Latest News Editor's Choice

News / National

Bureaux de change operator opens shop in western suburbs

by Staff reporter
29 Sep 2021 at 06:34hrs | Views
WHILE many financial service businesses are concentrated in the Central Business District, Swift Global Forex Bureaux de Change has decided to be different.

The entity has become the first company in the city to open a branch and offer foreign currency exchange services in a high-density suburb.

The new branch is strategically located in Mzilikazi suburbs and seeks to reach out to clients closer to their homes while servicing surrounding areas of Makokoba, Thorngrove, Nguboyenja, Barbourfields, Matshobane and Entumbane.

The company opened its doors for the first time to the public in August this year and has started trading in foreign currency to ordinary walk-in customers as per the resolutions of the Reserve Bank of Zimbabwe's monetary policy committee (MPC).

In order to promote financial inclusion and access to forex for small value transactions, the Apex Bank has allowed members of the public wishing to buy foreign currency to approach any registered bureaux de change upon production of the national registration card.

Prior to that there was a wide gap between the official exchange rate and parallel market foreign exchange rates, making it difficult for citizens to afford small value transactions that require hard currency.

Swift Global Forex bureau de change operations director, Mr Tafadzwa Muronzwa, said they have started offering the prescribed maximum of US$50 per customer per week.

"In line with the Government's plan for a vision of an all-inclusive economy, we saw a gap in the market especially in the high-density area. Thus, we picked Mzilikazi suburb since it's more central and its catchment area surrounded by Makokoba, Thorngrove, Nguboyenja, Barbourfields, Matshobane, Entumbane, to mention a few," he said.

"We believe communities are slowly being self-sufficient and the residents are slowly getting most of the services they require in their neighbourhood.

"As a way of broadening the financial inclusion of residents, we also offer bank services for selected operators such as Textacash accounts.

"Opening this makes it easy for residents to transact paperless and use their cellphones as well, which we link to their mobile phones."

The business also offers a facility for utility payments, among several innovative products. Swift Global Forex is owned by Mr Muronzwa and his business partner, Mr Edmore Toriro.

"This initiative has created employment for 10 youthful staff with banking experience. Quite a significant number of community members benefit from our services," he said.

"Instead of them going to town, people can access the service locally."

Mr Muronzwa said their vision was to keep expanding and go global.
THE Bulawayo City Council (BCC) has embarked on a goat breeding project in which it is targeting a herd of over 500 by end of next year.

The project is being undertaken at Aisleby Farm. In an interview, BCC economic development officer, Mr Kholisani Moyo, said the local authority exhibited the project at the Zimbabwe International Trade Fair (ZITF) last week, alongside several other strategic business units.

"In 2019, we were still trying to start a goat project for the farm.

‘‘This project is now running and we now have more than 200 goats and by year-end next year, we should be reaching 500 or more goats," he said.

"We are raising boer goats and we want to be the major suppliers of high breed goats, going forward."
Under the project, Mr Moyo said they were breeding the goats to have improved breeds through cross-breeding.

The local authority is also ensuing other income-generating projects through its Strategic Business Units (SBUs).
Such SBUs include Ingwebu Breweries, Park Nursery and Caravan Park.

On Ingwebu, Mr Moyo said the municipal commercial undertaking has in recent times launched new products that include four flavors of amahewu.

Recently, Ingwebu introduced new product lines that include the 1,5 litre and 2-litre calabash of opaque beer before diversifying into mahewu production.

The development saw the beverages operation improving its capacity  utilisation levels to 95 percent last year from 65 percent.

Over the years, the brewery faced viability concerns underpinned by falling demand for its traditional products and the high cost of operating antiquated equipment. These negatively impacted on its ability to contribute revenue to the local authority.

Ingwebu was established in 1946 as a department of BCC and in 1996, council established a wholly-owned business entity called BMCU.

Source - The Chronicle
More on: #BCC, #Forex, #Suburbs