Byo wants city-headquartered bank

A NUMBER of business leaders in Bulawayo are planning to come together and form a bank, headquartered in the city, for the benefit of the industry.

BY MTHANDAZO NYONI

Speaking at the Bulawayo Investment Conference held in the city on Friday, former Confederation of Zimbabwe Industries president, Busisa Moyo, said industry in Bulawayo was suffering due to absence of financial services headquartered in the city.

“. . . we must have a vibrant financial services centre. We need financial services that are focused on Bulawayo and it in this regard I think it is a time that there was a bank that is headquartered in Bulawayo,” he said amid applause from delegates.

“We need a bank that is focused on the city and we would be collaborating with a few colleagues to see if we can get a licence so that we can develop it. There is no economy that has ever developed without the support of a vibrant, active, engaged, creative financial services offered and we need that for the city.”

Moyo said businesses should also explore other forms of investments such as business engine investments, private funding, crowd funding and private equity funding, among others.

He said industry in Bulawayo needed acceleration of the inclusive process around anchor projects in the city.

“It’s important that we dialogue and discuss. It’s good that deals are being signed, but as Bulawayo, we would like to participate before deals are signed so that we are involved, so that we participate and we contribute because we live here,” Moyo said.

“We need fully resourced government offices that operate in Bulawayo that can issue permits and documents in Bulawayo. A young person wanting to start a business in a particular area will not have the resources to always go up to Harare to chase after a permit. This is not an offence to Harare or a complaint, this is just pointing out to the fact that we can do better if we had fully resourced.”

He said if all those interventions were implemented, doing business would be faster, better and more viable without incurring costs.

Moyo applauded the Industry, Commerce and Enterprise Development ministry for decentralising its services to Bulawayo.


“But there are still other ministries where we need assistance in getting these offices to be fully functionally,” he said. “We need a decentralised tender board. When we are applying for tenders, all of them are centralised even for tenders that are here. That may need to be adjusted so that we are faster and we participate,” Moyo said.
He said industry in Bulawayo was in dire need of foreign currency for it to survive.

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10 Comments

  1. Only-in-Zimbabwe

    City-headquartered bank? Sounds very crappy in my view. So Mr Moyo for a city to prosper it needs a bank to be headquartered there hahahaha. They must put their papers and capital together and form a bank and stop imagining that if there’s a bank HQ’d there then the city will prosper

    1. You are missing the point. It is sometimes better to just shut up!

  2. if only we had people who actually think better, problem is non of these business people have the fundamentals of economics. that’s why they give these lame solutions.

  3. only in zim u are an educated failure go to back to school

  4. newe futi think big

  5. these guys read that the easiest way to rob a bank is to form a bank…. form one raise deposits give yourselves loans then u write off as non performing then close it and make all depositors lose and wait for deposit protection which pays at most 500 after bank liquidation despite the money being insured

    kasukuvere did it with genesis mpofu zabg mtuli babican

  6. it’s not like vanoterera zvotaurwa nesu, mafull of i know akawandisa kutop uko. we are not all theoretical but they don’t give our ideas a chance; there should be a call out to all economist and economics students in bulawayo to submit proposals for a way forward. then they go head to head with the top 3 solutions. then the best wins. “the best- the one that addresses the current situation.”
    Having money doesn’t mean you think zvepamusoro.

  7. a big NO to tribal banks

    1. Ohh its now tribal?. where have you been?

  8. Good move Moyo and team. You have my support. @Only-in-Zimbabwe remember that all big banks are headquartered in Hre, meaning every decision making is centralised. It takes time for companies in Byo to have their documents for loans or whatever approved in Hre because of that.So to have a bank cetralised in Byo would be helpful.

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