TIME Bank of Zimbabwe missed the December 31, 2024 deadline to shore up its capital levels to US$30 million in line with tier 1 commercial banks requirements.
The bank was last year granted a reprieve by the Reserve Bank of Zimbabwe but managed to close the year with just US$5,37 million in capitalisation.
“As part of the phased approachñthe bank plans to increase its capital to December 31, 2025 as a tier 1 commercial bank,” Time Bank managing director Christophe Tande said.