Kingdom Bank temporarily shuts down

KINGDOM Bank Limited (Kingdom has shut down for three days, a senior official has confirmed.

Nigel Chanakira.
Nigel Chanakira.

"Yes, we will be shutting down from Saturday, June 30, until Monday, July 2, 2012," he said in an interview.

"This is mainly because our business partner, Africa Asia, is upgrading our system to fit with their advanced one. We have new partners as you now know in Zimbabwe," he said.

Kingdom Financial Holdings Limited (KFHL), founded by banker, Nigel Chanakira, fell on hard times after the messy divorce with its business partner, Meikles Africa Limited.

Kingdom Bank Limited had borrowed US$22,4 million from Meikles for recapitalisation and further expansion, a sum Meikles immediately demanded when the divorce was announced.

Kingdom will now change its name to AfricaAsia Bank Limited after new investors recently came on board.

In Bulawayo, angry customers, some of whom had come from as far as Ntabazinduna about 24 km away, were shocked to see the Kingdom Bank Limited doors closed announcing that they would only be reopened on Monday.

"They should have told us this before they closed their doors," an angry security guard said at the Kingdom Bank's Bambanani Branch in central Bulawayo.

"They wanted our cash before but are now refusing to give it to us when we need it. I want to go to South Africa today and have no cash to travel over the weekend."

Kingdom said all branches countrywide would be shut for the system change-over which began on Saturday.

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