Zimbabwe is once again caught in the throes of a scandal that reveals the rot at the core of its leadership. This time, it involves the People’s Own Savings Bank and a suspicious plan being pushed by President Emmerson Mnangagwa and Attorney-General Virginia Mabiza. What is at stake is more than just a bank. It is the financial security of millions and the fragile hope that any public institution in this country can still be trusted.
Leaked documents have exposed a shocking scheme to sell POSB to a shadowy and unvetted entity called Hebrew Investment Group. The public was never consulted. No advertisements were placed calling for bids. There was no competitive process. It was all done behind closed doors, with Mnangagwa instructing Mabiza to push the deal forward. The level of secrecy should raise alarm bells in every household across Zimbabwe.
Hebrew Investment Group is not the kind of partner any responsible government should consider. They have no website. No known board. No proven investments. They are represented by the controversial and self-styled cleric Morris Brown Gwedegwe, whose credibility is deeply questionable. Yet this is the group Mnangagwa is willing to hand over a national asset to. Why?
They promise a $70 million capital injection and a $6 billion loan to the government. On the surface, it may look like salvation for a cash-strapped state. But the details of this loan are too good to be true. A thirty-year repayment plan at just zero point three percent interest? In what world does Zimbabwe, with its battered economy and dismal credit rating, secure such a deal? It is more believable that this is a front for money laundering than legitimate investment.
POSB is not just another bank. It is where civil servants receive their wages. It is where pensioners collect their monthly lifelines. It is a bank that serves the people, not the elite. Now, this lifeline is being handed over to faceless men with no proven record, no accountability, and no genuine interest in Zimbabwe’s well-being. The proposed deal reportedly gives them access to the bank’s vaults without proper due diligence. That alone should be enough to stop the entire process.
Attorney-General Mabiza has played a central role in this betrayal. Rather than defend public interest, she has become the executor of Mnangagwa’s shady ambitions. Her actions not only defy public procurement rules but also insult every citizen who relies on the security of public institutions. She must be held to account for enabling a transaction that could collapse one of the last few banks still trusted by ordinary Zimbabweans.
Then there is Kenias Mafukidze, chairman of POSB’s board. He also leads a private media company, which creates an obvious conflict of interest. Media should be holding power to account, not dining at the same table with it. Mafukidze’s silence on this matter speaks volumes. Instead of exposing the rot, he is now part of it.
This scandal is a painful reminder that nothing is sacred under this regime. Not savings. Not pensions. Not the future of public institutions. If they can do this to POSB, they can do it to any other state entity. The citizens of Zimbabwe must not remain silent. Our silence will be taken as consent.
We must demand accountability. We must demand that the sale of POSB be immediately suspended. We must demand that those who enabled this deal face consequences. Zimbabwe belongs to its people, not to secretive investors and power-hungry elites. The fight for transparency is the fight for survival.
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