A local financial institution, UNTU Capital on Wednesday unveiled its first mobile based retail note named U-Gain which enables the unbanked population to buy shares on the stock exchange using mobile money platforms such as Ecocash and Telecash.
Speaking to 263Chat, Untu Capital Chief Executive Officer, Clive Msipha said U-Gain will benefit the unbanked population who will be able to transact using mobile money.
“One of the key features of U-Gain is the ability to invest using mobile money platforms, which allows everyone to participate. We are aware that there are a number of individuals in the country who don’t have a bank account, who transact using mobile money.
“Untu Capital aims to raise US$ 1 million during the offer period starting in December. This offer will be open to individuals, small business, corporates and other institutional investors.
“U-Gain has a tenure of 12 months. Investors will earn 9% per year, this interest will be paid out semi-annually. “U-Gain Notes are to be listed on the FINSEC stock market and are tradable after the offer period, allowing investors flexibility.
“The benefit of the Note being listed on the stock exchange is it allows the investor to sell the note in the marketplace, which is the stock exchange, and obtain proceeds at whatever the prevailing price will be when the investor decides to sell,” said Msipha.
He added that the investment option has created an alternative channel for many ordinary Zimbabweans who would not normally have the chance to invest on the stock exchange.
“This investment option has created an alternative channel for many ordinary Zimbabweans who would not normally have the chance to invest on the stock exchange.
“The availability of the Note via mobile money platforms makes it a desirable option for many Zimbabweans seeking new avenues for investing. Every Zimbabwean now has the opportunity to build an investment portfolio should they chose to take up this option by Untu Capital.
“Untu Capital has spent 8 years helping ordinary people make a living, build futures and grow businesses one loan at a time. Most recently they were the recipient of the Zimbabwe Investment Authority – 1st runner up in Non-Bank Financial Services Investor of the Year Award.
“As Zimbabwe surveys plans for economic regeneration under the auspices of a change in leadership this investment opportunity comes at a pivotal time for ordinary Zimbabweans seeking to rebuild their futures with renewed hope,” said Msipha.
