Character Building Moments: The Unseen Hurdles in Founding Nyaradzo
For the 10 years I worked as a sales agent and financial advisor at Old Mutual, I was one of their most successful. I built lasting relationships, advising clients on everything from estate planning to offshore investments. These connections would prove invaluable when we needed capital for Nyaradzo.
But it was the constant requests from clients for a funeral assurance policy—a product Old Mutual wasn't interested in—that convinced me there was a gap in the market. I decided that if Old Mutual wouldn't do it, I would. In February 1998, I registered Nyaradzo Funeral Assurance Company.
Overcoming Insurmountable Hurdles
Looking back, the guts I had seem improbable. The statutory hurdles were immense. I needed a million dollars in capital, a product valuation from a qualified actuary, and a certificate of solvency from an accounting firm—all before I could even apply for a license from IPEC.
For the capital, Ambrose Matika of CABS was superb, helping me re-mortgage our house. For the actuarial certificate, after being turned down locally, I found help in South Africa from a brilliant former colleague, the late Abraham Nduru. For the solvency certificate, the newly formed indigenous accounting firm, Camelsa (now Grant Thornton), founded by Reggie Saruchera, issued us one, even before we had sold a single policy. Our ducks were finally lining up.
Nyaradzo was a product of a glorious period in Zimbabwe, from the 90s to 2000, when indigenous people were hungry to assert themselves in business. The feeling that independence meant more than just social freedoms was palpable. Lobby groups like the IBDC and AAG emerged, and the government pursued a pro-indigenous agenda.
We saw the privatization of state-owned enterprises like Dairibord and Cottco, and the unbundling of the PTC, which allowed private players like Strive Masiyiwa’s Econet to enter the market. Black leaders were appointed to head major corporations for the first time, like Luke Ngwerume at Old Mutual and Washington Matsaira at Standard Chartered Bank.
A wave of entrepreneurs rose up, setting up banks, tobacco companies, and media houses. I drew inspiration from all of them—Roger Boka, Strive Masiyiwa, Divine Ndhlukula, Nigel Chanakira, and many others. Seeing what they had done, I thought, "If they can do it, I can do it too." I decided to take the plunge.
The Final Countdown: A Test of Resolve
With the critical documents in hand, I chose March 1, 2001, as our start date. This allowed me to collect my final performance bonus from Old Mutual. The only thing left was to negotiate my exit. I had bought two new cars on a company loan scheme and hoped, given my 15 years of successful service, that Old Mutual would allow me to keep them and repay the loan over time.
I argued my case all the way up to the new GM, Luke Ngwerume. I had a substantial pension, ongoing commission payments, and a new brokerage that would continue to bring them business. But the answer, at every level, was a firm no, citing "company policy."
On February 28, I knew I was on my own. I would be leaving just as I had started 15 years earlier—on foot, but this time with a wealth of experience, a big heart, and undeniable character.
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