The Zimbabwe Stock Exchange (ZSE) has signed a memorandum of understanding with the Harare Receivables Exchange (HRE) for the development of a receivables financing platform which will offer additional products to the market.
Justin Bgoni, the ZSE chief executive officer, says the platform is envisioned to grow into offering additional products that will provide the wider market with working capital and other forms of financing.
“This collaboration will entail both parties having joint responsibilities in the establishment of a trading platform for receivables,” he told the
Business Times. “Our mandate as the ZSE is to facilitate economic development of Zimbabwe and Africa, and we are excited that such partnerships with HRE are positive strides in fulfilling our mandate.
The ZSE is looking forward to a successful partnership with the HRE in ensuring the growth of the receivables financing platform.”
The HRE is the only receivables focused trading company in Zimbabwe. It improves access to financial markets for a wide spectrum of clients, including individuals, SMEs, corporates, NGOs, and financial institutions. It provides investors with a secure, efficient, and transparent way to trade short-term receivables.
Since his appointment as the ZSE chief executive in March, Bgoni has been working to broaden the market and introduce new products to raise financing for companies. Last week, the ZSE signed a memorandum of
understanding with the GetBucks Microfinance Bank to establish a secondary bourse for small to medium enterprises (SMEs).
The secondary bourse, the Zimbabwe Emerging Enterprise Market, will see products offered through an over-the-counter platform targeted at, initially, working capital solutions for formalised businesses, including SMEs.