DEEP DIVE DATAShifting priorities in lending.How each bank moved its money.
Tap a bank, then a dot, to see that sector's rank and share for the year.
Agriculture still leads, but it's slipping
Across all banks in Zimbabwe, agriculture holds a strong and consistent lead — reflecting the sector's critical role in Zimbabwe's economy, where it accounts for a significant share of GDP and employment.
Its share still fell steadily from 31.69% in 2019 to 24.47% in 2022, hinting at growing challenges in agricultural finance — drought, fluctuating commodity prices, or policy shifts encouraging diversification. Loans to individuals peaked at 23.22% in 2021, likely consumer demand for credit amid inflation, before dropping to 18.6% in 2022. Lending to financial organizations fell sharply, from 13.35% in 2020 to 5.41% in 2022 — a reduced credit appetite in the financial sector amid economic challenges.
From consumer credit to manufacturing, almost overnight
Steward Bank's lending priorities from 2020 to 2024 reflect an adaptive approach to Zimbabwe's economy, shaped in part by developments at its parent, Cassava Technologies. Individual loans peaked at 65% of its portfolio in 2022, likely riding high consumer demand for personal credit amid inflation.
By 2024 the bank sharply cut individual lending to 13% and redirected 65% of its portfolio to manufacturing — aligning with national goals to boost local manufacturing and cut import dependency. The loss of EcoCash as a "stablemate" under Cassava's restructuring may have pushed the pivot: without that integration advantage, Steward likely found consumer lending harder to sustain, and diversified toward industrial and corporate lending instead.
Agriculture surges, then room opens for diversification
Agribank's allocation from 2018 to 2023 shows a strong agricultural focus, rising from 35% in 2018 to a peak of 57.8% in 2020, driven by drought and food security concerns. Loans to individuals started high at 51% in 2018 but fell to 32.38% by 2023 as attention returned to agriculture.
Manufacturing held a relatively stable share throughout, while construction, communication and transport received minimal allocations. Services, mining and distribution picked up in recent years — 8.88%, 7.36% and 8.36% respectively in 2022 — signalling gradual diversification alongside the bank's core agricultural commitment.
A rural pivot, then a swing toward mining
CBZ's portfolio from 2018 to 2023 shows a dynamic sectoral shift. Individual loans were prominent at 28.7% in 2018 but fell to just 5.58% in 2019, as the bank pivoted toward rural financing — agriculture surged to 68.81% that year, likely supporting government efforts to revitalise rural economies amid food security pressure.
Mining gained ground too, rising to 10.08% in 2020 and again in 2022, tracking Zimbabwe's push to boost mining exports. Manufacturing and distribution held stable shares. Communication funding, initially minimal, climbed to 4.24% by 2023 — the growing importance of digital connectivity showing up in the loan book.
Services first, then a rebalance toward production
FBC's portfolio between 2018 and 2024 is dominated by services lending, which spiked to 69% in 2019 and stayed above 40% through 2023 before easing to 33% in 2024 — a surge that coincided with the bank navigating currency transitions. Agriculture held a modest but steady 3–8% share throughout.
Mining and manufacturing were the other major corporate focuses, mining peaking at 17% in 2020 and manufacturing climbing sharply to 18% in 2024 as FBC rebalanced toward productive sectors. Individual lending fell to 4% in 2020 during the services expansion but has been steadily rebuilt to 19% by 2024.
Deep Dive Data covers Zimbabwe's financial sector and public accountability.