Harare - The Reserve Bank of Zimbabwe (RBZ) has cancelled the operating licence of one of the country’s banks, AfrAsia Bank Zimbabwe.
The move to cancel the banking licence follows board resolutions by AfrAsia Bank Zimbabwe to voluntarily surrender the banking licence.
“The Registrar has determined that the banking institution is no longer in a safe and sound condition in that the institution is grossly undercapitalised and is facing chronic liquidity challenges,” said the RBZ.