By Sindiso Dube
South Africa-based Zimbabwean entrepreneur and financial consultant Amos Tsopotsa believes the future of currency is digital and will next month launch an online foreign currency trading platform.
He said the move could see the growth of online currency trading skills and culture across the country.
The platform will be launched in March in Harare and Bulawayo.
In an interview with Standard Style, Tsopotsa said the platform would enable users to gain access to real-time markets, adding that it would also prove pivotal in efforts to turn around the country’s economy as well as uplifting the living standards of the citizens.
“With today’s fast-moving global currency markets, it is essential that people in Zimbabwe acquaint themselves to online foreign currency trading,” Tsopotsa said.
“Having that in mind, I’m launching an online forex trading platform both in Harare and Bulawayo.
“This is because most people are making use of outside platforms, which are a bit challenging as most brokers from different jurisdictions have restrictions for clients from Zimbabwe mainly due to the punitive measures or illegal sanctions imposed on the country.
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“Apart from that, it’s very difficult for most traders to deposit funds into these platforms unless they use online payments solutions like Skrill and PayPal.
“So that is why I have decided to launch an online forex trading platform in the country so that it provides Zimbabweans with the best locally available online forex trading services.”
Tsopotsa also conducts workshops with bankers and financial experts sensitising them on the viability of forex trading.
He said although it would take a while for Zimbabweans to embrace foreign currency trading as a viable economic activity given the history of scams associated with street forex dealers, the best investment opportunity at the moment was in forex-trading.
“Forex currency trading is different from the notorious money changers on the streets,” he said.
“Unlike illegal money changers, with forex trading, one is guaranteed of buyers and sellers any time he or she executes a trade and that can be done via your mobile device.”
Forex Traders’ Association of Zimbabwe, an initiative that seeks to represent the interests of the country’s online currency traders, was launched in January last year.
In November they also launched a national campaign to promote the growth and development of online currency as well as imparting online currency trading skills across the country targeting about 70 000 potential traders.
