Bulawayo is now Zimbabwe’s crime capital, according to recent data, as the city continues to reel from a brazen US$4 million cash heist at an Ecobank branch six months ago. The audacious robbery, which unfolded in broad daylight, has left residents fearing for their safety and the bank scrambling to recover its losses.
Adding insult to injury, Ecobank Zimbabwe has announced a dividend of ZiG139,58 million (US$4.39 million) for the period ending 31 December 2024 – a figure remarkably close to the amount stolen in the heist. This coincidence has raised eyebrows, with some suggesting that shareholders could have earned significantly more had the robbery been prevented.
Thabani Dube, a vendor who witnessed the robbery, initially mistook the event for a drill. “The robbers arrived in a single cab white van and blocked the cash-in-transit security van,” he recounted. “And with lightning speed, brandishing assault rifles, they advanced towards the back of the van at the entrance of the bank. It hadn’t registered in my mind that a robbery was taking place.”
Dube continued, “I could not move. I just sat there, and for a moment, I thought it was a drill. I then quickly realised a robbery was underway, and I froze. You always see people in movies witnessing robberies, but I don’t think films can truly capture the shock experienced in those situations. It’s something you cannot explain. The guys were big and strong, hardly recognisable with face masks and hats on. From my side, I saw them casually dragging and loading heavy steel safes.”
Another vendor, identified as Vendor A, recalled the panic that ensued. “I heard someone shouting and turned around. That’s when I saw a stout man pressing down on a security guard. At first, I didn’t understand what was happening, but then I realised — a robbery was taking place. It was terrifying. For days after, I couldn’t shake the fear,” she said, requesting anonymity.
Vendor B, another witness, described the speed of the operation. “I was sitting here when a man came to buy a cigarette. Then, just minutes later, I saw three men picking up a trunk from the security vehicle and loading it into their car. It was happening so fast. People were filming it on their phones, some in shock, others just standing there. I didn’t know what to think,” she said.
The aftermath of the robbery has been particularly difficult for Vendor B, who became an unwilling internet sensation. “I ended up trending on TikTok. People started coming up to my stand, pointing at me and saying, ‘That’s the woman who saw the robbery, she’s everywhere on the internet!’ It was overwhelming. I couldn’t escape it. It pushed me into depression. Every day, people would look at me, and I couldn’t even leave my stand without feeling like I was being watched. I was living in fear,” she explained.
The brazen nature of the heist and the lack of arrests have contributed to a growing sense of unease among Bulawayo residents. One resident, who wished to remain anonymous, expressed their fears: “It’s scary. We hear about robberies, murders, and thefts almost every day. It feels like crime is out of control.”
The Zimbabwe National Statistics Agency (ZimStat) has confirmed these fears, revealing that Bulawayo has the highest crime rate in the country, with 2 506.1 crimes per 100 000 people. This is nearly double the national average of 1 356.6 per 100 000 people. The report, covering July to September last year, indicates a concerning surge in criminal activity across the country, with 205 925 offences recorded—a 4.6% increase from the previous quarter’s 196 796 cases.
A ZimStat official stated, “Bulawayo recorded the highest crime rate in the country for the period under review. Other provinces that exceeded the national average include Harare, Matabeleland South, Midlands, Mashonaland Central, and Masvingo.”
Crime analysts have warned that this trend is alarming and could signal a deterioration in security across Zimbabwe’s urban areas.
National police spokesperson, Commissioner Paul Nyathi, addressed the public’s concerns, stating: “The Zimbabwe Republic Police confirms that investigations are in full swing in connection with an alleged armed robbery case which occurred late this afternoon on 3 October 2024 at a financial institution at corner 9th Avenue and Fife Street, Bulawayo, when a cash-in-transit security team was approached by six suspects. Initial indications are that US$4 000 000 cash has been stolen. The manner in which this incident occurred showed an element of inside job or leakage of information.”
He also reiterated the police’s commitment to combating crime: “The ZRP reiterates that there is no going back in the fight against armed robberies and other violent crimes in the country.”
Despite the police’s efforts, the Ecobank heist remains unsolved. The bank, meanwhile, is attempting to move forward, proposing a dividend payment that mirrors the amount stolen.
The Pan-African financial institution, Ecobank Zimbabwe, has proposed a dividend of ZiG139,58 million (US$4,39 million) for the period ending 31 December 2024.
A dividend is a payment made by a corporation to its shareholders, usually as a distribution of profits. When a corporation earns a profit or surplus, the entity can reinvest the profit in the business and pay a proportion of the profit as a dividend to shareholders.
FBC Holdings declared a final dividend of US$0,25 per share and ZiG 3,9 cents per share. “This is in addition to an interim dividend of US$0,25, which was paid in October 2024.
“The dividend is payable to shareholders registered in the books of the company at the close of business on April 17, 2025.
CBZ Holdings has proposed a final dividend of US$10 million or US$1,61 cents per share, stating, “A separate dividend announcement with record and settlement dates will be published separately in due course.”
National Building Society (NBS) confirmed an interim dividend of US$420 000, which was declared and paid to its shareholder, the National Social Security Authority (Nssa), through the Accident Prevention and Workers’ Compensation Scheme (APWCS) and the Pension and Other Benefits Scheme (POBS).
Similarly, POSB reaffirmed its commitment to shareholder value.
“At the Annual General Meeting held on July 25, 2024, a dividend of US$589,341 was declared and paid to the shareholder, reaffirming our commitment to delivering value while supporting future growth initiatives.”
However, the local banking sector faces several challenges, including limited financial products, steep account maintenance and transaction fees, minimal international transacting capacity, and high interest rates.
Economic commentator, Mr George Nhepera, expressed concern about the banking sector’s reliance on fees: “It is disheartening to see our local banks making most of their income from bank charges and commissions instead of the core business of lending. This has been raised as a matter of regulatory concern by the central bank, including the public at large.”
He warned that excessive charges erode trust in the banking system: “Bank charges have, in general, the same net effect as taxes on people and businesses. If they are high and exorbitant, as is the case now, they reduce available bank balances, leading to a lack of confidence and frustration in using the banking system.”
Economist, Ms Alice Chikonzi, suggested a multifaceted approach to address the issue of excessive profits driven largely by non-core banking activities.
In a recent move to boost confidence in the domestic currency, the RBZ directed banks to increase interest on savings and time deposits and ordered the removal of all transaction fees for payments valued at US$5 and below, or the equivalent in the new Zimbabwe Gold (ZiG) currency.
Despite these measures, data from the RBZ’s latest Monetary Policy Statement reveals that banking fees accounted for 22 percent of banks’ income, while income from lending stood at just 13,46 percent.
Related
