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The Root Causes of Bank Failures in Zimbabwe Since the Year 2008 to 2015

Since the year 2000, the Zimbabwean banking sector continues to experience unprecedented bank closures. The study seeks to identify the root causes that led to the banking crisis and to suggest solutions and measures that can be adopted to improve the financial sector. It also seeks to examine the effects of bank closures. The study finds that the root cause of bank failures in Zimbabwe is poor corporate governance practices. It was established that poor corporate governance resulted in other negative factors such as huge non-performing loans (NPLs) and poor credit risk management. The study also identifies weak and ineffective regulatory and supervisory framework, poor state of economy and under capitalization as other factors that caused the banking crisis. Loss of confidence and loss of employment were found to be the biggest effects of bank failures. Banks, government, the Reserve Bank of Zimbabwe (RBZ) and other responsible authorities should collectively institute measures to prevent future banking crisis. There is need to review and update financial sector policies and adopt prudential corporate governance practices.