Online Reporter
Nelson Gahadza
Zimbabwe’s largest financial institution, CBZ Holdings, says embracing Artificial Intelligence (AI) and trade finance has the potential to drive economic growth, given the technology’s ability to enhance productivity and efficiency.
Group chief executive officer Mr Lawrence Nyazema, speaking at the group’s thought leadership meeting, said Zimbabwe had the potential to become a hub for AI innovation, given its skilled workforce and potential for renewable energy.
“In terms of AI, not only at a country level or continental level, but even at a global level, they do not come better than Professor Arthur Mutambara. We invited one of our own to come and share with Zimbabwe on what AI is at its most basic and how we can take
advantage of the technology as an economy going forward,” he said.
Mr Nyazema said the AI global capital is now almost US$4,5 trillion and Zimbabwe cannot afford to ignore that.
“What is important is for us not just to use the AI that has been created elsewhere in other places; we need to be at the centre of the creation of AI that talks to our values and ethos as a country. We already have raw ingredients such as energy and the potential
oil project that is coming through Invictus Energy,” he said.
Mr Nyazema also emphasised the importance of trade finance and infrastructure development in promoting economic growth.
He highlighted the bank’s partnership with Afreximbank, which has provided lines of credit exceeding US$200 million for trade finance.
“Afreximbank has not only been a friend to Zimbabwe, but to CBZ and we are now enjoying lines of credit of more than US$200 million, mostly in the trade finance space. Afreximbank has since indicated that it wants to take that number to US$500 million in the
fullness of time,” he said.
Mr Nyazema said last month, CBZ formed a joint venture partnership with Afreximbank’s African Trade Distribution Company, which will be instrumental in the rollout of trade across the continent.
“The joint venture that we formed will promote Zimbabwean exports, starting with agricultural products, and gone are the days when our farmers would struggle for export markets at the right price,” he said.
