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.
AFC Commercial Bank Limited is incorporated under the Zimbabwe Companies Act (Chapter 24:03) and is registered as a commercial bank in terms of the Zimbabwe Banking Act (24:20). The Bank’s main business is provision of agricultural related loans, retail banking services, discounting bills, treasury services and provision of bridging finance. The Bank is a loan granting and deposit taking development financial institution subject to the supervision of the Reserve Bank of Zimbabwe.