The ManicaPost
Liberty Dube Business Correspondent
NYARADZO Group, which turns 19 this month, has spread its wings and is preparing to fly with an assortment of new products, chief among them the Sahwira Events and Lifestyle (SEAL).
Nyaradzo, which was formed as a funeral assurance company in March 2001, has diversified into events management, money market, furniture, hospitality and tourism.
It has also spread its wings on the international market.
Nyaradzo Group chief executive officer Mr Phillip Mataranyika said they have ventured into new frontiers and built muscle since inception.
“We survived the worst economic meltdown outside of a war zone in world history. Instead of closing our doors to go back to financial advisory services with my former employer, which door was always wide open, we soldiered on. We made bold decisions that kept us afloat and took risks,” he said.
Mr Mataranyika said during the period of acute foreign currency shortages a decade ago, Nyaradzo had to soldier on as they did not want to disappoint customers by not providing them the contracted services at the time of bereavement.
As a result, they had a brush with the law as they were sourcing forex on the parallel market.
“Most of the equipment we use in our trade is imported.
“I paid the price by spending two nights as a guest of the State at Highlands Police Station after being locked up for violating Exchange Control Regulations,” said Mr Mataranyika.
He said their fortune changed when the then Minister of Finance and Economic Development, Cde Patrick Chinamasa, announced the introduction of the multi-currency regime in February 2009.
This allowed Nyaradzo to collect premiums in foreign currency.
“Building and running Nyaradzo has not been a stroll in the park. However, the period between February 2009 and February 2019 had some semblance of stability due to the existence of the multi-currency regime. For 10 years, we kept our premiums the same because we operated in a stable macro-economic environment.
“Come March 2019, all that changed with massive price increases for fuel and spares, not to mention the regular salary reviews. We had no option but to make premium adjustments.
“But even as we made adjustments, we kept our price increases below cost to accommodate our customers, whom we knew were hurting as much as we were.
“Our target has been and still is to be in all corners of the country by the end of this year, so that by the time we become a young adult, we are ready to do bigger things.
“Through SEAL, funerals should no longer see mourners struggling to find space to sleep and rest, they will have access to camping equipment.
“There is no longer any need to sleep in the cars or by the fireside at funerals.
“And families will find travelling together convenient and affordable as camping will be a viable option,” he said.
Among other Nyaradzo Group innovation products is the Sahwira International Plan (SIP), which provides cover to Zimbabweans living outside the country.
