Zimbabwean businessman uses cows to create wealth for working class in the face of high inflation – InsuranceNewsNet

Kelvin Chamunorwa, UK-an actuary by training and founder of Nhaka Life Assurance, was recently named one of the top three performers in the insurance industry in Zimbabwe.

Six years ago, he gave up a lucrative career as an actuary in London to start a life insurance company, according to his LinkedIn page. A space plagued by rising high inflation in a failing economy.

He did not waver in the face of the prevailing reality, but instead opted for an unconventional business model that ordinarily does not conform to everyday product in the market.

The idea was to get Zimbabweans who wanted to invest in insurance to put their savings in cows.

By this strategy, Nhaka life insurance secures its clientele’s investment against inflation and other economic shocks.

“Storing wealth in a herd of cattle or oxen is an age-old tradition among Zimbabweans. What I did differently was give it a modern twist,” he added.

The business model, according to Chamunorwa, does not require customers to invest in a pregnant cow, but put their money on the pounds of the animal they can afford. In this regard, several Zimbabwean workers can put their life savings into a single cow and share the profits when it is sold.

He said the motivation to settle on cows as an investment vehicle was inspired by his mother’s sad story of working for 25 years with a pittance in her account as a pension. According to him, his mother, who was a middle manager in a bank in Zimbabwesaw its savings reduced in value by the high inflation that hit the country in 2008.

“My mother didn’t even see fit to go and collect her pensions. This pathetic story made me realize that I can improve working conditions for ordinary Zimbabweans with this business model,” he said. told.

He jokingly pointed out that the value of the cows cannot be affected by the debasement of the Zimbabwean currency or liquidated by international market forces.

Chamunorwa said he had put a smile on the face of many Zimbabweans and restored business confidence by bulletproofing their money.

Giving more information about his business, he explained that the company buys cattle with funds received from customers.

The insurance company has a large tract of land and a ranch where they keep the herd of cattle under the strict supervision of veterinary staff.

Investors have the opportunity to make periodic visits to the ranch to see how the animals are doing.

He said the only way to keep Zimbabweans hopeful is to give them an investment they could see and touch, adding that “this is how I managed to build trust in a sector that has none”.

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