Securities Commission Chief bashes ZSE

THE Chairperson of the Securities Commission of Zimbabwe (SEC), Willia Bonyongwe has given the Zimbabwe Stock exchange (ZSE) a tongue-lashing accusing it of being manual, archaic and a dinosaur.

A fired up Bonyongwe said: "We are unhappy about the nature and the business at the ZSE. I cannot comment on the suspension of the ZSE Chief Executive, Emmanuel Munyukwi, but he is supposed to appear before a Commission of Inquiry. There are too many things that we are unhappy about at the ZSE such as it being too manual and too slow in making decisions."

Munyukwi was suspended by the Chairman of the ZSE due to failure to do his duties properly.

"The ZSE is manual, archaic, and it is a dinosaur," Bonyongwe said in Harare addressing a gathering of about 40 participants of a poorly organised workshop on security and cyberspace in Zimbabwe.

"I am very frustrated by the ZSE," she went on. "You cannot do things manually when the whole world is using information technology. We have told them this but nothing seems to be done. We must follow the other stock exchanges who are moving with the times.

"We have been here before them and I really wonder why we are so behind in our IT in Zimbabwe especially on the ZSE."

She said the ZSE was "rather shameful".

"We are not like the JSE, BSE or even the Zambian Stock exchange who are ahead of us as far as IT is concerned. Here we are still doing everything manually and I believe there are some who are benefiting from this. We are new but we are investigating the whole ZSE system which is out-dated."

"We have been in the news for allegedly fighting the ZSE but we are not fighting them," an angry Bonyongwe said.

"We must move with the times and be ahead of our region."

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