The effects of liberalisation of the Zimbabwean economy on the financial services sector and its stakeholders, and the role of a turnaround strategy by financial institutions in adapting to the new environment.
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The research study looks at the financial sector of Zimbabwe as it responded to the challenges posed by the trade liberalisation, which had been embraced by the government of Zimbabwe. In mis effort, particular focus was made to one of the financial institution in Zimbabwe, Zimbank (The Zimbabwe Banking Corporation) which found itself having to craft and implement a turnaround programme in order to adapt to me new environment The study looks at the challenges it experienced and the impact mis had on its stakeholders, particularly die customer. The liberalisation of the financial services sector in Zimbabwe brought about a new period which saw a lot of barriers of entry being removed. This resulted in the formation of new banks and increased the level of competition in that sector. A two pronged approach was adopted to the research (desk and field research) to gamer data on the effects of die turnaround programme. The data collected and analysed revealed that me turnaround programme saw me bank (Zimbank) surviving the competition as it came up with innovative products mat added convenience to its customers. A clear link was established between die turnaround programme and the provision of better services to the customers. However, it was also established mat the bank still has to do a lot to keep its customers aware of the strategic moves being taken by it When die turnaround programme was adopted, its customers were not so much aware of what was happening. It was therefore recommended mat the bank should improve its communication with customers, as there are partners in business.