As the implementation of the indigenisation programme takes shape, financial experts have called for a different approach with regards to indigenisation of the banking sector.The group of financial experts insist that the formula used to indigenise mines is inappropriate for the financial services sector.
With the country beginning to realise fruits of indigenisation through the launch of the community share ownership concept in one of the foreign-owned mines, debate continues on how best to indigenise the financial sector.
Financial expert, Mr. Brains Muchemwa believes the sector is a sensitive one and the process cannot be implemented by targeting institutions but through the introduction of more local players.
A business consultant, Mr. Hebert Mazonde says government should put a policy that actually directs deposits towards indigenous banks and this will make the majority of deposits to be in local hands.
Experts argue that unlike mines who sit on capital, banks act as middlemen and their value can change overnight as they are only conveyors of capital.
However, international banks have come under the spotlight as a result of their unwillingness to lend as they receive instructions from their bosses abroad not to lend locally and yet the market is yearning for finance.