Zimbabwe registers six projects for carbon credits

Nelson Gahadza, Zimpapers Business Hub

FIRST Mutual Holdings Limited (FMHL) has announced plans to launch Zimbabwe’s first-ever gold exchange-traded fund (ETF), the First Mutual Wealth Gold ETF, in the second half of the year.

Group Chief Executive, Mr Doug Hoto, revealed the development during the company’s Annual General Meeting (AGM), stating that the product has already received approval from the relevant authorities.

“The fund tracks gold assets and gold mining shares listed on the Johannesburg Stock Exchange (JSE), and it is expected to be listed on the Victoria Falls Stock Exchange (VFEX) during the second half of the year,” said Mr Hoto.

This announcement comes as Zimbabwe Stock Exchange (ZSE) Chief Executive Mr Justin Bgoni confirmed that the bourse anticipates four new listings this year, particularly on VFEX.

According to Mr Hoto, the group’s Insurance Contract Revenue (ICR) for the half-year period ending June 30, 2024 grew by 15 percent year-on-year to US$84 009 million, up from US$73 193 million in the same period in 2023. This growth was primarily driven by increased customer uptake.

“Pure USD ICR contribution remained steady at 82 percent of total revenue, consistent with the prior year. Overall, USD-denominated revenue accounted for 80 percent of total revenue for the period ended June 30, 2025, up from 78 percent in 2024,” he said.

Mr Hoto noted that the group continued to operate profitably during the half-year period and successfully completed several significant projects both locally and regionally.

On regional initiatives, he said First Mutual Reinsurance had consolidated its presence in Botswana and was now expanding into East Africa, having completed business registration processes and awaiting approval for its operating licence. Additionally, First Mutual Health was granted an operating licence in Botswana on May 5, 2025, with business development operations expected to commence in the second half of the year.

“Diamond Seguros has expanded into health insurance in Mozambique, and the group has recapitalised UGI to enhance its operations,” said Mr Hoto.

Locally, First Mutual Life launched the land-backed product Imba Yangu / Indlu Yami Savings Plan, which provides access to residential stands valued from a minimum of US$15 000, with an option for a tax-free cash benefit equivalent to the sum assured upon death or the saved amount upon maturity.

During the review period, First Mutual Wealth completed Phase 1 of Midlands Park (Zvishavane), comprising 20 blocks of residential flats and cluster houses, delivering 116 family housing units.

These are scheduled to be officially opened in the third quarter of 2025.

Mr Hoto also highlighted developments in healthcare, noting that First Mutual Health Services had opened a fully integrated health facility in Beitbridge and expanded services in Masvingo and Mutare by adding dental and optometry units.