By Strive Masiyiwa
After our license was finally issued, we quickly turned our attention to raising the money to build the business.
I had long realised that this kind of business was capital intensive. I knew that I had to have a very good team on Finance. This was not just a job for an accountant, I needed a banker, to lead the team that would look for the money. I approached Jeff Mzwimbi, who had been working as an international banker, to return home, and lead our team.
He had wanted to start his own bank, but I persuaded him to delay his plans, and come and work with me. We also recruited a Chief Finance Officer, Marion Moore, a very mature and experienced Zimbabwean executive. Together with Zac Wazara, our Chief Marketing Officer, the four of us, had worked every day for years, preparing our business plans. Even when we were in court, we never stopped planning.
Initially we thought that it would be best to bring in an international operating partner. We found a very respectable potential partner, but we failed to agree terms, and we walked away.
Our financial model showed that if we simply borrowed money from the banks, the business would not grow properly. We needed to raise EQUITY, as well.
As soon as the case was over, Tawanda Nyambirai left the legal profession, and joined a bank, called NMB. Another young lawyer at the same law firm, came and joined us, as our legal advisor, at the company. His name was Nic Rudnick, and he is one of our most senior executives today.
Another young banker, who had been a member of Dr Moyo’s team, at Standard Chartered Bank, and now working with Tawanda, at NMB, was Patterson Timba,
One morning , I gathered this group, in my office. I had an audacious proposal that I wanted them to debate. It is how we make decisions, even today:
“Can we list a company on the Stock Exchange of Zimbabwe, that has no trading record, and has never actually operated?”
Patterson Timba: “Mukoma, the exchange say we need minimum 3 years experience, and audited accounts”.
Tawanda Nyambirai: “Mukoma, its just a tradition they have been applying. It’s not underpinned by law. If we go to court, we will win.”
Nic Rudnick: “I agree. We can win.”
Jeff: “My brother, we need to raise just $5m, in equity. Why don’t we just go to London. I know investors who can write a cheque for that kind of money, without all this hassle.”
Me: “I want to give all those people who supported us, over all those years, a chance to own shares in this company.”
And so we discussed, well into the night. Finally, I made the call: “Tawanda, and Nic, tell the Exchange, that unless they give us, an exemption, we are ready to test it in court.”
To be continued…
