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Zim joins Deepening Africa’s Financial Sector programme

BY MISHMA CHAKANYUKA

THE Securities and Exchange Commission of Zimbabwe (SECZ) has joined the United Kingdom-funded Deepening Africa’s Financial Sector (FSD), which is part of a continent-wide initiative to support capital market regulators so they attain international standards.

In a statement, FSD Africa said the programme will review SECZ’s operations and identify areas that require strengthening.

The programme will also fund the development of a capital markets master-plan that will outline the actions needed to develop the capital market sector and broaden Zimbabwe’s long-term financing base.

Commenting on the programme, head of office for the United Kingdom Department for International Development (DFID) in Zimbabwe and South Africa, Annabel Gerry, said the organisation was excited about the initiative as it will help unlock a key source of long-term financing for businesses.

“DFID is both excited and proud to be a part of this initiative that will assist in strengthening the SECZ’s capacity to regulate the capital market. This will help unlock a key source of long-term financing for businesses that can drive robust and inclusive growth in Zimbabwe,” Gerry said.

SECZ chief executive officer Tafadzwa Chinamo said the programme could not have come at a better time.

“We have before Cabinet amendments to the Securities Act which seek to remodel the capital market in line with international best practice.

“Such is the enormity of the amendments; that implementing the regulatory changes implied by the proposed new laws will embrace a wider stakeholder base. It is
for this reason the commission is excited by the assistance from FSD Africa and welcome the prospect of building our capital markets from a position of
knowledge and inclusivity,” he said.

Regional lead, fragility and conflict States and Zimbabwe country representative FSD Africa, Rufaro Maunze, said the initiative will help Zimbabwean households
and entrepreneurs access innovative and affordable finance so that SMEs can thrive, and households can move out of poverty.

FSD Africa director Mark Napier said the programme will broaden the long-term financing base of the economy by addressing key challenges and enhancing
governance through institutional reforms.

SECZ is the eighth capital market regulator to join the programme, which began in September 2018. FSD Africa is also implementing the programme in Nigeria,
Ghana, Uganda, Kenya, Mozambique, Rwanda and Zambia, as well as in the West African Monetary Union’s regional council for public savings and financial markets.

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