13 May 2018

Zimbabwe: Govt Pledges Support for Innovation

The government is ready to support technological innovations that improve the administration of pensions and creation of social security pension schemes that can facilitate the repatriation of diaspora pensions.

This was revealed by Local Government, Public Works and National Housing minister July Moyo at the 43rd Zimbabwe Association of Pension Funds annual congress in Victoria Falls last week.

The conference heard that current legislation does not provide modalities that allow for tapping into diaspora pension funds while transparency issues remained problematic.

Moyo said the new government had its focus on economic and technological evolution and had the capacity to absorb and implement innovations as long as an enabling environment prevailed.

Moyo said there was urgent need to align policies with operations in the insurance and pension sector.

He said pension organisations should improve on disclosure of information both to their members and trustees to reduce complaints against their services

"As you debate on strategies to revitalise the pension industry, I encourage you to create a social security scheme for our brothers and sisters in the diaspora," Moyo said.

"Government will give such initiatives its full support through relevant ministries as well as its worldwide network of embassies as this will augment savings.

"Zimbabwe has suffered a long period of economic strain, which has resultantly created a huge diaspora population and we need to enable these people to come and retire home.

"I challenge the Zimbabwe Association of Pension Funds to look into the current and future innovations related to pension administration.

"Perhaps the adoption of block chain technology will increase efficiency, transparency and trust in the administration of your pension schemes

"This new government is one of economic and technological evolution and we will not hesitate to be early adopters of bright ideas."

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