Staff Profiles

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Dr. Victor Gumbo
Senior Lecturer
Block 246, Office S225
+267 355 4372

Passion: Passionate about the applications of Mathematics and its interactions with Finance & Banking, Insurance, IT, Economics and the Real world in general.


Teaching Areas: Financial Engineering, Risk Modeling, Derivatives Pricing & Applications, Revenue Modeling


Community Service: Sharing knowledge and expertise with industry and the general public.


Research Interest and Ongoing Research projects (websites)

  • Risk Modeling,
  • Tariff Modeling,
  • Tax Revenue Modeling,
  • Real Options Valuation
  • Financial engineering

Go to:


List of some Publications


  1. Gumbo V, "The LIBOR Market Model and its Application in the SAFEX-JIBAR Market", 2011, ISBN 978-3-8383-5372-2, Lap Publishing. (Available on online bookstore on

Publications in refereed journals

  1. Gumbo V, “The SAFEX-JIBAR Market Models” Journal of Mathematical Finance, 2012, 2, 321-326 doi:10.4236/jmf.2012.24035 Published Online November 2012 (
  2. Gumbo V and Zoromedza S, “Bank Failure Prediction Model for Zimbabwe”, Applied Economics and Finance Vol. 3, No. 3; August 2016 (to appear). Received: April 28 , 2016 Accepted: May 12 , 2016 Available online: May 27 , 2016.
  3. Gumbo V and S Siziba, “An Econometric Approach to Incorporating Non-normality in VaR Measurement” Journal of Mathematical Finance, 2016, 6, 82-98. Published Online February 2016 in SciRes.
  4. Gumbo V, A Jaison and E Chikodza, "Estimating Retail Loss Given Default – An empirical Approach”, Journal of Finance, Vol 4 No. 5, June 2016.
  5. Gumbo V and A Jaison, Retail Probability of Default Modeling”, Journal of Finance, Vol 4 No. 4 May 2016.
  6. Gumbo V & Muwando S, “Country Risk Model for Zimbabwe” Pioneer Journal of Theoretical and Applied Statistics, Vol 6 Number 1, 2013, Pages 25 -41. Available online on
  1. Dube C and  Gumbo V. “A Model for Financial Inclusion: The case of the Retail Industry in Zimbabwe”. Business and Management Studies. Vol 3, No 3 (2017) DOI:
  1. Dube C and  Gumbo V. “Diffusion of Innovation and the Technology Adoption Curve: Where Are We? The Zimbabwean Experience.” Business and Management Studies. Vol 3, No 3 (2017) DOI:
  1. Gumbo V & Tendere P,  “An Assessment of Futures Contract Specifications for the Re-Launched Commodity Exchange of Zimbabwe (Comez)”, Agricultural Journal, Year 2013, Volume 8, Issue 6, pages 282-288.
  1. Gumbo V, Matenda F R, Eriyoti Chikodza, “Measuring Gap Risk for Constant Proportion Portfolio Insurance Strategies in Uncertain Markets”, Journal of Mathematics and Statistical Science. Vol.1, Issue 1, August 2015, pages 18-31.
  1. Dube C and  Gumbo V, “Adoption and Use of Information Communication Technologies in Zimbabwean Supermarkets”, Applied Economics and Finance, Vol. 4, No. 1, January 2017. DOI: