Diaspora Kapita plans to list on Zimbabwe’s VFEX to allow Zimbabweans abroad to invest in real estate. The initiative will generate foreign currency through property acquisitions, benefiting both investors and the local economy. Founded by 13 Zimbabweans abroad, the company has various investments, including financial services and agritech, and generates $46 million annually in funeral premiums.
Diaspora Kapita is set to launch its operations on Zimbabwe’s Victoria Falls Stock Exchange (VFEX), aiming to facilitate property investments for Zimbabweans living abroad. This strategy seeks to leverage resources from diaspora communities to enable them to acquire real estate in their home country, thereby generating a sustainable stream of foreign currency for investors. Vhusi Phiri, the CEO of Diaspora Kapita, recently shared these insights during the Association of Investment Managers of Zimbabwe meeting held in Cape Town, South Africa.
The VFEX, which currently features approximately 15 listings, was inaugurated two years ago and is recognized for offering tax benefits alongside various incentives to investors. The exchange has already hosted significant listings, such as a $50 million bond issued by Tharisa, a multi-metal mining firm that is also listed on both the Johannesburg Stock Exchange and the London Stock Exchange. Diaspora Kapita, which was established by a group of 13 Zimbabweans residing abroad, has diversified investments across sectors including financial services, agritech, and insurance, with an annual premium collection of about $46 million in the funeral services sector.
The announcement regarding Diaspora Kapita’s listing on the VFEX highlights the growing importance of diaspora investments in Zimbabwe’s economy. Founded by Zimbabweans abroad, Diaspora Kapita’s mission focuses on creating tangible opportunities for expatriates to invest in real estate back home. The VFEX was launched to attract more international and local investment while providing institutional and retail investors with considerable tax advantages. This initiative reflects an ongoing trend where diaspora communities play a significant role in funding national development through remittances and investments.
In summary, Diaspora Kapita’s forthcoming listing on Zimbabwe’s VFEX is expected to significantly benefit both Zimbabweans abroad and the local economy. By targeting resources from diaspora communities, the company seeks to enhance property ownership among expatriates while creating robust foreign currency revenue streams for investors. This strategic move underscores the vital connection between Zimbabwe’s diaspora and its economic growth.
Original Source: www.zawya.com
