Frank Sibanda and Francisca Netsai

Frank Sibanda and his wife, Francisca Netsai, a Bulawayo couple in their mid-sixties, have been sentenced to seven years behind bars after taking advantage of a banking error at Stanbic Bank Zimbabwe to access over US$30,000.

Frank Sibanda and, Francisca Netsai, both 65, spent the unexpected windfall on a lavish shopping spree in Zimbabwe and South Africa after the funds were mistakenly transferred into Francisca’s account.

Bulawayo regional magistrate Dambudzo Malunga found the couple guilty on 47 counts of theft.

However, four years of their sentence were suspended on the condition that they do not commit similar offences within the next five years. The remaining three years will also be lifted if they repay the stolen amount through the clerk of courts by June 20.

The situation began on February 5 of the previous year when Francisca opened a Silver Banking account at Stanbic Bank’s Joshua Nkomo Street branch in Bulawayo.

Her daughter, Rudo Sibanda, falsely claimed Francisca was employed at her Harare-based company, Cominergy Construction Mining Energy, to facilitate the account opening.

Francisca was issued a Visa card linked to the account. On April 5, she attempted to purchase goods worth US$17.95 at National Foods Bulawayo using a Steward Bank ZiG POS machine, but the transaction failed.

During the interbank settlement process, Steward Bank mistakenly reversed the transaction via ZimSwitch, crediting her account with ZWG 579,116.21, equivalent to US$40,850.86, far exceeding the original transaction amount.

Noticing the error had gone undetected, the Sibandas began withdrawing and spending the money. Between April 30 and May 1, they withdrew US$2,025 in cash from Stanbic Bank in Bulawayo and spent over US$32,085 through ATM and POS transactions in South Africa.

Their shopping spree included visits to high-end food markets in Johannesburg’s Sandton area and trendy spots like Maboneng Precinct, known for its restaurants, boutiques, and art galleries.

Stanbic Bank later detected the fraudulent activity and tracked Francisca’s Visa card transactions, which revealed significant withdrawals and purchases between Bulawayo and South Africa. The couple was eventually arrested and charged with theft.

Though they received a seven-year sentence, they have a chance to avoid serving time if they reimburse the bank in full by the given deadline.