Basic
InformationAFC Commercial Bank, a commercial bank part of Zimbabwe's AFC Holdings Group, is positioned as a regional pillar of agricultural finance and business services. It is not a state-owned or joint-venture bank, but a commercial bank backed by the government as a major shareholder, with a strong agricultural development mission. With the philosophy of "Growth and Prosperity", AFC Commercial Bank is committed to driving economic prosperity in Zimbabwe and other African markets through innovative financial products.
Full name and background
: AFC Commercial Bank (formerly Agribank).
Date of Establishment: The specific year of establishment is not disclosed, but AFC Holdings Group has a history in Zimbabwe's financial market for decades, and AFC Commercial Bank, as its core subsidiary, has been reborn through technological upgrades in recent years.
Headquarters location: Hurudza House, 14–16 Nelson Mandela Avenue, Harare, Zimbabwe.
Shareholder Background: Mainly controlled by the Zimbabwean government, supplemented by a small number of local institutional investors, unlisted, quasi-state-owned, focusing on the balance between public interest and commercial profitability.
Scope of services
Coverage area: It mainly serves the whole territory of Zimbabwe, focusing on supporting agriculture-related enterprises and individual customers, and some products realize global payment functions through the VISA network.
Number of offline outlets: The exact number of outlets is not disclosed, but the official website shows that it covers major cities in Zimbabwe, such as Harare and Bulawayo, through a network of branches and POS.
ATM Distribution: AFC Commercial Bank provides ZWG (Zimbabwean Gold Coin) and USD (US Dollar) ATM services in major branches, and a global ATM network compatible with VISA cards makes it easy for customers to withdraw money even when they go abroad. Although the branch layout of traditional banks is not dense, it effectively compensates for the lack of coverage through digital channels.
Regulation & Compliance
Regulation: AFC Commercial Bank is strictly regulated by the Reserve Bank of Zimbabwe (RBZ) to ensure compliance with local financial regulations.
Deposit Insurance Scheme: Zimbabwe does not yet have a national deposit insurance system, and AFC Commercial Bank does not explicitly participate in such a scheme, but its government background provides some endorsement for the safety of its deposits.
Recent compliance records: There are no public records of major violations, and the official website emphasizes that it complies with anti-money laundering (AML) and anti-fraud regulations, is regularly audited by RBZ, and has a strong compliance performance.
Financial health
Key indicators:
capital adequacy ratio: The specific data is not disclosed, but the official website mentions that the government continues to inject capital to support the expansion of agricultural financing, indicating that its capital base is relatively solid, and it is speculated to meet the minimum requirements of the RBZ (usually around 12%).
Non-performing loan ratio: There is no clear data on the non-performing loan ratio, which may be subject to seasonal risks given the high proportion of agricultural loans, but maintains asset quality through strict risk control measures such as collateral requirements.
Liquidity Coverage Ratio: According to the official website, its IT system upgrade supports efficient capital management, and it is speculated that it has sufficient liquidity to cope with daily operations and sudden needs.
Deposit & Loan Products
Deposits:
current accounts: ZWG and USD current accounts are available, with undisclosed interest rates, but emphasizing low thresholds and flexible access and withdrawal, suitable for daily transactions.
Time deposits: The official website does not specify the time deposit interest rate, but it is speculated that 1-5 year products are offered, and the interest rate may be slightly higher than the market average (such as 2-5%) to attract deposits from agricultural enterprises.
Featured products: The VISA prepaid card is an innovative deposit tool that can be topped up online, supports global shopping and ATM withdrawals, and has both savings and payment functions.
Loans:Corporate loans: including short-term (≤ 12 months) and medium-term (12-26 months) loans, with undisclosed interest rates and collateral or guarantees at the threshold, suitable for agribusiness and SMEs.
Personal Loans: Agricultural equipment leasing and tobacco farming loans (e.g., TSOF) are available at competitive interest rates and flexible repayment options through foreclosure to reduce customer stress.
Mortgage/car loan: The official website does not mention traditional housing or car loans, which may focus on agriculture-related financing due to market positioning.
AFC Commercial Bank's products are designed to meet the needs of agriculture and offer flexibility, but retail customers have a slightly limited choice.
List of common fees
Account management fee: The official website does not specify the monthly or annual fee, speculating that current accounts may be free of management fees to attract customers, but high-end accounts may charge a small fee (such as ZWG 50-100/year).
Transfer fee: Local transfer via USSD or online banking may be free or low fee (about ZWG 10-20); Cross-border transfers rely on the VISA network and have higher fees (about 1-2% of transaction value).
Overdraft Fee: Provides an undisclosed overdraft facility and is expected to be at a high interest rate (e.g., 2-3% per month) to cover risk.
ATM Interbank Withdrawal Fee: ZWG 5-10 or 0.5-1 USD may be charged for non-AFC Commercial Bank ATMs, plus VISA network fees for international withdrawals.
Hidden Fee Reminder: Pay attention to the minimum balance requirement (if any, it may be ZWG 100 or USD equivalent), otherwise a penalty may be triggered; It is advisable to review the account terms regularly to avoid unexpected charges.
Digital Service Experience
APP & Online Banking: AFC Commercial Bank provides a mobile banking app and online banking platform, supports USSD mobile technology (can be operated without a smartphone), and user rating data is not available, but the official website emphasizes that its interface is simple and suitable for rural users. Core features include real-time transfers, bill payments, and balance inquiries, with no investment tool integrations yet.
Technological innovation: There is no AI customer service or robo-advisor, USSD technology is its innovation highlight, suitable for low-end mobile phone users, and the support of open banking API is not yet clear.
Overall experience: Digital services are mainly practical and focus on the needs of agricultural customers, but they are slightly lacking in high-end functions (such as financial analysis), which is suitable for small and medium-sized business owners who pursue convenience.
Quality of customer service
Service channels: Telephone support (mainly working hours, not confirmed 24/7) and online feedback forms, social media (such as LinkedIn) with medium response speed for non-urgent inquiries.
Complaint handling: There is no public complaint rate data, and it is speculated that the resolution time may be 3-7 working days through RBZ regulatory channels, and user satisfaction depends on the complexity of the problem.
Multi-language support: Mainly English, some services may cover Shona or Ndebele, but there is limited support for non-local languages for cross-border users.
AFC Commercial Bank's services are localised, friendly but moderately efficient, and are suitable for customers who are familiar with the Zimbabwean market.
Security measures Funds
security: Although there is no deposit insurance, ADBZ ensures the safety of funds through government background and anti-fraud technology (such as real-time transaction monitoring) of the VISA network, and customers need to be wary of phishing SMS (there are anti-fraud tips on the official website).
Data security: The ISO 27001 certification status is not disclosed, there is no recent data breach record, and the official website emphasizes protective measures such as strong passwords and device locking, and the level of data security is medium.
Featured Services & Differentiation
Market Segments:
agricultural customers: Tobacco farming foreclosure loans (TSOF) and equipment leasing are well received by farmers by providing them with a high threshold for traditional loans.
Green finance: Supporting sustainable development through agricultural insurance, such as crop loss insurance, is in line with ESG trends.
Student/Senior Accounts: There is no clear product yet, and it may not be developed due to market positioning.
High-net-worth services: There is no private banking service, and high-end customers can get customized support through corporate loans, but there is a lack of exclusive financial solutions.
AFC Commercial Bank is characterized by its deep cultivation of agricultural finance, with precise differentiated services but narrow coverage.
Market Position & Accolades
Industry Ranking: AFC Commercial Bank ranks in the middle of Zimbabwe's commercial banks, with assets much lower than giants such as CBZ Bank, but has a leading edge in the agricultural finance sector. There is no data on the global ranking, and it is a regional bank.
Awards: There are no international or local awards in public, but its five strategic plans (mentioned on its website) show that it aims to become a leading commercial bank in Zimbabwe, and market recognition is increasing.
With its agricultural roots, AFC Commercial Bank has a solid market position but its expansion potential is limited by its scale, and it may make a name for itself in the region in the future.
Summary: AFC Commercial Bank is a commercial bank with deep roots in agricultural finance, backed by the Zimbabwean government, serving local businesses and farmers. With products designed to meet the needs of agriculture, digital services practical but not fancy, security backed by the VISA network and regulatory compliance, it is suitable for small and medium-sized business owners and individual customers looking for agricultural financing. Although it lacks in high-end service and global reach, its focus and flexibility make it unique in regional markets.
