Basic Information of the Bank
AFC Holdings is a state-owned commercial bank holding company established in April 2021 and headquartered at 14-16 Nelson Mandela Avenue in Harare, Zimbabwe. Formerly known as Agricultural Bank of Zimbabwe (Agribank), AFC Holdings was transformed into an integrated financial services provider through a government resolution, including AFC Land and Development Bank, AFC Commercial Bank, AFC Leasing Company and AFC Insurance Company.
Shareholder Background: AFC Holdings is 100% owned by the Government of Zimbabwe, with 50% owned by the Ministry of Finance and Economic Development and 50% by the Ministry of Lands, Agriculture, Fisheries, Water and Rural Development. This state-owned structure ensures its alignment with the country's agricultural development goals, but it also means that its operations may be affected by government policies.
Scope of Services: AFC Holdings' services are mainly concentrated in Zimbabwe, covering 10 provinces across the country, and operating 45 branches through its subsidiary, AFC Commercial Bank. These branches are located in major cities and rural areas, making it easy for customers to access financial services. The exact number of ATMs is not disclosed, but they are usually located in branches and major commercial centers, providing customers with convenient withdrawal and deposit services.
Regulation & Compliance: AFC Holdings is regulated by the Reserve Bank of Zimbabwe (RBZ) and complies with the Zimbabwe Banking Act (Chapter 24:20). Its subsidiary, AFC Commercial Bank, is registered as a deposit-accepting commercial bank and is subject to RBZ's capital requirements and anti-money laundering (AML) regulations. AFC Holdings participates in the Deposit Protection Corporation of Zimbabwe's (DPC) Deposit Protection Scheme, which covers up to US$25,000 (in local currency) per person per bank. Recent compliance records show that AFC Holdings has a dedicated Compliance Manager and Anti-Money Laundering Officer to ensure compliance with legal and international standards and that no material breaches have been reported.
Financial health
AFC Holdings' financial health is primarily assessed by the performance of its core subsidiary, AFC Commercial Bank. Here's an overview of the key financial metrics:
Capital adequacy ratio: In 2021, AFC Commercial Bank's core Tier 1 capital was Zimbabwean $2.1 billion (approximately $19.5 million), below the $30 million required by RBZ. The bank submitted a capital increase plan and was granted a 12-month grace period. The latest capital adequacy data is based on the 2024 financial report.
In 2021, AFC Commercial Bank rebounded in earnings, demonstrating its financial resilience. In June 2024, RBZ's report showed that Zimbabwe's banking sector was generally healthy, and AFC Holdings, as a major agricultural lender, is expected to maintain a solid financial performance. Users can obtain the financial reports from 2019 to 2024 through the official website of AFC Holdings (financial statements) to further assess their health.
Deposit & Loan Products
AFC Holdings, through its subsidiary, AFC Commercial Bank, offers a diverse range of deposit and loan products, specifically targeting agriculture-related customers.
Deposits:
demand deposits: basic accounts are available, allowing deposits and withdrawals at any time, suitable for daily transactions.
Fixed Deposit: Lock in funds for a period of time to obtain higher yields, the specific interest rate needs to be checked through the official website of AFC Holdings (personal banking) or branches.
Savings Account: Savings are encouraged, interest is capitalized monthly, and withdrawals are available quarterly with advance notice.
Loan type:
Execution Loan: For paid and unpaid individual customers, with a term of 6 to 36 months, suitable for consumer needs.
Overdraft Facility: Provides short-term financial support with a pre-agreed limit and a choice of 30-day or 90-day facilities.
Agricultural loans: These include long-term loans (6 to 30 years) and short-term agricultural loans to support smallholder farmers and large-scale agribusinesses.
Green Loans: Support sustainable agriculture development by providing agricultural equipment rentals, such as tractors and tillage equipment, through AFC Leasing Company.
Digital Service Experience
AFC Holdings' digital services are centered around AFC Commercial Bank's mobile banking app and online banking platform, supporting Zimbabwean dollar (ZWG) and US dollar (USD) account management.
Core features:
view account balances and transaction history
, perform domestic and international transfers
, pay bills such as ZINARA permits, local authority fees, and electricity bills
Manage cards (set limits, report loss)
for transactions through mobile wallet services such as EcoCashTechnological
innovation:
USSD mobile technology: Convenient banking services through mobile dialing codes.
Correspondent Banking: Expand service coverage through correspondent points, especially in rural areas.
POS: Card transactions for ZWG and USD accounts are supported.
Quality of customer service
AFC Holdings provides customer service through multiple channels:
Phone support: Support via +263 712837031, whether it is 24/ 7. Further confirmation is required.
Online support: Email and online form consultation is available through the official website (contact us).
Branches: 45 branches provide face-to-face services.
Social Media: Respond to customer inquiries via Facebook (AFC Holdings) and the X platform.
Safety and security measures
Security of funds: AFC Commercial Bank participates in the Deposit Protection Corporation of Zimbabwe's (DPC) Deposit Protection Scheme, which covers a maximum of US$25,000 per person per bank. Banks employ real-time transaction monitoring and multi-factor authentication to prevent fraud.
Featured Services & Differentiation
AFC Holdings is unique in the Zimbabwean financial market with its agricultural finance expertise:
Agricultural Loans: Supporting smallholder farmers and large-scale agribusinesses, providing short- and long-term loans.
Equipment Rental: Promote mechanization by providing leasing of agricultural equipment such as tractors through AFC Leasing Company.
Crop Insurance: Crop insurance is available through AFC Insurance Company and covers losses from the planting to sales stage.
Financial Inclusion: Committed to serving financially excluded populations, in line with the National Development Strategy (NDS 1).
