SecZim hosts a 3-day stakeholders engagement strategic review and implementation meeting.

KUDAKWASHE COFFEE |  3 weeks ago | top

In Kariba, the securities and exchange Zimbabwe had a three-day stakeholders engagement strategic review and implementation. This was to review and create a new plan for SECZIM that will allow it to protect investors on the Zimbabwe stock exchange, the financial securities exchange, and the Victoria falls stock exchange. During the review, members of the ministry of finance highlighted the need for the commission to create a stable and effective capital market for investors with a clear rate, as well as the need for SECZM to come up with modules that can be taught from the primary to the tertiary level. Members of the media expressed concerns, saying that SECZIM should be able to disclose information to media institutions for it to be disseminated to the public due to the commission's limited knowledge. Mistakes have been made between SECZIM and ZSE members of the public believe it is just a subdivision of the ZSE. Sec Zim's acting CEO, Mr Dzangare, told NyamiNyami FM news that the commission's role is to register any organization or person involved in the capital markets, which also includes the ZSE, Vic falls stock exchange, and the financial securities exchange.“One of the most painful things that have happened in our country is these ponzi schemes. People have lost money to these unregistered asset managers who collect it claiming that they will invest it to make it multiply within a month. These people then disappear.”

It was also mentioned that the investment classes available for pension funds should be reviewed because the current classes are out of date. Members of the association of life and pensions fund stated that the nostro accounts are diluting investments, costing pensions payments and subscriptions, therefore the monetary policy should be changed. The suspension of old mutual, Seedco, and PPC from the ZSE in June 2022 has hit the life and pensions funds, so ZSE should create a policy that also protects investors and also educates them on the investor protection funds since most don't know what they are about. The need to create capital markets for small businesses and educating them was also highlighted, as small businesses contribute up to 50% of Zimbabwe’s GDP.