Indigenise the financial sector says Mutambara

The Deputy Prime Minister of Zimbabwe, Professor Arthur Mutambara says indigenisation of local financial institutions is an urgent matter which Zimbabwe must implement if the country wants to reap maximum benefits from agriculture and mining.

The Deputy Prime Minister said there is need for the country's banking laws to be amended as it is one of the core drivers of the country's economy alongside agriculture and mining.

Professor Mutambara called on the government to move fast in ensuring that all banks give farming and mining the required support for the country's economic progress.

"Local banks must operate in line with local interests. Indigenise the financial sector so that it complies with our local requirements. Banks must fund agriculture and mining," said Professor Mutambara.

Professor Mutambara's calls come at a time when there has been a lot of debate on the role of local financial institutions in supporting crucial economic sectors like farming and agriculture.

With the enactment of the indigenisation and empowerment regulations, analysts have called for maximum funding support to be given to local upcoming farmers and miners.