The UNTU Capital Medium Term Note, dubbed U-Gain, has been listed on the Financial Securities Exchange (FINSEC) ,becoming the third fixed income instrument to be listed on the local securities market.
This follows the listing of Getbucks on the Zimbabwe Stock Exchange (ZSE) and Infrastructure Development Bank of Zimbabwe (IDBZ) bonds which were listed on FINSEC last year.
Speaking at the UNTU Capital Medium Term Note Listing, UNTU Capital Chief Executive Officer, Clive Msipha , said the official listing of the bond , marks Zimbabwe’s first mobile issuance which turned out to be a success.
“This is a significant day for both UNTU Capital and the Exchange as this marks Zimbabwe’s first mobile issuance,
“This debt issuance is inclusive and all Zimbabweans were invited to participate with a minimum investment size of US$50.
“Econet and Telecel gave us strong support and we are pleased to tell you that this mobile retail issuance was a tremendous success. Over 2,528 individuals registered to participate and overall the issuance was 72.5% oversubscribed,” explained Msipha.
Since the founding of UNTU Capital in 2009 they have helped over 10, 000 small businesses to obtain access to funding.
Executive Director of Zimbabwe Association of Micro-finance Institutions (ZAMFI), Godfrey Chitambo commended the work UNTU Capital has been doing and urged them to maintain markets and develop new innovations.
“UNTU Capital has been doing a great job and should maintain market because it is there and it is their job,
“The economy is in need of new and exciting developments and UNTU should embark on those,” he said.
Speaking the same event,Securities and Exchange Commission of Zimbabwe (SECZim) Chief Executive Officer, Tafadzwa Chinamo shared the same sentiments with Chitambo saying technology and continuous innovations should be embraced as these are the key drivers of making money.
“UNTU Capital should make sure security and delivery channels are introduced in the market and should embrace innovation, cooperation and development as these are the key drivers of making money,
“They should also make sure investors are aware of products on the markets,” he said.
UNTU Capital has become the first corporate in the world to use raise money on a recognized stock exchange by floating a bond where investors can subscribe by using mobile and online gadgets and paying using mobile wallets.
According to senior officials at FINSEC , the market should expect more technology driven solutions as Zimbabwe continues on an aggressive drive to compete at international level.
