KINGDOM Bank founder, Nigel Chanakira, said he decided to leave the bank he started about 19 years ago because it was no longer excelling.
BY MUSA DUBE
An investment vehicle linked to Chanakira agreed to dispose of its 30% stake in AfrAsia Kingdom Zimbabwe Limited (AKZL) to the company. AKZL are Kingdom’s parent company.
Speaking in Bulawayo last week, Chanakira revealed that Kingdom Bank was no longer performing well, hence he decided to cede his shares.
“I sold Kingdom Bank because it was no longer excelling. I am a person who wants to be associated with excellence,” said Chanakira at a function organised by Wealthy Word International.
Chanakira challenged aspiring businesspeople never to shy away from starting a business, even at low-scale.
“Those who want something can start little by little. I got my capital from buying and selling second-hand cars and furniture,” Chanakira said.
“We sold our house in Eastlea and went back to stay with our parents in Highfield. Sometimes one has to take a couple of steps back in order to move forward.”
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Chanakira said when he founded the bank, he was the chief executive officer, manager, accountant and cleaner as there were no other employees.
“I would go in the streets of Harare delivering cheques to clients. You have to be humble enough if you want to be successful,” he said. Chanakira said he founded Kingdom with Z$120 000 and he was now selling his shares at US$12,5 million.
The amount is made up of US$2,5 million cash and US$10 million in non-performing loans.
The businessman said he was planning to venture into other lines of business that included launching new application software next year.
“Next year we are launching an App [application] and it’s going to be an App that gives financial literacy to people,” he said.
