AFC Commercial Bank Limited is incorporated under the Zimbabwe Companies Act 9 Chapter 24:03 and is registered as a Commercial Bank in terms of the Zimbabwe Banking Act (Chapter 24:20). The Bank’s main business is provision of agricultural-related loans, retail banking services, discounting bills, treasury services and provision of bridging finance.

The Bank evolved from the Land and Agricultural Bank (LAB) of 1924 of the then Government of Southern Rhodesia, to the Agricultural Finance Corporation (AFC) which was established in 1971 to Agricultural Bank of Zimbabwe Limited, trading as Agribank in 2000 by various Acts of Parliament. The Bank is registered as a Commercial Bank and operates in terms of the Banking Act of Zimbabwe (Chapter 24:20).

The processes of restructuring the Agricultural Bank of Zimbabwe Limited, trading as Agribank, was finalised in April 2021. This resulted in the establishment of the AFC Holdings Company with the following subsidiaries:
• AFC Commercial Bank
• AFC Land and Development Bank
• AFC Leasing Company
• AFC Insurance Company

AFC Commercial Bank is 100% owned by AFC Holdings. AFC Holdings currently operates under a legal framework whereby the Government of Zimbabwe owns it through Mutapa Investment Fund.

The Bank is a loan-granting and deposit-taking development financial institution, subject to the supervision of the Reserve Bank of Zimbabwe. In line with its mandate, the Bank’s main business is as follows:
a) Business Financing
b) Treasury and Investment Banking services
c) International Banking services
d) Corporate Banking
e) Executive and Retail Banking
f) Microfinance
g) SMEs Portfolio Lending
h) Individual and Private Banking
i) Mobile Wallet Services
j) Agency Banking
k) International Remittances

The Bank delivers its products and services through a wide branch network (45) and through ICT channels including:
• Digital Applications and Internet Banking
• USSD Mobile technology
• Mobile Wallet Services (Ecocash Services)
• Point of Sale Machines
• Agency Banking
• Biller Integration (ZINARA licensing, Local Authority Payments, and Electricity vending)
• Bulk payment channels and services

AFC Commercial Bank’s shareholders (Government of Zimbabwe) have accepted the need to transform its ownership structure in order to allow for a strategic partner, who once identified, will inject new capital. The Government approved the engagement of a strategic partner for equity off-take by investor/investors.

The Bank has one of the largest networks in Zimbabwe and the most expansive with 45 branches located in the 10 provinces in the country.