Banking is a crucial element of our lives, it is at the centre of any country’s financial operations
Zimbabwe Digital News
Proudly263Global this week launched its along awaited Hello Sahwira Mhlobo Bank – a Co-operative Financial Institution that seeks to create a bond among Zimbabweans in the diaspora, and to service their financial needs.
Stan Makwara, managing director of the HSM Bank, and CEO of Proudly263Global released a series of statements to the organisation this week, in which he spelt out the product offerings and how the bank will work – pledging that HSM would change the way that Zimbabweans and Africans in general have been transacting.
“We are offering a full range of services like any other bank. The difference between us, and conventional banks is that (while) there is no requirement for a client to form a common bond with any bank, we are forming a common bond with Proudly263Global. Our members are the owners of the bank,” Makwara said.
HSM Bank is a voluntary member-owned financial institution, governed by the Co-Operatives Banks Act, where people pool resources together in a democratically controlled organisation – run by a board of directors.
“We are pooling our members resources together, to solve a common problem. We will do this by building social capital and this is part and parcel of what we have already been doing do in building communities at Proudly263Global,” he said.
Proudly263Global was launched at a colourful Trade Fair in May 2018 – to bring together Zimbabweans living and working in the diaspora into peer-to-peer networks, sharing information and business services.
In the founding documents – HSM said community banking – or call them co-operative financial institutions (CFIs) were for the people, they were owned by the people, and the people were the shareholders and owners of the institution.
The owners of the bank, are the bank clients.
“Banking is a crucial element of our lives, it is at the centre of any country’s financial operations. If you look at how the economy works, banks are at the centre of it all. In this case we are a co-operative effort to come up with solutions for the Zimbabwean community, the idea has been in its infancy for some time.
“We are really at a point where the idea is taking off, it was co-operative efforts from the directors, to get tangible solutions, we just did not know how to bring it to life. But now it is alive.
“I am excited to be part of this great vision, it is an idea that has been brought about by Proudly263Global and the Zimbabwean people, it is an exciting project, something that will change their economic lives, not just for the immediate, but for their future as well.
Asked whether this was a commercial bank, a loans bank, or a building society, Makwara said:
“Picture it as a normal bank, a commercial bank, practising banking as we know it. We are used to entering banks with air conditioning, with beautiful furniture and smartly dressed men and women, and with good looking buildings, painted nicely
“We are a bank where there is an oasis of life, a place where you can run to and discuss your business, with proper couches and people to serve you coffee and biscuits.
“Banks are far from that. The big banks are connecting people, and doing big projects. They play a huge role in the fiscus. It is about understanding the people that you serve. Understand their needs, their financial needs.
“You must feel that you can revive your finances, your economics. This is place where you can run to, state your story. Banking on its own, is an open church, and we are,” Makwara said.
He added that HSM Bank was about listening to what the Zimbabweans were looking for in their finances and this was about giving an exclusive service to the masses without restrictions about someone’s fundamental background or which papers one has, or doesn’t have.
HSM stressed that it was not a micro finance, and neither was it a building society.
Members come together and in their communities, and understand that there must he a common bond. One would never establish a bank of this nature, people come together (as in a certain geographic area) and if a bond as defined in the Cooperative Bank Act, passed in 2007 was met, a bank could be established.
HSM said that it had met legislation as it was common bond with Proudly263Global. Membership was drawn from its communities, the associations of of Zimbabweans operating businesses, others are coming together for networking and showcasing their products and services together.
It is a common bond that has been forged by the organisation that is Proudly263Global association, people who have come together seeking empowerment, that is what constitutes our common bond, Makwara said.
HSM will encourage banking within the Zim community in SA, to mobilise the building of wealth through savings, responsible lending, low interest rates, small business credit, and would fight for financial inclusion for the unbanked.
1. Share Capital Account
2. Silver Savings Account
3. Gold Savings Account
4. Gold Funeral Account
5. Captains Savings Account
6. Business Roundtable Account
7. Business Savings Account
8. Grocery Round Account
9. Vehicle Savings Account
10. Builders Savings Account
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