Farirai Machivenyika Senior Reporter
President Mnangagwa yesterday launched an online and mobile platform that enables the public to trade and invest on the Zimbabwe Stock Exchange (ZSE) from anywhere in the world.
The President commended ZSE for coming up with the C-Trade platform, the first of its kind in Africa.
He said the development would open up financial markets for broader participation on the stock market.
“This is indeed another milestone achievement in the financial services sector as this platform will allow the broader spectrum of our society to directly trade and invest on the ZSE.
“This development is further set to deepen financial inclusion in the capital markets through the use of the C-Trade platform and its attendant online and mobile application which can be utilised by mobile networks subscribers,” said President Mnangagwa.
He said the platform was in line with Government’s “Zimbabwe is open for business” mantra and would increase the volume of traffic on the stock market.
“The C-Trade platform is coming against the backdrop of the recent commissioning of two banks meant to financially empower women and the youths, the Zimbabwe Women Microfinance Bank and Empower Bank.
“These initiatives are in line with the four-year financial inclusion strategy which my Government launched aimed at improving access to financial services and the achievement of inclusive economic growth to benefit the majority of our people.
“Under this strategy, Government seeks to unlock economic opportunities for everyone by expanding access to credit finance, saving, insurance, capital markets and structural payment systems,” added President Mnangagwa.
He said the establishment of a robust stock exchange was essential in mobilising financial resources and encouraging corporate governance and transparency and respect for shareholders’ and stakeholders’ rights.
“A robust stock exchange facilitates the mobilisation of resources and foreign capital inflows. My Government is on an international re-engagement and engagement drive to attract investment in our quest to modernise and industrialise our country. To that end foreign direct investors need to move in their capital easily and the C-Trade platform, through its various payment gateways will give investors throughout the world a chance to take part in the country’s capital markets,” the President said.
He said the country had received increased interest from investors in the various economic sectors with some considering listing on the ZSE adding developments such as the C-Trade platform would had come at an opportune time.
President Mnangagwa urged the ZSE to assist small and medium enterprises improve their governance structures with the ultimate objective of listing on the stock exchange.
“The ability of our stock exchange to perform these roles is dependent on the existence of a combination of relevant enabling policies, processes and institutional frameworks.
“To that end, my Government will continue to put appropriate policies which promote growth of the financial services sector and foster a conducive environment for business to thrive,” said President Mnangagwa.