Sustainable development shortest way to better futures: OMZ 

OLD Mutual Zimbabwe (OMZ) group chief executive officer Sam Matsekete says sustainability and sustainable development is the shortest way to create a better future through private sector and government partnership.

OMZ, a financial services company, is one of the economy’s biggest investors, making it a significant tax contributor.

In its half year report for the period ended June 30, 2024, OMZ revealed it had ongoing conversations with the authorities to constructively engage on policies that enhanced economic growth, financial inclusion and the health of the financial services sector.

The group reiterated its commitment to reinforce core propositions while adapting products and improving distribution channels to access new and underserved markets.

Speaking at the second instalment of OMZ’s one-day “Better Future Summit”, in Harare yesterday, Matsekete said the alignment of the private sector and government would achieve greater progress and positive economic, environmental and social governance impacts nationally.

“In line with our mission to sustain growth and protect the prosperity of our customers, we believe sustainability and sustainable development are the shortest way to create better futures,” he said.

“You, therefore, continue to see all mutual growth, its commitment in this basis of sustainability, in the way that sustainability and sustainable development goals are enshrined into what we do and they inform our choices our decisions and the priorities we make.

“And that is because when we do that, we believe we will deliver the best value to those that we serve in our clients, our customers and the communities around us.”

Matsekete added that to exemplify this commitment, the group recently launched the Old Mutual Renewable Energy Fund meant to drive investments into renewable energy projects across Zimbabwe.

The initiative is a collaborative effort that involves Old Mutual Zimbabwe, the government of Zimbabwe and the United Nations agencies.

“We encourage all willing private sector players that are really seeing the value, which is beyond financial, in participating in efforts promoted by the renewable energy fund. The fund aims to raise US$100 million and US$20 million has already been committed to solar and hydro projects,” Matsekete said.

“As we speak, these investments align with Zimbabwe sustainable development goals, focusing on SDG (Sustainable Development Goal) 7, so we have to make it real. SDG7, which is affordable in clean energy, SDG9, which talks to industry, innovation and infrastructure and SDG11, which is about sustainable cities and communities.”

He said the fund sought to provide financial incentive and that beyond this, social impacts and opportunities would benefit investors and those involved in renewable energy value chains.

Matsekete reaffirmed OMZ’s commitment to promoting sustainable practices and making its choices and decisions in a manner that promotes long-term sustainability.

OMZ is continuing to progress major projects to enhance its technology estate, as well as efforts to optimise distribution and service channels, he said.

The group is also working on bringing new and modified products to the market to ensure that customers enjoyed more choice and flexibility through integrated financial solutions.