenges and opportunities within Zimbabwe’s education system.

Champions of Empowerment and Enterprise

The summit also highlights leaders driving inclusive economic participation and community transformation:

  • Hon. Getrude Mutandi – Member of Parliament and Chairperson of the Parliamentary Portfolio Committee on Women Affairs, Community and SME Development

Her work, alongside others, underscores the critical link between education, entrepreneurship, and sustainable socio-economic growth.

What to Expect at NESZ 2026

NESZ 2026 is not just a conference—it is a strategic platform for action.

Participants can expect:

  • Policy-to-Practice Conversations

Engage directly with policymakers and decision-makers on how national education policies are being translated into real-world impact.

  • Innovation and Technology Showcases

Experience cutting-edge solutions in education, STEM, and digital transformation aligned with Zimbabwe’s Education 5.0 agenda.

  • Investment and Partnership Opportunities

Connect with investors, corporates, and development partners shaping the future of education and skills development.

  • Thought Leadership and Insight

Gain valuable perspectives from leading voices across education, government, and industry.

  • Networking and Collaboration

Build meaningful connections with educators, innovators, entrepreneurs, and policymakers from across Zimbabwe and beyond.

Why NESZ 2026 Matters

At its core, NESZ is about one thing: transformation.

It is about moving beyond conversations and into implementation.
It is about aligning education with industry, innovation, and national development.
It is about building a system that equips Zimbabweans not just to learn—but to create, lead, and compete globally.

With a speaker lineup of this calibre, NESZ 2026 is poised to spark the ideas, partnerships, and actions that will shape the next chapter of Zimbabwe’s education story.

Be Part of the Movement

📍 Zimbabwe International Trade Fair Grounds, Bulawayo
📅 27–30 May 2026

This is where education meets innovation.
This is where policy meets action.
This is where the future is built.

Register. Participate. Exhibit.

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