RBZ Governor Mushayavanhu Pledges Support for Financial Journalism through Mentoring Initiative

By Shingirai Vambe

The Reserve Bank of Zimbabwe Governor, John Mushayavanhu, is set to launch a journalist mentoring program for the banking and financial sector, with the aim of improving media coverage of financial issues. This initiative is a direct response to concerns over inaccurate interpretations of monetary policies, which have eroded public trust and confidence in the financial system.

Speaking  as the Guest of Honor at the Venue, in Avondale, Harare, at the Insurance and Pensions Commission (IPEC) media awards, the Governor acknowledged the crucial role the media plays in shaping public attitudes and promoting transparency. Mushayavanhu emphasized the need for accurate media coverage to increase understanding of insurance and pension products, ultimately contributing to a financially literate population.

“As we look to the future, let us recognize that the global insurance and pensions landscape is evolving. Climate risks, cyber threats, demographic shifts, and technological disruptions all pose both challenges and opportunities for the industry. To navigate this complexity, the industry must continuously invest in capacity building, technology, and risk management
Page 8 of 10 frameworks. As regulators, we must remain agile, and the media must stay well-informed to interpret and report accurately on emerging issues, added Mushayavanhu.

The journalist mentoring program is an initiative that addresses a critical need in the financial sector. By empowering journalists with the necessary knowledge and skills, the program aims to promote accurate media coverage of financial issues, reduce misinformation, and foster responsible financial reporting. With its focus on financial literacy, stability, and inclusion.

“More importantly, media coverage helps demystify an industry that is often misunderstood and misrepresented. Terms like “annuities”, “underwriting”, “actuarial valuation”, and “fund solvency” may be clear to professionals, but to the average Zimbabwean, they can seem complex and intimidating. The media’s ability to break down these concepts into relatable, human-centered stories is invaluable. This is why these awards matter. They affirm the importance of your role and encourage even greater efforts in making the insurance and pensions narrative accessible, accurate, and impactful. I urge the media to continue highlighting both the successes and the gaps. By bringing to light the issues affecting policyholders and pensioners, you play a watchdog role that holds the sector accountable and pushes for reform where necessary,” said Mushayavanhu.

The Reserve Bank of Zimbabwe has been working closely with IPEC to ensure a healthy and inclusive financial ecosystem. This collaboration has resulted in the establishment of various platforms, including the SMART Regulatory Forum, the Multidisciplinary Financial Stability Committee, the National Financial Inclusion Steering Committee, the National Risk Assessment Taskforce, and the FinTech Committee. These initiatives demonstrate the commitment to strengthening the financial sector and promoting economic growth and development in Zimbabwe.

The mentoring program is designed to equip journalists with in-depth knowledge of financial concepts, enabling them to produce well-informed and engaging content. By fostering responsible financial reporting, the program aims to reduce misinformation and its adverse effects on public perception. Furthermore, the program will encourage dialogue between regulators, industry stakeholders, and the media, leading to the development of practical and inclusive solutions.

The need for accurate media coverage of financial issues cannot be overstated. Inaccurate interpretations of monetary policies have the potential to erode public trust and confidence in the financial system, with far-reaching consequences for economic growth and development. By empowering journalists with the necessary knowledge and skills, the mentoring program aims to support the Reserve Bank’s efforts to promote financial literacy and stability.

The program is also expected to contribute to the growth and development of the insurance and pensions industry in Zimbabwe. By increasing understanding of insurance and pension products, the program will help to promote financial inclusion and deepen financial literacy across the country. This, in turn, will contribute to the overall resilience of households and businesses, which is critical for achieving inclusive economic growth and sustainable development.

On Friday evening, 16 local journalists from various media houses were recognized for their outstanding work, taking home accolades and prize money. This initiative aims to promote, motivate, and empower journalists to excel in their craft, while also encouraging specialization in specific areas of interest. The event celebrated the dedication and hard work of these journalists, providing a platform for them to shine and grow in their profession.

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