The deregulation of the financial Morocco Phone Number List services in the late 1990s resulted in an explosion of entrepreneurial activity leading to the formation of banking institutions. This chapter presents a case study of Royal Bank Zimbabwe, tracing its origins, establishment, and the challenges that the founders faced on the journey. The Morocco Phone Number List Bank was established in 2002 but compulsorily amalgamated into another financial institution at the behest of the Reserve Bank of Zimbabwe in January 2005. Morocco Phone Number List Entrepreneurial Origins Any entrepreneurial venture originates in the mind of the entrepreneur. As Stephen Covey states in The 7 Habits of Highly Effective People, all things are created twice. Royal Bank was created first in the mind of Jeffrey Mzwimbi, the founder, and was thus Morocco Phone Number List shaped by his experiences and philosophy. Jeff Mzwimbi grew up in the high density suburb of Highfield, Harare. On completion of his Advanced Level he secured a place at the University of Morocco Phone Number List Botswana. However he decided against the academic route at that time since his family faced financial challenges in terms of his tuition. He therefore opted to join the work force. In 1977 he was offered a job in Barclays Bank as one of the first blacks to penetrate that industry. At that Morocco Phone Number List time the banking industry, which had been the preserve of whites, was Morocco Phone Number List opening up to blacks. Barclays had a new General Manager, John
Mudd, who had been involved in the Morocco Phone Number List Africanisation of Barclays Bank Nigeria. On his secondment to Zimbabwe he embarked on the inclusion of blacks into the bank. Mzwimbi's first placement with Barclays was in the small farming town of Chegutu. In 1981, a year after Independence, Jeff moved to Syfrets Merchant Bank. Mzwimbi, together with Simba Durajadi and Rindai Jaravaza, were the first black Morocco Phone Number List bankers to break into merchant banking department. He rose through the ranks until he was transferred to the head office of Zimbank - the principal shareholder of Syfrets - where he headed the international dMorocco Phone Number List ivision until 1989. The United Nations co-opted him as an advisor to the Reserve Bank in Burundi and thereafter, having been pleased by his performance, appointed him a consultant in 1990. In this capacity he advised on the launch of the PTA Bank travellers' cheques. After the consultancy project the bank appointed him to head the implementation of Morocco Phone Number List the programme. He once again excelled and rose to become the Director of Trade Finance with a mandate of advising the bank on ways to improve trade among member states. The member states were considering issues of a common currency and common market in line with the Morocco Phone Number List European model. Because the IFC and World Bank had unsuccessfully sunk gigantic sums of funds into development in the
region, they were advocating a Morocco Phone Number List move from development finance to trade finance. Consequently PTA Bank, though predominantly a development bank, created a trade finance department. To craft a strategy for trade finance at a regional level, Mzwimbi and his team visited Panama where the Central Americans had Morocco Phone Number List created a trade finance institution. They studied its models and used it as a basis to craft the PTA's own strategy. Mzwimbi returned to Zimbabwe at the conclusion of his contract. He weighed his options. He could rejoin Barclays Bank, but recent developments presented another Morocco Phone Number List option. At that time Nick Vingirai had just returned home after successfully launching a discount house in Ghana. Vingirai, inspired by his Ghanaian experience, established Intermarket Discount House as the first indigenous financial institution. A few years later NMB was set up with Morocco Phone Number List William Nyemba, Francis Zimuto and James Mushore being on the ground while one of the major forces behind the bank, Julias Makoni, was still outside the country. Makoni had just moved from IFC to Bankers' Trust, to facilitate his ownership of a financial institution. Inspired by fellow Morocco Phone Number List bankers, a dream took shape in Mzwimbi's mind. Why become an employee when he could become a bank owner? After all by this time he had valuable international experience.