HARARE, Zimbabwe (Elevation News) — Chinese-owned Makomo Engineering has become the biggest shareholder in NMBZ Holdings, one of Zimbabwe’s leading banking and financial services groups, sparking speculation of a potential takeover.
The company, led by Chinese-born businessman Jin Liangming, now holds 21.4% of NMBZ shares, surpassing African Century Financial Investments and Dutch development fund Arise B.V., which control 19% and 17% respectively.
NMBZ chief executive Gerald Gore confirmed the development, noting that Makomo has been a long-term investor. “They have been on our shareholders’ list for about 15 years and have gradually increased their stake over time,” he said.
Market analysts say the move highlights growing Chinese investment in Zimbabwe’s banking sector and Jin’s ambition to expand his business footprint beyond construction and energy. “NMBZ is one of the most liquid and technologically advanced banks in Zimbabwe. It’s a strong strategic position for any investor,” said one market observer.
Makomo, known for its work on major infrastructure projects including the Kunzvi and Mtshabezi Dams, and road interchanges such as Churchill–Borrowdale and Harare Drive–Borrowdale Road, has diversified into real estate and energy in recent years. The company is also reportedly in talks with local fuel distributors to broaden its portfolio.
Sources close to the deal say Jin, who has lived in Zimbabwe since the mid-2000s, is positioning to turn NMBZ into a Sino-Zimbabwean financial institution that caters to both Chinese investors and local clients. “His accumulation of shares from less than 5% in 2023 to over 20% today reflects a deliberate, long-term strategy aligned with the expanding China-Zimbabwe trade relationship,” a source said.
Founded in 1992 as the National Merchant Bank, NMBZ has grown into a diversified financial services provider. Through its subsidiary NMB Bank, it offers commercial, consumer, and digital banking, microfinance, and treasury services. The bank also partnered with ZimPost, creating Zimbabwe’s widest banking network with more than 100 service points across the country.
Its technology arm, Xplug Solutions, delivers AI, blockchain, and cloud-based systems to clients in Rwanda, Malawi, Mozambique, Tanzania, Uganda, and Zambia, reflecting NMBZ’s growing regional influence.
The group’s stock has risen 23% this year, closing near ZiG 4 per share, with a market capitalisation of ZiG 1.6 billion. NMBZ also secured US$65 million in foreign credit lines in 2024 to support productive sectors and continues to exceed capital requirements, signalling a robust financial position.
Under Zimbabwe Stock Exchange (ZSE) regulations, any shareholder exceeding 35% must make a formal offer to buy out minority investors. Analysts believe Makomo may move closer to that threshold as Jin consolidates his holdings.
If realised, a takeover would mark one of the largest cross-border deals in Zimbabwe’s financial history, underscoring the growing role of Chinese capital in shaping the country’s economic future.
