Business / Companies
Mjayeli ploughs profits back home
17 Dec 2015 at 10:03hrs | Views
FOR many Zimbabweans living in the Diaspora, investing in the country or ploughing back their profit has not been their priority.
diasporans usually return home during holidays such as the festive season to exhibit their wealth which does not contribute meaningfully to the development of the country that is in dire need of capital injection.
Kalani Ndlovu, a Zimbabwean citizen who hails from Insiza in Matabeleland South is none of the above as he is repatriating his profits back home to contribute in growing the country's economy.
Ndlovu, who is popularly known as Mjayeli, is the founder and managing director for Mjayeli Security Services which is one of the biggest security companies in South Africa.
The company initially started in 2006 in South Africa and has grown to be a household name in Zimbabwe.
Locally, the security firm employees 3,000 people.
The business mogul implored Zimbabweans in the diaspora to invest back home, as the future of the country was in their hands.
"It is critical to get the companies bigger in Zimbabwe. So, whatever benefits are derived from outside the country must filter back. You have to buy from local and use local. This will also create employment for other people," he said.
Diaspora remittances and Foreign Direct Investment are some of the areas which the country is working hard to improve.
Last year, Zimbabwe's FDI increased to $545 million from $400 million the prior year.
Remittances from Zimbabweans working abroad are forecasted to reach $960 million by the end of the year from $800 million last year.
Presenting the 2016 national budget last month, Finance and Economic Development Minister Patrick Chinamasa attributed the positive growth trajectory in Diaspora remittances to a number of policies instituted to tap into the Zimbabweans working abroad.
Ndlovu said Zimbabweans should pour money back home, as the move will support the country's economic blueprint, Zim-Asset.
As a man who walks the talk, he said, Mjayeli Security Services was an example of how he managed to invest back in the country and survive through the economic challenges that are currently being faced.
"People in the diaspora should to start pouring money back home to revive the industry. We can't wait for people with attitudes to be ironed. Zimbabweans themselves should open up and do things that create the conducive environment.
"We're also involved in farming, we want to do beneficiation. We want to make our own tomatoes and that is possible because its needs a mere change of attitude because the consumer is there. Why should we be importing beans? We've so much land to grow our beans," he said.
While many people and investors have criticised the indigenisation and economic empowerment policy which stipulates that locals must own 51 percent equity in foreign-owned firms whose turnover exceeds $500,000, Ndlovu views it as ideal because it empowers indigenous people.
He said developed countries which are quick to discard African investment policies, were also employing the same policies as locals are the major shareholders in any investment.
In South Africa, he said, there is Broad-Based Black Economic Empowerment (B-BBEE) which is that country's policy intended to bring about the involvement or participation of previously disadvantaged communities into the mainstream economy.
On that note, Ndlovu underscored that it is a myth that the country's indigenisation policy scares away investors. Instead, he said investors should change their attitudes.
"The policies aren't a hindrance. What is a hindrance is the investor's attitude. When Brazilians wanted to invest in America they were told they should have an American partner and that local partner must be a major shareholder. In Britain it's the same, you're told to have a British partner. That's the rule world over," he said.
"It's only disturbing when blacks do certain things in a certain fashion that it's regarded as taboo. Why should we be told what to do? If you want to invest in Botswana, you got to have a local partner as a major shareholder. The attitude of the investors on Zimbabwe regarding the indigenisation policy should change because very soon that will be too late. All the opportunities would have been grabbed by early birds."
Ndlovu who retired from military police in 2005 used to sell insurance policies in South Africa.
His experience in the armed forces played a big role in setting up a security company.
Some of the security services that the company offers include static armed guards, cash transfers, private investigations, alarm installation and monitoring.
"Funding of the company was from my own investments in South Africa where I started Mjayeli Security. When I had generated sufficient funding to expand my business, I then ploughed it back home to start the security company in 2009. I believe it's a question of going out to hunt and coming back home to invest. Whatever you get out there, bring it back home," he said.
He said the country was facing challenges in improving economic growth.
"Generally, Zimbabwe requires outside capital injection from large financiers and there has to be a buy in into the country's investment policies."
Ndlovu said there was need to revamp the security sector as it is a critical component in Zimbabwe.
"The long term goal for the security sector is the need to revamp it. This is because security is a critical component of the progressive forces of economics. Any establishment that doesn't take security serious is bound to fail," he said.
"The industry will grow because there is confidence in the country. We need a bit of control in the recruitment processes and a measure of control and people should be vetted properly," he said.
diasporans usually return home during holidays such as the festive season to exhibit their wealth which does not contribute meaningfully to the development of the country that is in dire need of capital injection.
Kalani Ndlovu, a Zimbabwean citizen who hails from Insiza in Matabeleland South is none of the above as he is repatriating his profits back home to contribute in growing the country's economy.
Ndlovu, who is popularly known as Mjayeli, is the founder and managing director for Mjayeli Security Services which is one of the biggest security companies in South Africa.
The company initially started in 2006 in South Africa and has grown to be a household name in Zimbabwe.
Locally, the security firm employees 3,000 people.
The business mogul implored Zimbabweans in the diaspora to invest back home, as the future of the country was in their hands.
"It is critical to get the companies bigger in Zimbabwe. So, whatever benefits are derived from outside the country must filter back. You have to buy from local and use local. This will also create employment for other people," he said.
Diaspora remittances and Foreign Direct Investment are some of the areas which the country is working hard to improve.
Last year, Zimbabwe's FDI increased to $545 million from $400 million the prior year.
Remittances from Zimbabweans working abroad are forecasted to reach $960 million by the end of the year from $800 million last year.
Presenting the 2016 national budget last month, Finance and Economic Development Minister Patrick Chinamasa attributed the positive growth trajectory in Diaspora remittances to a number of policies instituted to tap into the Zimbabweans working abroad.
Ndlovu said Zimbabweans should pour money back home, as the move will support the country's economic blueprint, Zim-Asset.
As a man who walks the talk, he said, Mjayeli Security Services was an example of how he managed to invest back in the country and survive through the economic challenges that are currently being faced.
"People in the diaspora should to start pouring money back home to revive the industry. We can't wait for people with attitudes to be ironed. Zimbabweans themselves should open up and do things that create the conducive environment.
"We're also involved in farming, we want to do beneficiation. We want to make our own tomatoes and that is possible because its needs a mere change of attitude because the consumer is there. Why should we be importing beans? We've so much land to grow our beans," he said.
While many people and investors have criticised the indigenisation and economic empowerment policy which stipulates that locals must own 51 percent equity in foreign-owned firms whose turnover exceeds $500,000, Ndlovu views it as ideal because it empowers indigenous people.
He said developed countries which are quick to discard African investment policies, were also employing the same policies as locals are the major shareholders in any investment.
In South Africa, he said, there is Broad-Based Black Economic Empowerment (B-BBEE) which is that country's policy intended to bring about the involvement or participation of previously disadvantaged communities into the mainstream economy.
On that note, Ndlovu underscored that it is a myth that the country's indigenisation policy scares away investors. Instead, he said investors should change their attitudes.
"The policies aren't a hindrance. What is a hindrance is the investor's attitude. When Brazilians wanted to invest in America they were told they should have an American partner and that local partner must be a major shareholder. In Britain it's the same, you're told to have a British partner. That's the rule world over," he said.
"It's only disturbing when blacks do certain things in a certain fashion that it's regarded as taboo. Why should we be told what to do? If you want to invest in Botswana, you got to have a local partner as a major shareholder. The attitude of the investors on Zimbabwe regarding the indigenisation policy should change because very soon that will be too late. All the opportunities would have been grabbed by early birds."
Ndlovu who retired from military police in 2005 used to sell insurance policies in South Africa.
His experience in the armed forces played a big role in setting up a security company.
Some of the security services that the company offers include static armed guards, cash transfers, private investigations, alarm installation and monitoring.
"Funding of the company was from my own investments in South Africa where I started Mjayeli Security. When I had generated sufficient funding to expand my business, I then ploughed it back home to start the security company in 2009. I believe it's a question of going out to hunt and coming back home to invest. Whatever you get out there, bring it back home," he said.
He said the country was facing challenges in improving economic growth.
"Generally, Zimbabwe requires outside capital injection from large financiers and there has to be a buy in into the country's investment policies."
Ndlovu said there was need to revamp the security sector as it is a critical component in Zimbabwe.
"The long term goal for the security sector is the need to revamp it. This is because security is a critical component of the progressive forces of economics. Any establishment that doesn't take security serious is bound to fail," he said.
"The industry will grow because there is confidence in the country. We need a bit of control in the recruitment processes and a measure of control and people should be vetted properly," he said.
Source - chronicle
