TM Group diversifies investment portfolio

TM Group diversifies investment portfolio
Published: 05 September 2017
GWERU headquartered TM Group has diversified with its investment portfolio targeting low and medium-income earners in and outside the country.

The group, which has a $50 million land bank locally and abroad  in countries such as South Africa and Botswana has the following subsidiaries, Tinrue Financial Services, Zimbabwe General Medical Aid Fund (ZGMAF), ZimBuild Property   Investments, Luxury Living International and Africa Haven Funeral Services.

In an interview, TM Group board chairman Dr Tinashe Manzungu said he was proud that his organisation now has a footprint in sectors prioritised by Zim-Asset.

He said Tinrue Financial Services is a microfinance institution licensed by the Reserve Bank of Zimbabwe while the health insurer, ZGMAF was registered under the Ministry of Health and Child Care.

"As TM Group of companies we have acquired stakes in construction, real estate, health insurance and financial services.

"These are all targeting the low to medium-income earners who are mostly SMEs.

"Luxury Living International looks at the provision of serviced and semi-serviced residential stands.

"The investment portfolio assists especially SMEs and the low to medium-income earners in the public service to acquire housing stands," said Dr Manzungu, adding that Zimbuild Property Investments was responsible for housing construction.

In a separate interview, the group's credit manager Ms Rufaro Chingwe said:

"Tinrue Financial Services provides easy mortgage financing to the low and medium-income earners to purchase stands, construct houses or acquire merchandise or products they want for resale.

"We do not require title deeds as security of the loan because people will be investing on our land, which is the main title deed," she said.

"We want to bridge the gap left by banks and other finance houses by not asking for more from an already distressed citizen. Our mortgage loans are very affordable considering   they do not exceed seven percent interest per annum."

Under the group's health insurance, ZGMAF principal officer Ms Moreblessing Kunyangwe said the scheme was affordable with contributions as low as 20 cents per day for the unemployed, students, the informally employed, and low and medium-income earners.

She said their medical aid was targeting 90 percent of the country's population that is not covered by other medical aid schemes mainly due to affordability challenges.

"We have total support from the Ministry of Small to Medium Enterprises and Co-operative   Development because their members fit well into this type of our medical aid insurance.

"They can pay via any mobile money transfer facility a minimum of 20 cents per day towards their monthly contributions.

"We consider the medical aid scheme affordable and flexible considering that even if one fails to record significant sales per day, he or she can raise 20 cents that goes towards medical cover," she said.

Africa Haven Funeral Services, she added, was a bonus for their medical aid scheme members.

Depending on the type of policy the member  has under the medical aid scheme, this also translates to the type of funeral benefit the holder would enjoy.
- online
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