TN CyberTech boosts assets by $40M, eyes digital growth

TN CyberTech Investments Holdings Limited expanded its balance sheet by almost $40 million during the six months ending in August as the financial technology group improved operational metrics. The company reported total assets climbing to $218.55 million from $180.71 million recorded in February. Staff expenses relative to income dropped 24 percent while the cost-to-income ratio fell by half as management consolidated duplicate positions and brought software development work inside the organization instead of hiring outside contractors.

Cash holdings and customer lending portfolios each grew more than 19 percent as the group pursues plans to become Zimbabwe’s first technology-focused digital banking platform. TN CyberTech Bank Limited generated revenue of 179 million Zimbabwe Gold units from digital operations, marking a 40 percent jump from the previous year. Mobile banking and point-of-sale transactions drove the increase, with the latter category surging 89 percent. Chief Executive Officer Hazvinei Kapfunde said the bank plans to expand corporate relationships in mining, agriculture, and manufacturing during the second half while launching WhatsApp banking services and automated remittance features.

Directors chose not to distribute an interim dividend to maintain liquidity during the expansion phase. Capital adequacy reached 36 percent, exceeding minimum regulatory thresholds.