PHILLIMON MHLANGA
Reserve Bank of Zimbabwe (RBZ) governor, John Mangudya (pictured), is expected to officially launch the CEO Africa Roundtable venture capital fund called Pundutso Capital, at the end of this month, Business Times can report.
Pundutso is expected to boost ventures run by local youth entrepreneurs.
Local business leaders under the CEO Africa Roundtable, a high-level platform for corporate chief executive officers, and senior executives in both private and public sectors, are already pledging cash and equivalent to kickstart the venture capital fund.
CEO Africa Roundtable chairman, Oswell Binha, said the venture capital is expected to be launched by Mangudya at the CEO Africa Roundtable annual conference to be held from October 27 to 29 in Victoria Falls.
“In line with our aspiration to champion economic development, the RBZ governor (John Mangudya) will officially launch Pundutso Capital, a venture capital company that was rolled into life at the Young CEOs Business Forum 2021 (YCBF 2021) hosted by CEO Africa Roundtable in Nyanga from the 26th to 28 May,” Binha said.
He added: “The venture capital fund mulled by CEO Africa Roundtable and delegates to the YCBF 2021 will go a long way in assisting brilliant startups owned by young people to scale up after realising that lack of funding continues to impede the smooth flow of operations in young business ventures in Zimbabwe.”
According to Finscope Survey 2012, Zimbabwe has 2.8m Micro, Small, to Medium Enterprise owners. Binha said Pundutso Capital will contribute a considerable chunk in alleviating the stunted growth of small businesses in the country.
The CEO Africa Roundtable chief executive officer, Kipson Gundani, said Pundutso Capital was now awaiting approval from the regulatory authorities including Securities and Exchange Commission of Zimbabwe (SECZ).
‘It’s a venture capital fund wholly-owned by CEO Roundtable to help young businesspeople. It is awaiting regulatory checks by the SECZ,”Gundani said.
He added: “As you would know, the conventional system don’t favour people with no security or collateral.”
