Some Reflections on Corporate Governance in the Banking Sector in Zimbabwe

Pfumorodze, Jimcall; Nzonzo, Jennifer Chishamiso

doi:10.1177/0974686220100104

Cited by 2 publications

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“…Pfumorodze and Nzonzo (2010) also give a reflection of the 2003/04 Zimbabwean crisis using content analysis of the reports published by the Reserve Bank of Zimbabwe. Some of the corporate governance malpractices identified in the case study include the absence of separation of ownership and control, boards of holding companies being boards of all subsidiaries, excessive insider loans and poor risk management practices.…”

Section: Resultsmentioning

confidence: 99%

Corporate governance in a weak legal environment: a systematic review focusing on Zimbabwe

Nyakurukwa

Seetharam²

2022

QRFM

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Purpose Literature shows that corporate governance matters more in countries with weak legal environments. The purpose of this study is to synthesise and map research that has been done so far on corporate governance in Zimbabwe, a country that has been characterised by weak legal systems and lack of respect for property rights. Design/methodology/approach A systematic review and bibliometric analysis of 20 articles indexed in the Scopus and Web of Science databases was carried out to establish the trends and evolution of corporate governance in Zimbabwe. Findings The articles reviewed looked at the association between corporate governance attributes and firm performance, disclosure of information and economic growth. The proportion of independent directors was found to significantly affect firm performance and information disclosure in most of the studies. The majority of the studies used descriptive statistics and simple regression in their methodologies. The stakeholder theory is the most used in the studies reviewed. Originality/value The study highlights the need to strengthen the state infrastructure that enhances corporate governance at the firm level. When state-owned companies adhere to good corporate governance practices, this can cascade to the private sector.

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Section: Resultsmentioning

confidence: 99%

Corporate governance in a weak legal environment: a systematic review focusing on Zimbabwe

Nyakurukwa

Seetharam²

2022

QRFM

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Towards Ingenious Technology and the Robust Enforcement of Financial Markets Laws to Curb Money Laundering in Zimbabwe

Chitimira¹,

Ncube²

2021

PER

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Technology has positively contributed to the creation of financial markets and the facilitation of payments globally. The effective use of robust technology could enhance the consistent enforcement of financial market laws by curbing financial crimes in any country. This in turn would enhance the integrity of financial markets and promote the viability of financial markets. In relation to this, it appears that Zimbabwe has struggled to comply with international measures to combat money laundering and the financing of terrorism (AML/CFT) since it has poor financial market laws which are inconsistently enforced due inter alia to its poor money laundering detection mechanisms and inadequate resources. For instance, Zimbabwe has to date failed to make satisfactory progress to adopt and enforce adequate risk mitigation measures against money laundering practices in accordance with the Financial Action Task Force (FATF) recommendations. This is evidenced by the increased incidence of money laundering in Zimbabwean financial markets. Furthermore, the inconsistent enforcement of financial market laws has resulted in poor liquidity and the recent suspension of the Zimbabwe Stock Exchange (ZSE). The viability and integrity of the Zimbabwean financial market has thus been compromised. This article discusses the integration and use of robust technology in the Zimbabwean financial market to curb financial crimes such as money laundering and bank fraud. The adequacy of financial market laws and/or regulations will also be discussed vis-à-vis their consistent enforcement by relevant bodies such as the Financial Intelligence Inspectorate Evaluation Unit (FIU) in Zimbabwe. This is done to evaluate the use of technology to curb money laundering and promote a viable economy and financial market in Zimbabwe. It is submitted that the relevant authorities should promote the effective use of technological inventions like artificial intelligence (AI) and machine learning to curb money laundering, bank fraud and other related financial crimes in Zimbabwe.

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Some Reflections on Corporate Governance in the Banking Sector in Zimbabwe

Cited by 2 publications

References 0 publications

Corporate governance in a weak legal environment: a systematic review focusing on Zimbabwe

Corporate governance in a weak legal environment: a systematic review focusing on Zimbabwe

Towards Ingenious Technology and the Robust Enforcement of Financial Markets Laws to Curb Money Laundering in Zimbabwe

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