News / National
Zimbabwe banks indigenisation to be completed by July
27 Mar 2013 at 15:20hrs | Views
Indigenisation of the country's banking sector which is underway will be completed by July in line with government's empowerment policies.
Youth Development, Indigenisation and Empowerment Minister Saviour Kasukuwere said after progress was made in the mining sector, focus has now moved to the banking sector where indigenisation is set to be completed by July this year.
Kasukuwere was addressing army officers who are attending a Joint Staff Course Number 26 and Junior Staff Course Number 59.
Speaking on the indigenisation policy and its intended benefits, the Minister said they have encountered a number of stumbling blocks within that sector, but the indigenisation programme is in accordance with the laws of Zimbabwe.
"We are currently dealing with the banking sector and after that we will move to manufacturing and other sectors," said Kasukuwere.
Commenting on the youth fund, Kasukuwere said Old Mutual has availed more than US$5 million and other banks are yet to join the bandwagon, a development which shows that the banking sector now has confidence in the country's youth.
The indigenisation and economic empowerment programme seeks to empower indigenous Zimbabweans who for decades were disadvantaged economically through an economic system that was premised on racial discrimination.
Youth Development, Indigenisation and Empowerment Minister Saviour Kasukuwere said after progress was made in the mining sector, focus has now moved to the banking sector where indigenisation is set to be completed by July this year.
Kasukuwere was addressing army officers who are attending a Joint Staff Course Number 26 and Junior Staff Course Number 59.
"We are currently dealing with the banking sector and after that we will move to manufacturing and other sectors," said Kasukuwere.
Commenting on the youth fund, Kasukuwere said Old Mutual has availed more than US$5 million and other banks are yet to join the bandwagon, a development which shows that the banking sector now has confidence in the country's youth.
The indigenisation and economic empowerment programme seeks to empower indigenous Zimbabweans who for decades were disadvantaged economically through an economic system that was premised on racial discrimination.
Source - zbc
