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One of the leading commercial banks in Zimbabwe, Nedbank has partnered with Escrow Group to form C-Trade Fantasy – an initiative meant to impact knowledge on investment in securities and create a culture of saving and investing in the citizenry, particularly adults and the youth.
Addressing journalists during the launch in Harare today, Mr. Collen Tapfumaneyi, the Escrow Group Chief Executive Officer alluded to the challenges bedevilling the financial market that range from a lack of investor awareness and confidence and the absence of a saving and investment culture.
“A savings culture is critical to an investments culture which in turn is critical to the capital market and economic development. If more citizens choose to save through formal mechanisms more capital will be made available to increase the productive capacity of the economy,” Mr. Tapfumaneyi said.
He said the local capital market records between 200 and 700 trades per day which clearly shows that very few people participate in the market. Individuals and organizations around the globe have mobilized to tackle the financial illiteracy epidemic; yet most of them still need financial education resources, support, and guidance to make a meaningful difference while the compounding problems associated with financial illiteracy are getting more onerous. Trends demonstrate the importance of making thoughtful and informed decisions about finances.
“A capital market that is responsive to the needs of all the citizenry can play a critical role in lubricating the economy. It is against this understanding that Escrow Group supported by Nedbank and Alpha Media Holdings (AMH) is introducing C-Trade Fantasy.
The C-TRADE Fantasy is an edutainment initiative targeting adult Zimbabweans and the youth who are in tertiary learning institutions. These include universities, technical institutes, and other postsecondary colleges in the country. This Fantasy is anchored on the C-Trade technology infrastructure,” he added.
Some of the features of the C-Trade Fantasy are:
- Enable eligible participants to register for the fantasy and at the same time create their live trading accounts
- Participants will each be allocated ZW$1,000,000 virtual cash for practice purposes
- The platform will have access to live market data to enable simulated securities trading
- It will also act as a demo platform for those requiring a practical feel of our markets without having to part with real money
- Trading will be as if one is trading on the real market but using virtual money
- Participants will be able to test their skills in analysing and picking the right stocks to build their virtual portfolios
- The platform will track the performance of the virtual portfolios for each participant and rank them according to performance
- The highest performers will various prizes monthly while the best performers at the end of each six-month season will be awarded the full value of their portfolio in real money for their investment in the live market
- Participants will also be able to create their own mini leagues among their friends and families to compare their portfolio performance
The main objectives of the initiative are to impact knowledge on investment in securities and create a culture of saving and investing in adult Zimbabweans and the youth. It further aims to enhance financial management and entrepreneurial skills among the Zimbabwean youth and create a sense of ownership, loyalty, and association by reaching out to the youths and by creating a unifying factor.
In making a decision to partner with the Escrow Grop in the C-TRADE Fantasy initiative, Latifa Kassim, the Nedbank Head of Treasury said the platform creates an avenue for educating the youth on prudent processes of investment decision-making and risk management.
“Nedbank Zimbabwe Limited is proud to partner with the Escrow Group as a key sponsor, as they launch this very relevant program(C-Trade Fantasy- play, learn and invest) meant to support financial literacy and inclusion in Zimbabwe particularly the youth who are our future. C-Trade in simple terms is a trading platform for securities. A survey found that most people are not well versed with capital markets and securities trading – limiting their investment options and essentially their opportunities to have financial security. C Trade Fantasy program which will run for 6 months with Nedbank’s involvement ( and provide monthly prizes to successful participants) will help educate the youth on prudent practices around investment decision-making and risk management,” Kassim said.
She added that C-Trade Fantasy provides an exciting new program meant to allow adult Zimbabweans and youth the opportunity to gain greater insights around capital markets, investment decisions ( how they are made) and to participate in securities trading.
“Because C- Trade is a mobile and internet-based product, it allows easy access to investors across the board. Such innovation ties in neatly with the strides the banking sector in Zimbabwe and particularly Nedbank has made in providing innovative products and services that can be enjoyed from anywhere at any time and just at a click of a button. Essentially financial services through Nedbank are now accessible to everyone through the internet and mobile banking platforms.”
During the C-Trade challenge, participants will receive free training from experts such as Mr. Batanai Matsika – a prominent investment analyst in the country.
There will be continuous guidance and the chance to practice newly gained skills by participants. The investment challenge, which commences on the 15th of September 2022 will be televised on Heart and Soul TV every Thursday at 3 pm and winners will be announced.
Nedbank Limited who will be providing banking and settlement support and enable participants to open real accounts for their investments as well as Alpha Media Holdings who will be playing a very important role in information dissemination through their vast communication channels
The Escrow Group remains committed to providing enhanced solutions for broadening capital markets participation by all eligible investors including the retail and diaspora as well as solidifying the role that capital markets play in a growing economy like ours. Technology remains a key driver of strategy and the Escrow Group promised to continue investing in innovative technology solutions to deepen and broaden the capital markets.