The Bank evolved from the Land and Agricultural Bank (LAB) of 1924 of the then Government of Southern Rhodesia, to the Agricultural Finance Corporation (AFC) which was established in 1971 to Agricultural Bank of Zimbabwe Limited, trading as Agribank in 2000 by various Acts of Parliament. AFC Commercial Bank is 100% owned by AFC Holdings. AFC Holdings currently operates under a legal framework whereby the Government of Zimbabwe owns it through its Ministries. The Ministry of Finance and Economic Development and the Ministry of Lands, Agriculture, Fisheries, Water, Climate and Rural Development maintains a 50% shareholding apiece in the institution.