Executive exclusive
Sandra Tinotenda Musevenzo (née Samakomva), Director General, Pension Consultant, Zimbabwe Association of Pension Funds
Sandra Tinotenda Musevenzo is a seasoned pensions and insurance expert with over 15 years of experience driving governance, policy innovation, and stakeholder engagement across Zimbabwe’s financial services sector. As Director General of the Zimbabwe Association of Pension Funds (ZAPF), she leads strategic transformation for over 100 member funds, shaping national policy frameworks and championing ethical, inclusive industry practices.
Her career spans fund administration, regulatory advisory, trustee training, and budget oversight, with a proven track record in mobilizing multi-sector coalitions and delivering high-impact sector events. She serves on multiple boards and is a respected voice in gender equity, training, and financial literacy.
Her leadership and advocacy have earned national recognition, including being named 1st Runner-up in the Capital Markets Advocacy Award, People’s Choice (Female) at the 2025 Capital Markets Awards.
Sandra’s work is grounded in Pan-African values, national consciousness, and a commitment to empowering communities through sustainable retirement systems.
The AIM editor, Andrew Chinoperekwei, caught up with Sandra to appreciate the major industry developments and transformations within the pension funds industry in Zimbabwe. The conversation further unpacked Sandra’s perspectives on the future of the industry.
Andrew: Reflection – how would you sum up 2025 for the pension funds industry in Zimbabwe?
Sandra: 2025 was a year of consolidation and transformation. The industry navigated economic headwinds while strengthening governance frameworks, embracing digital innovation, and deepening stakeholder collaboration. Pension funds demonstrated resilience, with renewed focus on sustainability, member-centric solutions, and aligning retirement savings with national development priorities. Positive policy developments from the 2026 National budget pronouncements and the launch of National Development Strategy (NDS) 2. Key is the Government commitment to solving legacy issues being the pre-2009 compensation. The clear articulation of priority infrastructure projects in NDS 2 – specifically in energy (solar and hydro), housing (1 million units’ target), and transport – provides a clear pipeline for pension fund investment. The shift towards “cost-reflective tariffs” mentioned in NDS 2 is a vital positive step towards making these projects bankable for private capital. In addition, the intention to issue inflation-linked government securities can provide more capital protection going forward.
Andrew: What are the major industry developments spearheaded by the association that have transformed the industry?
Sandra: Industry advocacy and policy reform: The Association has been a unified industry voice. ZAPF has pushed for reforms that enhance transparency, accountability, and member protection, ensuring pension funds remain credible and resilient. We have been instrumental in the crafting of NDS 2, and National budget input. We have ensured that the pensions industry participates in national policy debates and reforms.
Digital transformation initiatives have included the introduction of sector-wide digital platforms to enhance data management, compliance monitoring, and member engagement. In collaboration with the Insurance and Pensions Commission (IPEC), Ministry of Finance Investment Promotion and Economic Development, National Social Security (NSSA), we are working on developing a new industry ICT system, which remains ongoing. As part of this process, we undertook a benchmarking exercise of the Turkish Pension ICT system.
Capacity building: Trustee training programs, blending technical, legal, and ideological content, have been central to enhancing fiduciary responsibility within the sector. Training remains one of our key anchor pillars, delivered through the Certification of Trusteeship—a regulatory requirement for all trustees. ZAPF is accredited by the Ministry of Higher and Tertiary Education to administer these examinations. The COP certification has improved governance standards, accountability, and fund management expertise across the industry. In addition, our annual Conference and AGM, held each May, and the Principal Officers’ Convention, held each October, serve as flagship events for the Association. To further strengthen professional capacity, we also conduct continuous professional development sessions through monthly webinars focused on key economic and pension-related issues.
Academic and professional capacity building: ZAPF partnered with the Harare Institute of Technology (HIT) to introduce: Master of Technology Degree in Pension Management and Diploma in Pension Scheme Trusteeship. We hope this programs will be launched by HIT in 2026. This will help close skills gaps and create specialised pensions expertise locally.
Development of alternative investment structures: Promotion of Real Estate Investment Trusts (REITs). ZAPF has facilitated pension fund participation in REITs by: supporting the creation and adoption of REIT investment vehicles, promoting property investment as a diversification tool. This has expanded investment opportunities for pension funds and improved long-term asset allocation strategies.
Strategic partnerships: Collaboration with asset managers, insurers, and medical service providers to broaden benefits for pensioners. Medical outreach programs were carried out for elderly individuals aged 55 years and above in Manicaland and Mashonaland Central. These initiatives were undertaken in collaboration with IPEC, NSSA, and other industry associations.
Overall Industry Impact – through these initiatives, ZAPF has transformed Zimbabwe’s pensions sector by:
- Strengthening governance and professionalism,
- Influencing policy and regulatory reforms,
- Expanding investment options and diversification,
- Building local technical capacity,
- Positioning pension funds as economic development drivers,
- Improving stakeholder engagement and pension awareness.
Andrew: Looking ahead – what is the future of the pension funds industry in Zimbabwe?
Sandra: The future is anchored in innovation, inclusivity, and sustainability. Pension funds will increasingly leverage technology to improve transparency and efficiency, while expanding coverage to informal and underserved sectors. ESG-aligned investments will grow, ensuring retirement savings contribute to social and environmental impact. Most importantly, the industry is poised to play a pivotal role in national economic recovery and social protection, anchored on NDS 2.
Andrew: Briefly share about the 2026 annual conference and what sets it apart from other professional gatherings?
Sandra: The 2026 conference will be a landmark gathering, distinguished by:
Strategic vision and relevance: The annual conference isn’t just about presentations, it’s a strategic forum where key industry and national issues are debated. Themes often focus on long-term sustainability, regulatory reform, investment innovation, and the future of retirement security.
ZAPF conference blends: Policy and regulatory insights, investment strategy discussions, risk management and governance sessions, global and future trends analysis. This breadth equips attendees with both strategic and practical takeaways.
Networking & collaborative engagement: The event promotes collaboration across the pensions ecosystem, trustees, fund managers, service providers, and regulators, enhancing knowledge exchange and collective problem-solving. The structured sessions and informal networking (e.g., golf tournaments, social events) create deeper professional connections.
Industry identity & legacy: As the annual flagship gathering of Zimbabwe’s pension sector, the ZAPF conference helps build a shared industry identity, uphold professional standards, and align stakeholders around common goals, something that sets it apart from generic professional workshops or seminars.
This conference will not just be a meeting, it will be a platform for shaping the future of retirement savings in Zimbabwe and beyond.
Andrew: Call to action for the industry…
Sandra: The pensions industry is at a critical juncture that demands collective, coordinated, and forward-looking action from all stakeholders. Industry players are called upon to strengthen governance frameworks, uphold fiduciary responsibility, and prioritise the long-term security of members’ retirement benefits in an increasingly complex economic environment.
Stakeholders are encouraged to deepen collaboration with regulators and policymakers to support regulatory reforms that enhance transparency, sustainability, and confidence in the pension system. In addition, pension funds must continue to innovate by diversifying investment portfolios, embracing alternative and long-term assets, and aligning investment strategies with national development priorities while safeguarding member value.
There is also a pressing need to invest in human capital development through continuous trustee education, professional training, and skills enhancement to ensure competent fund oversight and effective decision-making. Equally important is the promotion of pension awareness and financial literacy among employers and members to strengthen participation, adequacy, and trust in the retirement system.
Ultimately, the industry is called upon to act with unity, accountability, and strategic vision to build a resilient, inclusive, and sustainable pension system that supports both retirement security and national economic development.
