Tinashe Makichi Business Reporter
At 32, Courage Mashavave has achieved corporate success after being appointed the chief executive of TN Asset Management Group.
He epitomises an emerging breed of young trail-blazing and goal-oriented executives who have are set to leave an indelible mark in the corporate world.
His success has not come on a silver platter as he had to fight his way to the top from his entry point into the corporate corridor as a clerk. His hard work saw him move into lower level management and middle level management and then senior management in a 13-year stint during which he worked for CBZ, Trust Bank, ZABG, Agribank before settling for TN Asset Management.

“Well, I have been working in the financial services industry for 13 years now which is a fairly considerable time. I worked for six large institutions in various capacities where I gained immense knowledge and experience that is helping me today in my current portfolio.
“I started from the bottom with a clear vision of where I wanted to go and what I wanted to achieve in my career,” he said.

His appointment to head TN Asset Management came at a time the country was experiencing hyperinflation and economic challenges signalling a make or break appointment for his career.

He did not disappoint as he navigated his team through the stormy waters by introducing a number of products that maintained value for investors.

“During my time with TN Asset Management as general manager and then later as chief executive officer, we developed innovative solutions that retained value during Zimbabwe’s hyperinflationary period (2007-2009),” said Mashavave.

He said investment options such as the Hybrid Fund, Employee Investment Schemes and Medical Benefit Solutions were tailor-made for a broad spectrum of investors and intended to meet the different expectations.

Turning to the liquidity situation in the country, Mr Mashavave said there is need to restore depositor confidence in the financial sector that was eroded during the economic challenges.

“It is no secret that many customers have been grossly affected by various goings on in the banking industry. The collapse of some banks as well the demonitisation of the Zimbabwe dollar all left scars in the general populace. Depending on the stability of the existing banks and how they stand the test of time, depositors will gradually gain confidence. However, the persistent liquidity constraints are making it difficult for the market to regain the confidence of its customers.

“Our industry is largely informal at the moment and banks have not done much in bridging that gap with the informal traders hence some of the funds largely remain outside the banking system. Banks are not willing to lend to them without ‘adequate’ security and therefore informal traders shun banks. The failure by the Government to prosecute the management fingered in collapse of banks is also another challenge so until we see some of these processes being undertaken, customer confidence will remain low. The new capital requirements are a step in the right direction and significantly empowering the Deposit Protection Board will go a long way in restoring customers’ faith in the banking sector,” he said.

He added that the successful hosting of the harmonised elections was a factor that the country should leverage on.
“We have just come out of a general election and a new Government is in place. Success or failure will depend on issues that are related to the policies to be adopted by the new Government. Some of the factors will include the Government’s ability to engage the international community in rebuilding investor confidence, the fight against corruption, fiscal discipline and the rebuilding of the key sectors of our economy including the agricultural sector, mining and manufacturing,” he said.

He was also optimistic about the indigenisation policy saying it is going to reap good rewards in the coming years.
“The indigenisation framework contained in our legislation is fairly new. There is still a lot of debate at policy level on how best to achieve indigenisation. The debate between the former Minister of Youth Development, Indigenisation and Empowerment Saviour Kasukuwere and the Reserve Bank Governor, Dr Gideon Gono, was most vibrant.

“As with all things new, we will experiment, make mistakes, and eventually get it right,” he said.
Mashavave was born on November 23, 1980 in Seke. He is the second born in a family of six – two girls and four boys.
He attended Mutare Junior School and Hartzell High School respectively for his primary and secondary school. After high school he proceeded to the University of Zimbabwe where he obtained a Bachelor of Science Degree in Banking and Finance. Thereafter, Mashavave joined the Self-Help Development Foundation in 2000 as an accounts clerk.

He spent a year at the organisation before joining CBZ Bank in 2001. He attributes his success to a number of people. “I look up to a number of people who over the years have embodied qualities that I resonate with. In business circles, (Econet founder) Dr Strive Masiyiwa and (TN Holdings founder) Mr Tawanda Nyambirai inspire me a great deal.

“I also subscribe to certain philosophies by renowned international investors like Warren Buffet. I, however, am mostly inspired by my mother who has defied all odds to become a beacon of excellence in my life,” he said.

He is married to gospel sensation Fungisai (nee Zvakavapano) and the couple is blessed with three children.

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