Martin Kadzere Senior Business Reporter
FIDELITY Life Assurance has restructured its senior management in line with the company’s growth strategy focusing on new local and foreign business initiatives.
Group finance director Mr German Mushoma has been reassigned to take charge of the group’s US$39 million housing project in Harare. He has been replaced by Mr Bernard Bare.
Ms Nyaradzo Mandimike is heading Fidelity Life Medical Aid Association while Ms Patience Mugwiji is now heading the group’s Funeral Business division. Mr Jonathan Mabvudzi is in charge of the South Sudan business and is assisted by Mr Isaac Kalebe.
Ms Nyaradzo Matindike is now running the reconstituted Individual Life division while Mr Reginald Chihota, who was employee benefits manager is now the acting general manager.
The group’s operations director, Mr Reginald Chihota, is stepping down at the end of this month.
Fidelity Life chief executive Mr Simon Chapereka said the changes were approved by the board last year and were being gradually effected.
“It is all about strengthening our management systems in line with our growth strategy,” said Mr Chapereka.
Last year, Mr Chapereka said Fidelity Life was expecting to generate US$30 million in revenue to December 2013, driven by fees and other incomes, which include the micro lending unit, Fidelity Financial Services, which has significant income from deposits of housing stands.
The Southview development, which will gross in excess of US$60 million in the lifetime of the project, will start to accrue to the top line during the 2014 financial year.
Fidelity is developing nearly 6 000 stands at Southview Park and is selling them at around US$10 000 each.
The new suburb will have a police station, six primary schools, two secondary schools, six crèches, 14 flats, two commercial stands, an open space and five churches.
Mr Chapereka said the servicing of the stands would start early next week.
Deposit taking on stands will allow the group to develop the site without expensive borrowings.
Mr Chapereka said the Reserve Bank of Zimbabwe was still considering its application to establish micro finance institution. The group is targeting to invest US$5 million into the project.
The group has also entered into a partnership with a South Sudanese short-term insurance firm and the two firms intend to inject US$600 000 into the new business.