DT Correspondent
HARARE: The Central Bank – Reserve Bank of Zimbabwe has cancelled the operating licence of Avis Bank Limited due to failure to commence banking business.
In a notice on Tuesday, RBZ said the financial institution has failed to meet licensing conditions.
“It is hereby notified, in terms of section 15 of the Banking Act [Chapter 24:20], that the Registrar of Banking Institutions has cancelled Avis Bank Limited Licence with effect from the date of this notice.
Avis Bank Limited was granted a Merchant Bank Licence on June 7, 2022 in terms of the Banking Act [Chapter 24:20] but has, to date, failed to commence banking business.
“The institution failed to put in place requisite systems and structures required to commence banking business.
“Having failed to meet licensing conditions, the institution did not have any depositors on its books. Accordingly, the Registrar has cancelled the bank’s licence in terms of section 14 (1) (i) of the Banking Act [Chapter 24:20)” reads part of the statement.
The Central Bank also warned the public not to undertake any banking business with the institution.
“As a consequence of the said cancellation, Avis Bank Limited is no longer a banking institution as defined in the Banking Act, and therefore its status is that of a company in terms of the Companies and Other Business Entities Act [Chapter 24:31]. Registrar of Banking Institutions 21 November 2023,” the statement further reads.
