In an exclusive interview, Godfrey Sigobodhla, Director, Indigenisation and Empowerment in his ministry said: “Yes, we will soon set the indigenisation levels for all foreign owned commercial banks operating in Zimbabwe.
“As you know we have already met with the mining industry and the manufacturing sector and their levels have already been set.
“The level for all mining companies is US$1 million annual turnover and for manufacturing it is US$100 000. However, we will soon set new levels for commercial banks. I know the figure but I cannot tell you right now otherwise I will let the cat out of the bag.”
He said these figures were being confused on the market because some were saying US$1 million turnover was the requirement for indigenisation.
“This is not true because the general figure right now is US$500 000 and not US$1 million as is going around.”
The three foreign owned commercial banks operating in Zimbabwe right now are Barclays Bank of Zimbabwe Limited (Barclays), Standard Chartered Bank of Zimbabwe Limited (Stanchart) and Standard Bank of Zimbabwe Limited (Stanbic Bank).
“There is no reversing this issue,” Sigobodhla said in the exclusive interview.”It is tight on the mining sector because they are using our land and are benefiting tremendously in Zimbabwe right now.”
The economy has been on a free fall for the past 10 years and the new levels are meant to even the playing field he said.
“There is no going back and we are serious but are very patient about this,” he said.
“It should benefit everyone even the Indian delegation that is gathered here in Harare today.”