TN Holdings will officially launch its first medical fund unit in Zambia next month, according to group CEO Tawanda Nyambirai.
TN Medical Fund Zambia will be the first regional operation of the financial services company, parent to Zimbabwe’s sole virtual bank and four other subsidiaries namely, TN Medical Benefits Fund (Zimbabwe), TN Financial Advisory Services, TN Asset Management and TN Harlequin.
TN Harlequin, the group’s furniture division born out of the rubble of Tedco Holdings which wound up and sold its interests to TN last year, is expected to establish its footprint in that territory in the near future.
Nyambirai said TN Holdings would be launched on the back of a $500 000 investment.
“We expect the launch in February as we expect to finish all the signing up of service providers by this month,” Nyambirai said.
“It’s more to do with skills, not money.”
The company obtained regulatory approvals to open up the medical fund from either country last year.
Nyambirai said TN Holdings was already familiar with the Zambian market to which it started exporting furniture last year.
“We are looking forward to set up a furniture factory in Zambia in the near future, because the country has hardwood which is good for the furniture business,” Nyambirai said.
TN Holdings last year embarked on a recapitalisation of the group’s divisions with funding from TN Bank, starting with TN Harlequin, which was added to the group to provide a branch network for the virtual retail bank.