Zim capital markets get a boost: New industry association launched
The Zimbabwe Stock Exchange (ZSE) in conjunction with key stakeholders in the capital markets yesterday launched the Capital Markets Association of Zimbabwe (CMAZ) to foster development of the sector.
Finance, Economic Development and Investment Promotion Deputy Minister David Mnangagwa officially launched the association at the ongoing inaugural Capital Markets Conference at Troutbeck Inn in Nyanga.
Deputy Minister Mnangagwa said this was a step in the right direction for a sector that plays a critical role in the development of the economy, and attracting capital into the country.
“The launch today of the association of the capital market is a positive step to coordinate your voice, harness your influence and contribute meaningfully towards our national development goals,” he said during a presentation at the conference.
“Surely, the capital market can meaningfully contribute towards achieving these set objectives. It is on platforms of this nature that as a market, you come up with collective practical solutions towards this worthy cause.
“Today, I urge you as a market, to prioritise programmes that improve overall financial sector stability by continuously aligning your market legislation with the changing operating environment, ensuring robust oversight to combat market malpractices, enhance efficiency and transparency in your business operations, collaborate locally and beyond borders whilst broadening and deepening your market to meet the needs of all investors,” he said.
The CMAZ is expected to serve as a collective voice for participants in the capital market, including investment banks, brokerages, exchanges, asset managers, depositories and other securities market intermediaries.
It also plays the advocacy role for the interests of its members, promotes best practices, and engages with regulators and policymakers and to aid in the development of capital markets and promotion of financial inclusion and literacy through the introduction of new products and services.
“CMAZ is dedicated to promoting, representing, and defending the common interests of its members. By fostering a sense of collective responsibility, they aim to strengthen the capital market ecosystem to benefit all participants,” said ZSE chief executive officer Justin Bgoni, who is also the interim chairman of CMAZ.
Bgoni added the association will also be essential in promoting capacity building and training for members.
Its interim board comprises experienced and knowledgeable individuals committed to the growth and development of the capital markets.
Managing Consultant and Intellego Investment Consultants Welcome Mavingire is the interim deputy chairman.
Board members are drawn from various capital markets participants.
“The association’s launch is a positive development that will aid in deepening the Zimbabwean capital markets and significantly contribute to the stability of our economy. The ZSE looks forward to working with the CMAZ interim board and appreciates the support,” said Bgoni.-ebusnesswekly
