‘No going back on banks’

Staff Writer

ZANU PF secretary for indigenisation and economic empowerment Saviour Kasukuwere has declared there will be no going back on indigenisation of the banking sector saying financial institutions which do not serve aspirations of ordinary people have no place in Zimbabwe.Speaking at the Zanu PF Economic Cluster Department workshop in Harare yesterday, Kasukuwere, who is also the Indigenisation minister, lashed out at the banking sector accusing it of having a mentality that “is very much in the colonial days”.
He said the time had come for the country to move the indigenisation rhetoric to economic empowerment. Kasukuwere said government would today publish a statutory instrument that would legislate the 51% threshold for ownership under the country’s indigenisation laws. He revealed that his ministry was in advanced discussions with Standard Chartered Bank, Barclays Bank and StanbicBank regarding their empowerment programmes.
He expressed disappointment at the hospitality sector saying Zimbabweans had not been empowered and indicated that “we cannot continue with a situation where we have foreigners showcasing our animals when the locals are there.
“I am, however, pleased that there has been a lot of compliance by our mining sector with the major platinum and gold producers having submitted acceptable empowerment plans”, Kasukuwere said.