The Sunday News
Business Reporter
INDUSTRY and Commerce Deputy Minister Raj Modi has urged students from the Forex Trading School Africa to invest the proceeds from currency trading in different sectors of the economy to foster economic development.
The Deputy Minister, who was the guest of honour when the Forex Traders’ Association of Zimbabwe (Fotraz) was launched in Bulawayo in February told Sunday Business last week that Zimbabwe needs investments in all sectors.
“I urge the students from the Forex Trading School Africa to take online currency trading business seriously. As they make their money, it is also important that they invest in other sectors of the economy such as the real sector,” he said.
The school, which is the first of its kind in Zimbabwe, was established in 2017 to promote economic growth by generating income in the country. In January, the institution launched a $50 000 mentorship programme aimed at empowering potential entrepreneurs across Zimbabwe with online foreign currency trading skills. In separate interviews this week, some of the institution’s students said online currency trading had transformed their lives ever since they learnt the skill.
“I have undertaken some online currency trading courses offered by the Forex Trading School Africa and this marked the turning point of my life. I am the breadwinner in my family taking care of by six siblings following the death of my parents in 2009. Since the death of my parents all has not been rosy as far as trying to make ends meet for the family. But when I enrolled at the forex school for online currency in February this year, it marked the turning point of my life. “I am now able to put food on the table for the family and going forward probably in the next few years to come I would have invested in the property sector,” said Mr Stewart Khumalo, who graduated in 2009 with a first class degree in chemical engineering from a local university.
Due to the prevailing economic climate, he said finding a job locally has been a challenge for him and has never secured formal employment after his graduation. As he has taken up courses in online foreign currency trading, Mr Khumalo said he was no longer interested in securing a job in the formal sector because online forex trading has proved lucrative and more sustainable.
“Through this online currency trading, I find no reason for me to apply for a job in the formal market anymore because the trading business is paying lucratively,” said Mr Khumalo.
Another student from a local university, Mr Tendai Kurangwa said ever since he went through currency trading lecturers, he was now able to pay his school fees. Previously, he depended on his parents for school fees.
“While I’m focusing on finishing my degree studies at Bindura University of Science Education, I am also considering taking online currency trading full time. Using the money generated from currency trading, I intend to invest in agriculture and this is a dream that I have,” he said.
Recently, Forex Trading School Africa partnered with some local State universities and other tertiary institutions in setting up trading clubs. The institution has trained over 5 000 people in Zimbabwe since its establishment. A student from Bulawayo Polytechnic, Miss Ethel Ndlovu, who is studying Banking and Finance said:
“I decided to take up online currency trading courses so that I raise money to buy shares from some of the blue-chip companies at the Zimbabwe Stock Exchange. But before going that route, I am certain that before the end of the year, I will be driving one of my dream cars.”
As part of efforts to spread its tentacles outside the country, the Forex Trading School Africa has also opened branches in Botswana, Zambia, and Malawi. Plans were also afoot to further extend the school’s footprints to other regional countries such as South Africa next year.
In a separate interview, the institution’s chief trading officer Mr Kuda Manzanga said the idea behind his school was to eradicate poverty in the country and the continent at large.
“Our vision is to make Zimbabwe a financial hub of Africa on account that online currency trading is the world’s largest market generating US$7 trillion a day while in London alone, over US$2,7 trillion is exchanged through the virtual platform. And as we impart currency trading skills, we have in mind the idea of empowering people of all age groups that is the youths and the elderly as long as they can grasp the concept and the skill. We are not only focusing on Zimbabwe but other countries within the continent and this is why we have gone our way to open branches in other countries such as Botswana, Zambia and Malawi,” he said.
