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Banks not sacred: Chapfika

He said there was nothing sacred about the sector.

“The financial sector is an area that needs to be indigenised. Even the sector committees accepted that the sector needs to be indigenised,” Chapfika said at the Buy Zimbabwe conference in the capital recently.

He said the aim was for the country to limit the capital outflow of currency to other countries.

“If you want to kill cattle, kill them all. You can’t say this one is too fat today and leave it,” Chapfika said.

Last week, Reserve Bank of Zimbabwe governor Gideon Gono said the central bank was willing to issue new licences to any indigenous players that wanted to enter the sector, but was opposed to localising foreign banks.

“We are ready to issue licences along the lines of villages, friendships and totems should people so wish to go into banking,” he said.

“It is improper, it is not right for us to want to destabilise the financial sector by pursuing short-term gratifications and which can only lead us to unintended consequences.

“This is not a stance that is anti-indigenisation, definitely not. We are simply saying let’s have order and we will not tire in insisting on the need for order in the financial services sector.

“A bank is different from a manufacturing company, and mining. It is a custodian of people’s confidence.”

Chapfika said the country was not short of proper policies, but there was a lack of belief.

“We have had beautiful policies, and the Cabinet has had wonderful documents. We are not short of policies, but what we are short of is people, belief and faith,” Chapfika said.

He said the absence of a common vision was adding to the import bill.

“In Zimbabwe we can’t say there are investors when we have Nigerians coming to operate flea markets,” he said.

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