Global money week, window for Zim to excel
ZIMBABWEAN businesses and academia last week joined the rest of the world in commemorating the Global Money Week.
Golden Knot Group Financial Services manager Benjamin Mukorombindo said the Global Money Week was an opportunity for Zimbabwe to show its excellence in combating issues to do with money laundering, financing of terrorism and other illegal money activities.
Mr Mukorombindo said the Global Money Week had reminded the Zimbabwean business community that the removal of Zimbabwe from the Financial Action Task Force (FATF) grey list was a step towards a right direction.
“What we are basically doing right now is as a financial institution we have realised that there is quite a lot that needs to be done within the financial services especially within the area of money laundering and financing of terrorism.
“What that simply means is, I am sure you are aware of the fact that recently Zimbabwe was removed from the grey list of the Financial Action Task Force and that meant that Zimbabwe as an economy we are now able to partake on the world stage in terms of transactions because all along we have been actually on the watch.
“It is high time that as a country we work tirelessly to combat money laundering and financing of terrorism. As a country we must work towards issuance of clean money both in the formal and informal sector.
Transactions must always be on check and financial institutions must work hand in hand with RBZ so that our country will not go back on the grey list and that the country will not end up being a launch pad for money laundering.”
Mr Mukorombindo said if Zimbabwe had remained on the grey list it would have meant that the country’s transactions were going to be monitored more closely. He thanked the RBZ’s efforts through the Financial Intelligence Unit for facilitating financial institutions to participate during the Global Money Week.
The local institution ran with the theme, ‘Learn, Earn and Save’ and thus they engaged various academic institutions within the country to also participate during the Global Money Week. The week ran from 21 March to 27 March.
Rector of Mount Carmel Institute of Business Intelligence, Professor Mufaro Gunduza says the Global Money Week is an event that sensitises businesses and citizens on how to handle money correctly and how to earn, save and invest money correctly.
Professor Gunduza said the week was also an eye-opener to citizens and businesses on issues of illicit ways of dealing with money, corruption, issues of human trafficking, drug trafficking and money laundering.
“This event seeks to integrate the correct values of using money as well as the banking systems, smart banking and sustainable banking so that the various ills that are being propelled by dirty money in this world are actually dealt with.
“The week covers a lot about how to steward money how to earn it correctly and how to learn about financial literacy because we have to be financially literate and it’s a great event even for Zimbabwe because this is where we are going to be moulding and mentoring our entrepreneurs our future stewards of industry and commerce so that the mindset is shaped and clean. Through this week as a country we will be able to wipe out dubious people that deal with money in a dubious way.”
Professor Gunduza further highlighted that the Global Money Week can also work as a starter pack for local entrepreneurs and prospective business startups to embark on their various projects equipped with financial literacy and intelligent ways of saving and investing money.
“It appears Zimbabwe has been a bit behind in terms of upcoming entrepreneurs but lately there are several youngsters that have come up with game-changing, trend- settingconcepts. So at least we have models to learn from, people that have criss- crossed the national boundaries and have gone regional, International and transcontinental.
“So we are right there, it’s a society in transition with great potential that will really propel the economy to the kind of status that we desire.”
With the Global Money Week, entrepreneurs can use the knowledge they get to upgrade their skills and equip themselves with financial literacy and intelligence,”
However, during the Global Money Week some schools participated and some have already started entrepreneurship as part of their curriculum.
Business development manager for Oceanwaves Group of Schools, Julius Takabvirwa, said that the week has led them to start a new entrepreneurship program in their schools as part of sensitizing their students about financial literacy and teaching them intelligent ways of dealing with money.
Some of the schools that participated during the Global Money Week include Oceanwaves Junior and Senior Schools, Millerite International School, Sageways Junior School, Eastwise Junior and Senior Schools among others. All the schools that participated pledged to start entrepreneurship as an appreciation of the Global Money Week.-The Herald
