BULAWAYO, Jun. 8 (NewsDay Live) — Cyber Bank chief executive officer Tawanda Nyambirai has urged Zimbabwean businesses to explore alternative and capital-friendly investment models, particularly diaspora remittances, to drive growth and competitiveness.
Speaking at the Zimbabwe National Chamber of Commerce (ZNCC) Matabeleland Annual Business Awards in Bulawayo on Friday, Nyambirai said traditional sources of capital had largely failed to support business expansion.
The awards were held under the theme: “From Resilience to Competitiveness: Charting a New Path for Sustainable Industrial Growth.”
“It is time for us to think differently, innovate and look at forms of capital that are friendly and fit for purpose to enable us to scale our businesses,” Nyambirai said.
He identified diaspora remittances as one of the most significant emerging sources of capital.
“Statistics show that millions of dollars continue to flow into the country through remittances. What is important is the emotional connection attached to that capital. It is long-term capital,” he said.
Nyambirai said remittances are often overlooked as investment capital despite funding income-generating projects such as rental properties and small businesses.
“Our relatives in the diaspora send money to build houses and other assets that generate income. That is investment capital, just like foreign direct investment coming into the country,” he said.
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He argued that diaspora investors should receive treatment similar to that accorded to foreign investors.
“If a foreign investor brings money into the country, they are allowed to repatriate their capital, profits and interest. We should begin recognising and supporting diaspora capital in the same way,” Nyambirai said.
He encouraged Zimbabweans working abroad to pool resources through self-financing and investment schemes to unlock larger and more affordable funding streams.
“There are people working in mines in South Africa and elsewhere who regularly remit money home. That capital can be organised and scaled up through collective investment mechanisms,” he said.
Nyambirai also criticised traditional insurance and pension-based investment models, arguing that they had failed to stimulate economic growth and, in some cases, had left beneficiaries worse off.
“We must innovate and move away from relying solely on traditional methods of mobilising capital if we are serious about building sustainable businesses,” he said.
Traditional leader Chief Dakamela, who also addressed the gathering, urged businesses to invest in rural areas, citing abundant land and untapped economic opportunities.
“Let us also consider rural investment, where there is plenty of land and significant potential for development,” he said.
The annual awards ceremony attracted business leaders and industry executives from across the region and recognised companies that have demonstrated excellence, innovation and resilience in contributing to Matabeleland’s economic growth.
