Thursday, April 14, 2016
Old Mutual Zimbabwe is diversifying its business focus, by expanding into the informal sector. Group Chief Executive, Jonas Mushosho explained that the reason for the shift is due to the limited investment opportunities in the formal sector and loss of value on the local Stock Exchange.
He said the strategy and plan for this new phase has been approved and is ready to be implemented, with the appointment of staff for a separate Financial Inclusion unit, which would carry it out.
Based on the group's five key pillars - customers, responsible investment, employees, communities, and environmental management - a financial literacy programme tailored to the informal sector will be rolled out as the cornerstone of this entrance into new waters, as well as being accompanied by the creation of an MFI (pending approval), and taking up microinsurance and micro-housing.
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