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New hope for Time Bank

TIME Bank’s bid to reopen was given new hope following the return of its computer system.


The institution is now doing a one-month verification exercise to ascertain whether or not its assets are intact.

Once the exercise is complete and all the assets are in place, it will reopen by June.

Sources said it would re-open as an investment to capitalise on the need for advisory and capital raising services in the economy.

The return of the computer system was supposed to be done in 2009 but could not take place after the former curator, Tinashe Rwodzi, said he had lost the passwords.

A dispute arose on who would pay for the recovery of the passwords. The central bank then asked Time Bank to pay for the recovery of the passwords.

A computer expert from India was engaged who managed to open the computer system in the presence of all the parties involved.

The agreement was that all the parties were supposed to sign the printouts.

It was at the meeting that representatives of the central bank and the former curator requested for more time indicating that they wanted authority from their principals.

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