banking problems
- This is a preview of the essay.
To view the full text you must login!
Chapter 1
1.0 Introduction
Company background
Rapid Financial Holdings Limited (RFHL) is a Harare-based, financial services group located at CABS Centre. Rapid started as an unregistered money broking firm then known as Rapid Securities Private Limited in July 1996. Rapid Securities was not a fully-fledged financial institution and as a result other players in the industry as well as the general public gave no due recognition to it. The Securities firm faced problems in attracting deposits favourably and obviously were branded alongside several bogus financial organizations that collapsed during the era of economic liberalization. The pioneers of the institution envisaged greater potential and persevered till the formation of Rapid Discount House the following year. Experience and professionalism finally paid off when a formidable player in the financial services sector was incorporated on the 11th of September 1997 and subsequently registered with the Ministry of Finance as a Discount House on the 15th of October the same year. Rapid Discount House took over the assets of Rapid Securities. Last year Rapid Discount House became part of a newly launched group known as Rapid Financial Holdings Limited incorporated in May 2002. The dynamic and rapidly evolving nature of the banking industry gave way to the formation of the holding company...