daniel chigunwe
Business Writer
The Zimbabwe Business Networking Forum, a pivotal event co-hosted by Financial Markets Indaba and CBZ Holdings Limited, which took place in London last week spotlighted investment opportunities across various sectors in Zimbabwe, offering strategic pathways for capital allocation into diverse asset classes.
The event featured keynote addresses from senior executives, providing attendees with in-depth insights into Zimbabwe’s evolving investment landscape.
The primary objective of the forum was to forge connections between the Zimbabwean Diaspora and local stakeholders, creating an environment conducive to height investment activities.
The UK Diaspora significantly contributes to Zimbabwe’s economy, with over US$500 million in annual remittances and direct investments.
This forum underscored their critical role as an economic constituency, serving as a platform to enhance these investment flows for mutual benefit.
A highlight of the forum was the introduction of CBZ Holdings’ latest innovation, ZIKICash—a new remittance mobile and internet application that allows users to pay bills or deposit funds into their nostro accounts without needing to withdraw cash first.
This platform offers extensive payment options, including VISA, MasterCard, Zimswitch and Ecocash and supports a variety of transactions such as bill payments, tuition fees and online shopping.
Additionally, CBZ Holdings has launched new Mortgage Finance products to aid Zimbabweans in the diaspora in securing property financing, overcoming challenges posed by their distant locations.
Keynote speaker, Lawrence Nyazema and CBZ Holdings Limited group chief executive officer (CEO), provided a comprehensive overview of Zimbabwe’s economic landscape and emerging market trends.
He highlighted the country’s robust population growth rate of 2,2 percent per year, compared to global and African averages of 1,1 percent and 1,7 percent, respectively.
This rapid growth, he said, signifies future demand across housing, food, education and healthcare sectors, presenting numerous investment opportunities in these areas.
“The growth indicates demand for shelter or accommodation and roads for instance,” said Nyazema, adding there is room for significant real estate development by private players like clusters, malls and hospitals.
Nyazema added that the rise in e-commerce, driven by increased internet penetration and changing consumer habits, further emphasises the potential for digital market expansion. The tech industry in Zimbabwe is also thriving, with startups and innovation hubs reshaping the business landscape, according to Nyazema.
The event also highlighted the transformative potential of the African Continental Free Trade Area (AfCFTA), which aims to create the world’s largest free trade area, connecting 1,3 billion people across 55 countries with a combined GDP of US$3,4 trillion.
Full implementation of AfCFTA could result in significant income gains and boost African trade, particularly intraregional trade in manufacturing.
Delegates also heard from Patience Patongamwoyo, MD and Licensee Estate Agent at Seeff, who discussed property investment opportunities in Zimbabwe highlighting that the residential, commercial and industrial property markets are poised for growth, driven by population growth, urbanisation and a reviving manufacturing sector.
Patongamwoyo emphasised the enduring value of real estate investment, despite potential risks such as interest rates and market fluctuations.
Commenting on the event, FMI managing director, Patrick Muzondo noted: “This event marked a significant moment for fostering collaboration and boosting investment activity, reinforcing the vital role of the Diaspora in Zimbabwe’s economic development.”
Overall, the event showcased the country’s economic potential and the critical role of the diaspora in its growth.
Bongani Ndlovu