Online Reporter
Martin Kadzere
IMAGINE leading a sector that has faced economic shocks so severe they have wiped out a nation’s life savings.
This is the world of Ms Sandra Musevenzo.
Stepping into the role of director-general of the Zimbabwe Association of Pension Funds (ZAPF), she is making efforts to rebuild trust and value in a system shaken by previous episodes of hyperinflation and currency volatility.
Ms Musevenzo’s journey in pensions administration began nearly two decades ago, driven by a deep commitment to financial inclusion and governance.
Her career has been marked by continuous academic and professional growth, from holding various certificates in pensions and insurance to a Master’s degree in Business Administration, and ongoing training in the pensions space.
Having served in various roles across the insurance and pensions sector, she has built her capacity to lead, advocate and innovate.
“Becoming director-general of ZAPF was a natural progression, an opportunity to serve the industry at a strategic level and champion reforms that protect the dignity of pensioners,” says Ms Musevenzo.
“I find joy in knowing that my work contributes to the financial security of Zimbabweans, especially those who have served their country faithfully and deserve dignity in retirement. The other exciting aspect of working in the pensions sector is its complexity; it demands both depth and agility.
“Navigating this space has made me highly versatile, as I engage with professionals across a wide spectrum: from policymakers shaping national frameworks to seasoned business leaders driving investment strategies, to ambitious start-ups reimagining financial inclusion to asset managers, actuaries, pension administrators, bankers, regulators and auditors, who each play a critical role in the system.”
She said each interaction sharpened her perspective and reinforced the importance of collaboration in building a resilient and responsive pensions ecosystem.
A career forged in crisis
Her career was forged in the crucible of a crisis, as she has spent most of her professional life navigating and seeking to mend the profound damage inflicted upon pensioners by yesteryear hyperinflation.
The 2008 hyperinflation crisis had devastating consequences for pensioners, wiping out the real value of their lifetime savings.
The Government established the Commission of Inquiry into the Conversion of Insurance and Pension Values from the Zimbabwe dollar to the US dollar in 2009.
The commission confirmed massive loss of values and recommended compensation for affected pensioners.
While this was a critical step towards justice and accountability, the compensation process remains incomplete. Many pensioners still wait to be compensated for the erosion of their retirement savings.
“As ZAPF, we continue to advocate for the full implementation of the commission’s recommendations, because restoring value is not just a financial obligation; it’s a moral imperative,” she said.
While the 2018 currency reforms brought renewed hope, they also brought a fresh wave of confusion and loss, further exposing systemic vulnerabilities.
But the currency situation is now stable following the introduction of the Zimbabwe Gold (ZiG) currency that is backed by gold and other precious metals.
The past events, Ms Musevenzo explained, have only strengthened her resolve to advocate for robust governance, diversified investment strategies and inflation-proof benefit structures that shield pensioners from macroeconomic turbulence.
She contends that the fixed-payout model for retirement is no longer viable. She argues that retirement security must now include entrepreneurship, flexible savings and diversified income streams.
To achieve this, she advocates for hybrid models that blend traditional pensions with investment-linked options and micro-enterprise support.
Ms Musevenzo believes empowering workers to build wealth beyond a regular payslip is no longer optional; it is essential for a secure future.
“A thriving entrepreneurial ecosystem is not just good for business; it’s vital for national development,” she said.
Being on a mission to rebuild trust in a system shaken by hyperinflation, navigating the intersection of economic volatility and public trust remains her greatest challenge.
Pension funds, by nature, are long-term instruments, yet they operate in a short-term, unpredictable environment.
Balancing regulatory expectations, member interests and sustainability while advocating for systemic reform is a delicate and often an uphill task, with public perception remaining one of the most significant obstacles.
She recounts typical reactions whenever she introduces herself as a pension consultant: “It’s a reflection of the deep mistrust rooted in past economic shocks. So, part of my role has become advocacy, educating people, shifting mindsets and rebuilding confidence in retirement planning. It’s not just about numbers; it’s about restoring dignity and hope for the future.”
Navigating the new currency
The introduction of ZiG could have caused sleepless nights for Ms Musevenzo, especially given the past experience of savings being wiped out.
However, this was not the case for Ms Musevenzo, who believes the introduction of the gold-backed local currency was a bold move. Scepticism, she explains, was due to memories of previous instability episodes that fuelled the initial anxiety.
“If managed transparently and backed by real assets, ZiG could offer stability. However, for pensions, the key concern is convertibility, long-term value preservation and trust. We continue to monitor its impact and engage policymakers to ensure pensioners are not left vulnerable,” she said.
“Pension funds that strategically invested in the gold coins are now reaping the benefits; many are, quite literally, smiling all the way to the bank. The returns have been strong, and the asset has proven resilient against inflationary pressures.
“This move underscores the importance of diversification and the value of aligning pension investments with stable, real assets, especially in an economy like Zimbabwe’s, where trust and value preservation are paramount.”
National development
Ms Musevenzo says the pension sector has immense potential for growth if it embraces new strategies and tools.
She notes the importance of informal sector inclusion; digital platforms; and environmental, social and governance (ESG)-aligned investments.
She also highlights the opportunities in green finance and contributions from the diaspora.
The key aspect, she says, is creating agile policies that align with the daily realities of Zimbabweans.
Ms Musevenzo says ZAPF maintains a strong, constructive relationship with the Government, actively engaging in policy dialogues and contributing to national development initiatives like the National Development Strategy 2 (NDS2).
She dismisses claims of low participation by pension funds, highlighting their significant commitment of approximately US$280 million to various national development projects as of March 2025.
The investments, which include contributions to Treasury Bills (TBs), the Old Mutual Zimbabwe Development REIT and initiatives in agriculture and housing, are all guided by a strict fiduciary responsibility to protect members’ futures through clear risk-return frameworks.
Harmonious life of a leader
Ms Musevenzo is an avid runner, a novice golfer, a student, a devoted mother and a committed professional.
“Each of these roles shapes who I am; they are not in competition, they are in harmony,” she said. “Running fuels my discipline, golf teaches me patience, motherhood grounds me in love, my professional life drives my purpose and my academic journey stretches my vision.
“Together, they form the rhythm of my life. It’s a constant dance, and I’ve learned to strike a balance because they all matter deeply. I prioritise what truly counts: my family’s well-being, my faith and my purpose.
“I’ve also learned to delegate, to pause and to protect sacred time. My personal life doesn’t compete with my professional passion; it fuels it. When I’m grounded in love and community, I lead with clarity and compassion.”
