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Source: Adapt or perish, IPEC urges insurers to explore new areas – herald

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The Insurance and Pensions Commission (IPEC) has implored insurers to embrace and adapt to digital transformation while simultaneously enhancing product diversification into untapped areas.

Delivering a presentation during the recently held Insurance Institute of Zimbabwe Winter School, Ipec director of insurance and microinsurance, Ms Sibongile Siwela, said adapting to change was not optional.

“In this era of digital transformation, adapting to change is not optional. It is essential for the insurance industry.

“The sector is currently navigating significant shifts that are reshaping operational frameworks and customer engagement strategies.

“A prime example is the integration of mobile technology in Zimbabwe, where they have fundamentally altered the payment infrastructure.

“Insurance providers are harnessing these mobile solutions for both premium collection and claims management, thus facilitating more efficient client interactions,” she said.

The insurance and pensions sector is facing significant shifts that are reshaping operational frameworks and customer engagement strategies.

Ms Siwela said in today’s fast-paced and evolving landscape, continuous learning was imperative to maintain relevance, enhance competitiveness, and achieve personal fulfilment.

“Ultimately, a commitment to lifelong learning is critical for fostering innovation, resilience and a thriving society.

“The Insurance Institute is implementing a robust continuous professional development programme, encouraging all our members to register, log in, and check their learning hours,” she said.

She highlighted that motor insurance contributes over 40 percent of revenue, indicating a critical lack of product diversification within the sector.

On strategies to strengthen confidence and compliance, Ms Siwela said Ipec encouraged expansion into untapped areas, such as agriculture index insurance, to mitigate overreliance on traditional products.

Zimbabwe’s insurance market is experiencing a surge in demand for agricultural insurance due to the country’s heavy reliance on agriculture as a key economic sector.

Ms Siwela noted that new capital requirements, as provided through Statutory Instrument 67 of 2025, bolster financial stability and safeguard policyholder interests.

“The commission supports robust strategies for insurers to manage currency volatility, ensuring stable operations and returns.

“They should also increase awareness of policyholder rights and claims processes, which is vital for building trust and informed decision-making,” said Ms Siwela.

She also highlighted that broader asset allocation beyond operational properties, particularly in the funeral sector, is crucial for liquidity and long-term stability.

The Insurance market in Zimbabwe is projected to reach a market size (gross written premium) of US$2,51 billion in 2025.

Within the market, non-life insurance dominates with a projected market volume of US$1,45 billion this year.

The average spending per capita in the insurance market is estimated to be US$144,71 in 2025.

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Source: Mugabe minister loses farm property over US$750k debt -Newsday Zimbabwe

FARM machinery and livestock belonging to former Water Resources minister Munacho Mutezo will go under the hammer today in Odzi, Manicaland province, to recover a US$750 000 debt owed to his former business partner.

Mutezo has been battling since November last year to prevent the auctioning of the property at Fernicary Farm, trading as Rutendo Farm in Manicaland.

Megamania Glow Auctioneer issued a public notice announcing that the minister’s farm machinery will go under the hammer.

“Des Monies Farm (Pvt) Ltd vs Fernicary Farm trading as Rutendo Farm HCHC123/22,” the notice read.

It stated that farm machinery to go under the hammer is a John Deere Harvester with wheat and maize heads and power transformer 500kva.

78xMain Pileline 250 mm, 24 kva kipor Industrial generator, 90 hp pump,110 hp electric motor, 90 hp pump.”

Mutezo’s livestock, which includes seven heifers, six cows, one bull and four calves, is also set to go under the hammer on a date to be announced.

Mutezo was represented by Mangwana and Partners.

Des Moines Farm was represented by Taona Sibanda, instructed by Brian Majamanda.

Majamanda confirmed the development to NewsDay yesterday.

“Yes, Fernicary Farm trading as Rutendo Farm will see its farming machinery going under the hammer to settle the debt,” he said.

Mutezo’s attempt to stop the asset seizure was dismissed by High Court judge Justice Samuel Deme two weeks ago.

The court rejected Mutezo’s interpleader application, which sought to block the auction, by claiming some of the attached assets belong to the government.

The debt stems from a lawsuit filed by Des Moines Farm, which demanded US$750 000 or its equivalent in local currency at the prevailing interbank rate for infrastructural improvements made to Fernicary Farm.

The claim included 5% annual interest from the date of summons and legal costs on an attorney-client scale. The court ruled that Fernicary Farm must pay US$455 000 in compensation plus legal costs.

In enforcing the ruling, the sheriff attached several movable assets at the farm in Odzi, Makoni.

In his affidavit, Mutezo claimed that six of the attached items belonged to the government.

He argued the items were issued under the 2007 -2008 farm mechanisation programme by then Agriculture minister Joseph Made and were immune to seizure in private debt matters.

However, Des Moines Farm highlighted Mutezo’s failure to cite the government as a party in the case, adding that the attempt to drag the State into a personal debt dispute was unacceptable and regrettable.

Mutezo was expelled from Zanu PF in 2016 for allegedly backing then Vice-President Joice Mujuru’s failed bid to succeed the late former President Robert Mugabe.

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Source: Be clear on de-dollarisation, FBC urges RBZ -Newsday Zimbabwe

FBC Holdings Limited has urged the Reserve Bank of Zimbabwe (RBZ) to come up with a clear framework on de-dollarisation to reduce pressure on foreign currency reserves.

This call comes amid plans by the government to dump the multi-currency regime in favour of the Zimbabwe Gold (ZiG) currency as the sole legal tender.

However, economic stakeholders warn that without adequate foreign currency to support trade and a credible plan to build trust in the local unit, the country risks a recession similar to the economic downturns seen in past abrupt currency shifts.

“The de-dollarisation road map should be supported by a robust import substitution framework to reduce pressure on foreign currency reserves,” FBC said in its review of the 2025 Mid-Term Monetary Policy Statement.

“For economic sustainability, external inflows must be channelled into strengthening domestic currency use, enhancing export competitiveness in non-traditional sectors and establishing credible local currency pricing mechanisms across public and private sectors.”

FBC said further structural reforms and diversification were essential to reduce US dollar dependency by the target de-dollarisation date, although the current performance provided a supportive platform.

“The increased use of ZiG in both digital and cash transactions, rising from 26% in April 2024 to over 40% in June 2025, is a positive development,” FBC said.

“This trend should be reinforced by broader complementary confidence-building reforms, macroeconomic stability and policy consistency, all of which will be critical in shifting both business and consumer preferences towards the domestic currency over the medium to long term.”

Foreign currency inflows between January and June rose by 23,1% to US$7,3 billion, supporting a relatively stable ZiG/US dollar exchange rate and enabling the accumulation of foreign reserves to over US$730 million — up from US$285 million in April 2024.

“A dominant policy in the Reserve Bank governor John Mushayavanhu’s tenure has been tight monetary policy, a measure which, for all intents and purposes, has been consistent as money supply growth has not been elevated in comparison to history and any growth is culled by various liquidity management measures,” financial services firm IH Securities said.

“His reference to Milton Friedman’s quote on inflation being a monetary phenomenon indicates that there’s a commitment to maintaining inflation at relatively low levels and that the committee [monetary policy] will review the policy rate in line with inflation and economic growth.”

IH Securities said the consultation of various industry bodies was also welcome, as it would likely allow the RBZ to receive market feedback and adjust where necessary.

IH Securities noted the challenge of de-dollarisation with weak forex reserves.

“A cloud still hangs over the efficacy of the export retention policy as various exporters claim to have not received the local currency portion of their earnings, and this, or any adjustments hitherto, has yet to be made,” IH Securities said.

“We believe that addressing these serious matters would significantly improve trust, particularly as the road map to de-dollarisation has been espoused.”

The tight monetary policy and high interest rates used to defend the ZiG have severely restricted liquidity, making it harder for businesses and consumers to access affordable credit.

This has resulted in investment being choked, production slowing, and demand becoming more depressed despite the economy relying heavily on foreign currency for trade and imports.

Without a trusted, stable local currency with true price discovery on the exchange rate and adequate forex buffers, forcing a rapid shift away from the US dollar risks triggering inflation, supply shortages and recession, according to experts.

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Source: Govt ministers milk schools dry -Newsday Zimbabwe

SEVERAL primary and secondary schools in Mashonaland East contributed to the purchase of cattle to appreciate government officials — including two Cabinet ministers — who presided over a prize-giving ceremony recently.

The cows, reportedly presented as gifts to the ministers (names supplied) and Primary and Secondary Education secretary Moses Mhike, following the Secretary’s Bell Awards, have sparked anger among parents who described the move as wasteful and unjustified spending.

They argued that school resources should be channelled towards improving learningfacilities, not pampering dignitaries.

Each of the three officials reportedly got two beasts.The awards ceremony was conducted for schools in Mashonaland East and West provinces at St Francis of Assisi High Schools in Chikomba, where Mhike was the guest of honour.

The schools that got recognition then bought cattle at around US$600 per beast for the three government officials as tokens of appreciation.

NewsDay heard that the schools were requested to fund the transportation of the gifts to the officials’ respective farms.

Parents, who contacted NewsDay, said the expenditure exceeded the benefits derived from the awards.

Some schools that contributed to the gifts have salary backlogs for their ancillary staff owing to lack funds.

A parent, who spoke to NewsDay on condition of anonymity, said the value of the gifts was “huge” and unjustifiable.

“Two cattle for an individual is extravagance, considering how schools are struggling,” the parent said.

“Why two cattle, which can pay a child’s fees from Grade One to Seven, for example?”

Another parent also questioned the value of gifts.

“Government officials are civil servants who will be doing duties for what they are paid.

Why the extra payment?” the parent said.

“Schools are nonprofit institutions. Where do they get that extra money to buy cattle?

“The same government officials who accept such extravagant gifts have banned teachers, who toil everyday in classes from getting incentive from parents, even if we wish, but they see it fit to benefit from the money we pay to schools. That’s hypocrisy.”

Mhike, when contacted for comment, said it was a smear campaign against him.

“Wherever I go, I get tokens of appreciation — a few groceries and I don’t have any problem with that,” he said.

“The role I played is that I went out of my way to source funding from the private sector for donations to schools.

“I don’t think it’s proper for people to make those allegations. I expected a thank you rather than this.”

Mhike said he was a hardworking government employee.

“I was in Bulawayo last week, and next week, I will be in Masvingo and I will not stop doing what is right,” he said.

“Why did they not go to the provincial schools inspectors with their complaints?

“I have been clearing a backlog of those awards since 2021.

“We are giving books, projectors and interactive boards to schools from donors I am seeking on behalf of the schools.”

Progressive Teachers Union of Zimbabwe secretary-general Raymond Majongwe said the value of the gift was not justifiable as government schools were struggling to function owing to poor funding.

“This trend should be stopped,” Majongwe said.

“Heads are failing to run schools citing financial incapacity, so where do they get this money?

“Besides, there is a gifts and donations policy in government. Why should it not be adhered to?

“Why not handsomely reward the teachers behind these success stories?

“While it’s good that we give our government officials gifts, why not give them goats and chickens, not cows?”

Zimbabwe National Union of School heads secretary-general Munyaradzi Majoni said it was normal for schools to give presents to officials.

“People can appreciate and give tokens to the minister,” Majoni said.

“I don’t see anything wrong with that.

“Tokens of appreciation have always been there and if it is a discovery among the school development committees, it’s unfortunate.”

Zimbabwe Teachers Association secretary-general Goodwill Taderera said his organisation did not “support that kind of gesture, because that will result in schools being coerced to pay for things that they are not capable of”, thereby going out of their way “to please the bosses”.

“I don’t think the permanent secretary made those demands. I also don’t think even the ministers made those demands. It is important for those higher officials to know that those things come with a price, they also come with a certain level of coercion on the part of the school administrators, who in most cases, comply, because it will be coming from their bosses, not because they can afford,” Taderera said.

“There has to be a conversation between the ministry and the other departments, so that the exercise is carried out properly, even the ministers and other senior officials should come out clean and inform the authorities below them, to say schools should not get out of their way in order to please them.”

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Source: Beitbridge farm boosts food security under arid conditions – The Southern Eye

PLANS are underway to expand crop variety and introduce training for young farmers at Masita Farm in Beitbridge, Matabeleland South.

The farm was hailed as a model for food security and productive land use during a field visit by Beitbridge West Member of Parliament, Thusani Ndou.

A solar-powered water system was installed at the farm, which is now 100% under irrigation.

Ndou commended the team led by Lupfumo Lumavuni for boosting agricultural output and ensuring food security in the district.

“Masita Farm is showing what can be achieved when land is put to productive use. This is a vital contribution to our national food security goals,” Ndou said.

“The President (Emmerson Mnangagwa)’s land utilisation programme is a clear roadmap to achieving food self-sufficiency and economic growth. Every farmer must take this opportunity seriously and play their part in transforming our agricultural sector.”

Lumavuni said the progress of the farm reflected teamwork, innovation and a commitment to eliminating hunger.

“Our goal is not just to farm, but to feed our communities and become part of the national solution to food insecurity,” she said.

She also praised the impact of technology on productivity.

“The solar-powered irrigation has made a huge difference. We now have a reliable water supply, and that has helped us to improve both quality and yield,” Lumavuni said.

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