Old Mutual Limited CEO touches down in Zimbabwe

PHILLIMON MHLANGA

Old Mutual Limited’s Group CEO, Jurie Strydom, landed in Zimbabwe  this week for a high-profile visit that included meetings with President Emmerson Mnangagwa, the Reserve Bank of Zimbabwe (RBZ), the Zimbabwe Stock Exchange (ZSE), and  other key stakeholders, Business Times can report.

“I’m delighted to be here and for us to have this opportunity with the team in Zimbabwe. I became Chief Executive of the Old Mutual Group in June this year, and Zimbabwe is the first country that I’m visiting,” Strydom said.

The CEO described his trip as both strategic and fact-finding.

“It’s been a busy visit, so we’ve managed to see a number of stakeholders and we were very grateful to be given some time by His Excellency the President  (Emmerson Mnangagwa) this morning (yesterday). But we also have been to the Reserve Bank and Stock Exchange, also important stakeholders in our business, and been able to interact with clients.”

He added: “It’s important for any group CEO to come to understand the markets in which we operate. I’ve been to Zimbabwe before, but this visit was to get up to speed with the latest developments. It’s been very fruitful, and I think it’s a testimony to the confidence that Old Mutual has in our business and in our future in Zimbabwe.”

Asked about his discussions with President Mnangagwa, Strydom said: “Well, it was a courtesy visit with the President and he was very gracious to accommodate us. We spoke about a number of things. “We are very appreciative of the encouraging macroeconomic stability that we’re seeing in Zimbabwe. We are also very much engaged with the strategic priorities set out in the National Development Strategy, and we wait with eagerness to see the next strategy that will be unveiled shortly. Of course, we’re a significant investor, as Old Mutual and through a number of our clients, in projects spanning renewable energy, infrastructure, student housing, and the leisure and hotel sector. So I think those were some of the matters that came up in the conversation.”

On Old Mutual Zimbabwe’s long-term vision amid ongoing economic reforms, Strydom said: “Old Mutual is a pan-African business that operates across life insurance, general insurance, asset management, and banking. Our vision is to harness the potential in the continent across the markets we operate. We see exciting opportunities for growth across all of those sectors. It varies by country, and of course it varies by circumstance—you’ve got to navigate challenges as you go. But Old Mutual has deep roots on the continent, so we take a long-term view on growth and opportunity.”

Samuel Matsekete, Old Mutual Zimbabwe Group CEO, emphasized policy priorities that could enhance Zimbabwe’s attractiveness to long-term institutional investors: “In terms of policies, we would promote stability. We’ve spoken about balancing stability with growth. We would also like to see long-term savings supported and promote formalisation. The theme of formalisation bodes well for an enhanced role of financial services. It’s not an overnight exercise and it requires both private and public sector efforts to bring the informal sector into the mainstream. Supportive policies would also help ensure inclusion within formal channels and investment platforms.”

Board Chairman Constantine Chikosi added: “Predictability of policies and regulatory frameworks is critical. Where you don’t have predictability, the cost of capital rises. Streamlining the business licensing framework is also key. This is an initiative the government has started, and we support and encourage it because it reduces the cost and time required to comply with regulatory requirements.”