‘Sound solutions key to business growth’

Enacy Mapakame

“It is never simple to start an advisory firm, much alone build a solid reputation in the industry,” said Dr Keen Mhlanga, founder and chairman for Chegutu-based Financial Kingdom (FinKing).

Challenging as it may seem, 31-year-old Dr Mhlanga did not give up on his dream of contributing significantly to economic growth by creating a financially sound, self-sustaining financial institution dedicated to enhance financial success in the country.

His dreams remain alive and he is aiming high.

“After properly reviewing everything, my major goal is to obtain a specialised banking license, the first of its kind in Zimbabwe,” he said by email.

For him, becoming a finance guru was not an accident, it started at an early age when as the oldest child, he handled transactions whenever his parents were busy with their schedules.

By the time he got to the age of 10, his pockets were now familiar with bank books and ATM cards from the then Beverly and Barclays banks.

The interest in banking and finance grew for a boy who started off from Sengwa Primary School in Gokwe to Shungu High School (Marist Brothers College) in Kwekwe and Rio Tinto Zhombe High School in Kwekwe where he did secondary education and later on to university.

Having teachers for parents simply meant academic failure was a taboo.

“Academic failure was frowned upon in my developing surroundings, and education was pounded into me as the most essential thing.

“I hold a PHD in Finance, Master of Commerce Degree in Banking and Finance, Financial Markets with Honours, Forensic Accounting and Fraud Examination, Long-Term Business with the Chartered Insurance Institute, and Bachelor of Commerce Honours Degree in Banking and Finance,” he said.

From thereafter, FinKing was born in 2019, and it has evolved into a one-stop shop for corporate solutions as a result of its status as a kingdom, with products spanning from accounting and auditing to corporate finance, business insurance, information technology, marketing, business awards and real estate.

This came out of the need to establish a link between a traditional financial advisory and a digital bank.

“I simulated what caused firms to default, file for bankruptcy, liquidate, delist on the ZSE (Zimbabwe Stock Exchange), fail within five years of existence, and downsize while working for Africa’s largest bank.

“All of these issues have a financial impact, and a well-managed financial advisory may contribute 43,8 percent of company growth, which leads to 64,2 percent of global economic growth.

“The motivation for establishing a financial institution was to assist businesses in growing and spur economic growth in small towns and cities that would feed our national grid.

“Organisations facing difficult financial decisions and conditions frequently require knowledge that is beyond their own resources’ capabilities.

A financial advisory can provide a second, unbiased view on personal and corporate growth strategies, as well as evaluate investment portfolios to see if current holdings are still appropriate for attaining short- and long-term aspirations,” he said adding financial advisory allows businesses to stay focused by helping identify challenges and providing solutions for them.

Dr Mhlanga admits the journey had its challenges, but together with a dedicated team, FinKing — now with a staff complement of 54 —  has grown from the small town of Chegutu to spread beyond borders offering services to clients in Namibia, Uganda, USA, South Africa, Somalia, UAE and India. Back home, Dr Mhlanga acknowledges the financial services sector has grown significantly but more still needs to be done to improve financial inclusion.

He said: “A few individuals and companies know about existing financing options in Zimbabwe.

“To reach consumers across Zimbabwe who aren’t completely served, a legislative and regulatory framework that allows for the entry of varied institutions and applies proportional regulation and supervision suited to their respective degrees of risk is necessary.“

“Policies that support a healthy, competitive atmosphere, as well as a level playing field for all providers, are also required.”