Bureaux de change operator opens shop in western suburbs

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 Chronicle