CBZ is Zimbabwe’s largest bank, but CEO Lawrence Nyazema sees it as a big fish in a small pond. He says it’s time for the bank to expand beyond the country’s borders—starting this year.

CBZ had planned to grow through mergers and acquisitions, including deals with First Mutual Limited and ZB, but competition regulators blocked the moves. Despite this setback, the bank is still convinced it can go international.

“We cannot remain a Zimbabwean play, our partners are venturing out into the world, and we cannot leave them to go there alone,” Nyazema told a meeting of top clients on Wednesday.

CBZ will take its first steps outside Zimbabwe by the end of the year. Its first target is South Africa, which accounts for 70% of Africa’s insurance revenues. The bank is also looking at Botswana and other markets beyond Africa.

“We like Botswana not as a market where we generate revenue, but we like Botswana because it’s friendly from a capital perspective,” he said. “We believe we’ll be able to raise reasonably priced capital either to deploy in Botswana or to deploy elsewhere in the world.”

Nyazema wants to see CBZ expanding into Africa, the Middle East, and the Americas. “Our goal is to be present in seven African countries, one Middle Eastern country, and two South American countries.”

Zimbabwean companies, especially banks, don’t exactly have a stellar record in their attempts to operate in the region. The list of companies that tried and ran back home is long. Nyazema says CBZ will be more cautious, given the size of more experienced operators in the region.

“The company is adopting a measured approach, acknowledging its relative size compared to established players in the target markets,” he says. “We acknowledge our size; we may be big in Zim, but we are very small elsewhere.”

To scale up, CBZ will explore joint ventures or mergers and acquisitions where it can.

The bank is also looking to underwrite more business. After raising US$50 million in credit lines from Afreximbank in February, CBZ now plans to raise up to US$500 million this year. With Zimbabwe shut out of international markets, Nyazema sees this as a major achievement.

“Raising half a billion dollars is our goal, but it must be under the right conditions. If we achieve this, it will greatly benefit the economy by stimulating trade, supporting business activities across various sectors, and ultimately enhancing overall economic growth,” Nyazema said.