Business / Companies
Nigel Chanakira plots return to banking
30 Mar 2016 at 19:35hrs | Views
PROMINENT businessman Nigel Chanakira has confirmed plans to bounce back to the banking business - this time with a bias on funding small to medium enterprises (SMEs).
The Kingdom Bank founder and Zimbabwe Investment Authority chairman is in Bulawayo attending a two-day national conference for SMEs.
Yesterday Small to Medium Enterprises and Co-operative Development Minister, Sithembiso Nyoni, revealed her ministry was courting Chanakira to assist in the establishment of an SMEs bank.
"I'm working with anybody who wants to invest in the SME banking and financing because that's their (SMEs) major problem," said Minister Nyoni.
"We're looking for a product that is SME friendly and facilitative. Do you know in Zimbabwe there's no development finance? It's just investment, investment, investment?
"So I was discussing with him (Chanakira) since he is a former banker, to consider because we've been talking about the co-operative bank."
Nyoni said Kenya has expressed interest in the bank and was seeking investors to partner with in the venture.
"Kenya is very interested in partnering with us and really there're so many SMEs and savings and credits co-operatives that have got money, which could be best used by being put in an institution so that it grows," she said.
"The Kenyans are ready to come if there's an investor here that they can work with."
Chanakira said he was interested in the idea and pledged to take the opportunity to work with the minister of SMEs.
"When I was sitting next to the minister and she said 'banking' I said 'Thank God'," said Chanakira.
"As we speak I've another bank licence for co-operatives and SMEs through the Minister. We're going to teach you how to understand and we're going to help you raise money, and at the very least we can mentor you for some equity into your business."
Chanakira has held several top positions in big corporates such as Econet Wireless Zimbabwe and Meikles Africa.
The Kingdom Bank founder and Zimbabwe Investment Authority chairman is in Bulawayo attending a two-day national conference for SMEs.
Yesterday Small to Medium Enterprises and Co-operative Development Minister, Sithembiso Nyoni, revealed her ministry was courting Chanakira to assist in the establishment of an SMEs bank.
"I'm working with anybody who wants to invest in the SME banking and financing because that's their (SMEs) major problem," said Minister Nyoni.
"We're looking for a product that is SME friendly and facilitative. Do you know in Zimbabwe there's no development finance? It's just investment, investment, investment?
"So I was discussing with him (Chanakira) since he is a former banker, to consider because we've been talking about the co-operative bank."
"Kenya is very interested in partnering with us and really there're so many SMEs and savings and credits co-operatives that have got money, which could be best used by being put in an institution so that it grows," she said.
"The Kenyans are ready to come if there's an investor here that they can work with."
Chanakira said he was interested in the idea and pledged to take the opportunity to work with the minister of SMEs.
"When I was sitting next to the minister and she said 'banking' I said 'Thank God'," said Chanakira.
"As we speak I've another bank licence for co-operatives and SMEs through the Minister. We're going to teach you how to understand and we're going to help you raise money, and at the very least we can mentor you for some equity into your business."
Chanakira has held several top positions in big corporates such as Econet Wireless Zimbabwe and Meikles Africa.
Source - chronicle
