ZB Bank has become the first financial institution in the country to earn an international Sustainability Standards Certification marking a milestone in the country’s drive to integrate environmental, social and governance (ESG) principles across the financial sector.
The certification was conferred by the European Organisation for Sustainable Development (EOSD) under the Sustainability Standards and Certification Initiative (SSCI) headquartered in Karlsruhe, Germany.
Speaking at the certification ceremony in Harare, Acting Reserve Bank of Zimbabwe (RBZ) Governor Dr Jesimen Chipika described the achievement as a dream come true for the nation’s financial sector.
“We were all working so hard to get this certification in our country. If this were a church congregation, we would say, this is the doing of the Lord, and it is marvellous in our eyes,” she said.
Dr Chipika said the Central Bank had been working with the SSCI since 2017 to promote sustainable banking practices that build strong, profitable, and resilient institutions.
She said ZB Bank’s achievement symbolised a turning point in the sector’s contribution to Zimbabwe’s economic renewal.
“We are building strong financial institutions that are not only profitable but resilient. These institutions must support companies sustainably—using minimal resources to achieve maximum growth without depleting natural assets,” she said
The acting Governor added that sustainability was now a strategic supervisory priority for the RBZ saying the integration of ESG principles into financial regulation would strengthen both the sector and the real economy.
“Out of 19 big banks in Zimbabwe, 15 are already enrolled on the SSCI programme. ZB Bank is the first to be certified, but we expect more to follow soon,” Dr Chipika said.
ZB Bank’s Chief Executive Officer, Elisha Chibvuri said the achievement was the culmination of a five-year journey that began in 2020, when the bank formally adopted sustainability as a core pillar of its corporate strategy.
“We ran a five-year strategic cycle from 2021 to 2025, embedding sustainability as a key tenet of our strategy. This certification marks the result of consistent effort, collaboration, and commitment at every level of the institution,” Chibvuri said.
He said the process involved rigorous assessments, internal realignments and continuous engagement with the RBZ and EOSD to meet international benchmarks.
ZB Bank achieved Stage 3 SSCI Certification a higher level than initially targeted after exceeding the standards required for Stage 2.
“This means our way of doing business will continue evolving—through changes in policies, processes, and products—to ensure they are socially conscious and have positive societal impact,” Chibvuri said.
He added that ZB Bank’s sustainability strategy revolves around three high-impact goals promoting financial inclusion, fostering investment in sustainable infrastructure and stimulating the agricultural value chain.
Chibvuri said the certification would position the bank for future accreditation with the Green Climate Fund allowing it to access global sustainability financing.
“We want to use this certification as a launchpad to the Green Climate Fund. We are going green—and we want to monetise this positive development,” he said.
ZB Financial Holdings Board Chairperson Dr Shepherd Fungura said the recognition was not only a win for the bank but for Zimbabwe’s entire financial sector.
“Being the first is like being the first-born—it sets a standard. This certification lifts the manner of doing banking in Zimbabwe to international standards,” said Fungura
He thanked the Reserve Bank for its crucial guidance and stewardship throughout the process, urging other banks to follow suit for the national good.
“It is for all of us. When every bank operates sustainably, the whole economy rises,” he said.
Dr Chipika said the certification aligned with Zimbabwe’s Vision 2030 and the United Nations Sustainable Development Goals (SDGs) which emphasise locally driven development through domestic finance.
“The SDGs will be driven by domestic finance, not global finance. That means our banks and private sector must lead in creating wealth sustainably. If they do not, the 2030 goals will remain a dream deferred,” she said.
The RBZ is encouraging all banks to adopt sustainability standards as part of a broader national transformation agenda aimed at achieving upper middle-income status by 2030.
“If every bank tells a real sustainability story, Zimbabwe’s 2030 vision will happen.” Dr Chipika said.
The Sustainability Standards and Certification Initiative (SSCI), run by the European Organisation for Sustainable Development (EOSD) recognises institutions that integrate environmental, social and governance principles across their operations.
