Last weekend, the Bulawayo community and dignitaries drawn from the academia, civil society, corporate world and government converged to witness the official launch of the Forex Trading School and Foreign Currency Traders Association of Zimbabwe (FOTRAZ).
By Admire Kudita
The school, founded by Kuda Manzanga, a 35 year old Rhodes University alumni with thirteen years experience in foreign currency trading has since inception two years ago trained interested individuals in foreign currency trading.
The deputy minister of industry and commerce Mr Raj Modi who gave a key note address called for collaborative efforts with the academia to develop diploma and degree programs in foreign currency trading.
“As government we realize need to work together to design and achieve our development goals. Government will support you. We are behind you and my reason is to see Bulawayo working again. To do this we need to identify and support new forms of commerce and trading is a big industry and we want to see it developed in a sustainable way. We will also assist you in setting a special economic zone here in Bulawayo,” said Moji.
A Midlands State University representative, Dr. Patience Siwardi said his institution will be training students on Forex training.
“We agreed that we will start training university students on Forex Trading. At least 100 students plus per weekend using the same model they have been using. Where graduates get $50 to start trading. When the laws and regulations have been done, we then formalize the training in a Forex Trading Institute that trains professional traders. These can be employed in financial institutions to trade for them.The graduates will further enable us to form a financial hub to attract hedge funds etc to trade for them. That’s the trajectory,” said Siwardi.
According to industry watchers, foreign currency trading is generating over US$200 000 every month in Zimbabwe alone.
Lloyds Corporate Capital executive Bhekithemba Nkomo who is himself a trader described forex trading as a ‘marathon rather than a sprint’ for which one needs training in to achieve the desired results.
According to the Bank of International Settlements in 2016 said handles 5 trillion dollars daily