Zimbabwe’s first woman to start and run a stockbroking firm has attributed her achievements to God, saying the path was laid out for her.
Madanha (CM), who is the InvestIQ Oak Wealth founder and managing director, shared her story on the platform In Conversation with Trevor hosted by Alpha Media Holdings chairman Trevor Ncube (TN).
Below are excerpts from the interview.
TN: Welcome to In Conversation with Trevor, brought to you by Heart and Soul Broadcasting Services. Today, I am in conversation with Coreen Madanha, the managing director of Investiq Oak Wealth. Welcome to In Conversation.
CM: I am privileged to be part of your show and I›m grateful for the opportunity, a show that I have been watching from the sidelines, admiring, and in the office we will discuss and laugh.
TN: Congratulations for launching at the beginning of this year Investiq Oak Wealth. What does it feel like?
CM: Thank you. You don’t have to say the whole word, the whole sentence of the name. We go by Invest IQ. It just feels like I’m in a dream.
TN: How did you get to be a stockbroker? What could be the defining moments that got you to be the first female head of a stock broker firm?
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CM: I literally stumbled to be a stockbroker. I am an accountant by profession. I started off at EFI Securities, which is a stock broker firm in 2010.
I started off as a temporary accountant, relieving a lady who was on maternity leave.
So I just went there sort of as a stop gap measure. When I got there, I think I impressed them because they asked me to stay on as the compliance officer.
And from then on, I managed to find interest in the stock market, to find interest in the capital markets.
And I pursued every single department that I could. I asked to be in the back office. I asked to be in accounts until an opportunity came up. So it’s really been a miracle that I’m here.
TN: Do you think it’s because you’ve been asking to be put in all these places? It’s not normal that people ask.
People tend to shy away. People tend to do only what they are asked to do. But you are raising your hand. I want to be put into the risk department.
I want to be put in the compliance department. Do you think that could perhaps explain why you are where you are?
CM: I think in part, for women, you have to speak up and say, I’m here. I’m available.
And when you are assigned, the duties to give it your best shot.
So I think in part, the volunteering, but also I think it’s God’s provision.
He ordered the steps. I mean, the way things happened, there’s an opening in the front office and among the rest of the team, they will say, I think Coreen will be able to tackle it. I think it’s a combination of a lot of things.
You know, I’ve had people say, by saying God did it, by saying God ordered the steps, and you are diminishing your own role as a person, as an individual.
I’m a Christian myself. I fully subscribe to that.
TN: But what’s your push back to people that say that?
CM: But for you to be just thrust in that position of, you know, leadership, it’s God.
There’s no way that it can just happen because I don’t see what’s different from my other colleagues.
But I feel that God laid out the steps. I feel that it’s God who ordered the steps because from an accountant to a broker, honestly, guys, how do you get there?
TN: So let’s talk briefly about Invest IQ. Described was what invest IQ is.
CM: So invest IQ is a stock broking firm, the 22nd, a member of the Zimbabwe Stock Exchange, regulated by the Securities Commission of Zimbabwe.
We are here to empower investors to be able to make a decision on what to invest in and what not to invest in.
Our mission is to have financial literacy out there in the open. So our aim is to equip the people of Zimbabwe to know how they should invest.
We know some are saving in their pillows, in their safety deposits, under the blanket, the bed.
Yes, I know people are saving. I think we are doing okay there, but I feel we need to grow the money.
We need to sweat that money and make it a little bit more. So that’s where Invest IQ is coming from.
TN: Are you getting the traction in terms of inculcating that financial literacy? Are you getting the feedback that there’s traction?
If not, what kind of stumbling blocks are you coming across when it comes to people being in the position to know what to do with their money?
CM: It’s so funny that you ask because you walk into a bank and then someone asks, so what do you do? I’m a stock broker. What’s that? Exactly.
But you’re thinking, did you not study finance at least? Did you not study economics?
So I think there’s a huge challenge. We have a lot to do and probably it’s not just Invest IQ that should take this up.
We are also seeking partners who are available to partner with us to have the word out there.
So yes, there have been the challenges. I think we have to start at the very elementary, at the foundation of what is financial literacy.
How should one budget? How should one save? How should one invest? What is investing?
What is this animal called the capital markets? So I think it’s a challenge we are looking forward to and that we want to work hard at.
TN: What products do you offer? What services do you offer? Services and products? What services do you provide?
CM: So a stock broker is one who helps one to buy and sell shares. Our job is to trade on your behalf.
So we ensure that you, your KYC, your compliance in terms of the regulations of the law. And afterwards, we offer support.
So we are there to say, this is your portfolio. We help you manage your portfolio. We don’t advise you to buy your shares and then run off somewhere.
We encourage you to constantly pester us. To find out, How are they doing? How can I help? We release financials. We analyse them on behalf of an investor.
And we give out that information every day when the market closes. We send through a price sheet.
So I think we are sort of like the bridge between different shareholders.
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We also offer services to the listed companies to help them raise more money.
If they need to raise money, if they need to merge with another company, we are there to advise and hold their hand.
Fortunately, unfortunately, they cannot just rock up at the exchange and say, we’d like to list.
Yes, we’ve worked in listing firms before.
TN: Tell me, who are your core clients at this particular moment? I mean, you are three, three months old and so forth. Have you grown a portfolio of clients, regular clients?
CM: So we have a few individual clients, those that are termed as retail clients that we have.
And in terms of asset managers, we’ve at least managed to sign on 11 asset managers to trade with us.
So in terms of clientele, we’re not doing so badly. I’m actually in awe that there would come on board such a new baby. And it’s a sign that’s more to come.
TN: Any foreign investors at the moment that are your clients?
CM: Two individuals. Foreigners have not really been participating in the market in terms of new funds coming through. So it is actually a blessing.
