Zimbabwe’s leading financial services provider CBZ Holdings has launched the CBZ Foundation which seeks to extend its contribution to national development in the areas of health, education and vulnerable groups.
By Kuda Pembere
While many companies including CBZ have been involved in corporate social responsibility projects in various communities across the country for a while, this launch cements the financial services provider’s activities in the philanthropic space.
Speaking with journalists on Thursday, CBZ Holdings Group Chief executive Dr Blessing Mudavanhu said the foundation’s launch comes at a time when they have been getting a lot of requests from non-profit organisations doing health, education and vulnerable societies programs.
“We get so many requests. I think one of the sad things in Zim is many of the companies do not play in that philanthropy space. So, we get a lot of requests. We have realised that through these requests, in order to optimally meet the needs and make it sustainable, we need to formalize it.
“So, what we are seeing here is formalization of some of the activities that we are already doing and make it structured. As you heard the three focus areas are health, education and vulnerable societies. But the motivation really is to try and structure our giving so that we can even attract companies to leverage on the CBZ Foundation,” he said.
He said they are availing a grant worth close to US$1 million for organisations involved in the the three priority areas.
“In terms of numbers, as a start, we are giving 1 percent of our total profits. So roughly we could say about a US$1 million as a start. But certainly this does not take into account some of the funds we are going to attract into this basket,” Dr Mudavanhu added.
Dr Mudavanhu added that the money will be disbursed across the country and priority will be given to areas of greatest need.
“This is a country-wide initiative. It will depend on where the greatest need would be. When it comes to education it is across the whole Zimbabwe and so is health. So when we talk about vulnerable societies, it will now depend on which areas will be needing more need,” he said.
Marketing and Corporate Affairs Group Executive Ms. Matilda Nyathi said funds will be given to non-profit organisations.
“The foundation will provide funds to Non-profit organisations and institutions. In other words, we are reimagining philanthropy. The funding model is reliant on the group’s financial performance and a fund will be provided to ensure sustainability and continuity,” she said.
