BY MTHANDAZO NYONI
BULAWAYO-BASED Forex Trading School Africa has embarked on a nationwide campaign targeting to train for free 70 000 people in online forex trading to inculcate a culture of online forex trading.
The organisation’s chief trading officer Kuda Manzanga told NewsDay Business on Monday that Zimbabwe was losing out by not incubating online forex trading.
”We are targeting to train about 70 000 people throughout the country in online forex trading. After we have done the major cities, we will go into smaller towns, but we want to make it a national campaign. So first phase of it is Bulawayo, Mutare and Harare with workshops in Gweru, Kwekwe in the last two weeks of the campaign,” Manzanga said.
”Then next year we will start going to smaller towns. We are financing this exercise. Traders have come together and said let’s make this national.”
Manzanga, who is also Foreign Currency Trading Association of Zimbabwe chairman, encouraged young people across the country to enter the lucrative industry.
”The opportunities exist on an individual level. First of all, you can trade from home. So if you make a profit, you earn forex because your profits are in forex. Now for the nation, if a 100 people in Bulawayo are making US$1 profit a week, how much is coming into Zimbabwe because you would want to spend this money here as a trader? That’s US$100 000. Very soon you can start competing with the Western Union remittances coming in if everyone is trading from home,” he said.
Online currency trading is the world’s largest market generating over $7 trillion a day, while in London alone, over $2,7 trillion is exchanged through the virtual platform. If embraced and supported, Zimbabwe stands a chance of becoming a regional financial centre in Africa, he said.
Through these trainings, Manzanga said they want to empower people so that they start trading on their own without going through third parties who end up conning them.
”What we would like government to do is to encourage the youth to attend these free workshops. They are free. Another support will be in the form of Special Economic Zones, where, for instance, 100 or a 1000 people that are promising can be housed in a building and start trading,” Manzanga said.
”We have got a lot of industries (buildings) that are huge but lying idle, put desks there, internet connection and people start trading. Then government can begin to help us at each stage.
”But there is nothing that can happen in any country without the government incubating and supporting it. It can’t.”
Analysts have urged the authorities in Zimbabwe to provide the necessary legislative support for this nascent economic sector.