Sunday 10 July 2016

Obtaining a Government Grant For a High School Education

Many educational grants are offered for college students. A student can benefit from a high school grant, especially if that student comes from a family with low income.
If a student has problems dealing with the tuition costs there are many financial options he can choose. There are many families that use these high school grants to support the education needs of their students. The government is willing to help the students with few financial possibilities.
But the student must prove that he is willing to take up the technical trainship and that they will pursue a career. The grants are going to help them get equipment and also to improve their abilities.
A high school grant is one of the best ways to fund the education. The great thing is that, unlike the loans, this form of aid must not be repaid. The only important thing is that you must use the money to study and develop the skills. The grants can be used for many challenging applications.
You can submit at any time you want. But there are many students that are trying to get these grants and the competition is fierce. So make sure your application is one of the best so that you can take up the grant. There is absolutely no limit on how many schools offer this grant. This means you will have to do a great research. You need to write a small essay and explain what you want to do. After filling in the application form, and also complete the essay, you are able to send the application.
The waiting time is between 2 or 5 weeks and you will get the money in the email. The government will sponsor the grants. There are many educational foundations and a lot of organizations that offer these sponsorship programs. If you know how to look for them, you will be able to get the sponsorship program that you need. The programs have a good public relations bureau that deal with consumers.

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How to Improve Your Essay Writing

Writing a good essay is a tedious job for students from a long time, but with an appropriate guidance one can improve his write-up very easily.
The importance of writing quality articles and essays has gain tremendous significance over last several years. Now Universities around the world focus hugely on helping students to improve their writing ability. They primarily emphasize on essay writing tips and guidelines for students. The main reason for this change is because article writing, homework and dissertations makes students more comfortable with understanding the subject matter and more capable to apply theoretical concepts into practical scenario. But sometimes this regular assistance for writing seems less to guide some students for writing quality articles. As a result they require extra help for understanding the basics and formats of essays. For such students Online Essay Tutoring can be very effective and result oriented.
The abilities of writing quality essays can be improved by providing tutoring from experts. Essays writing is an art and with assistance from expert of essays writing one can shape his essay and improve his grades.
As a result from a survey it can be stated that students who get extra assistance for developing writing skills score better grades than those who prepare essays on their own. The interactions with online essay tutors make students comfortable with their assignments and as a result they finish with better marks and compete with others. A discussion with the online tutors helps students to improve their thinking ability.

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How Can Cloud Computing Impact Higher Education Positively in Africa?

One could define cloud computing as an internet based computing where by shared resources, software and information are provided for computers and devices on demand. A lot of people have talked about cloud computing. Their ideas have summed up the basic task of cloud computing. Steve Jobs, late chairman of Apple (1997) said "I don't need a hard disk in my computer if I can get to the server faster... carrying around these non-connected computers is byzantine by comparison."
Currently, cloud computing has become a significant and major trend both big and small businesses, governments, individuals use cloud computing to make everyday life less complicated. One aspect of society which is strongly influenced by the concept of cloud computing is Education. Nelson Mandela once said that 'Education is the most powerful weapon which you can use to change the world.' Education is one essential tool which every individual is entitled to.
Before the introduction of cloud computing, the process of gaining Higher education was tedious and stressful one. Students and faculty were both faced with all sorts of dreary tasks like... 'I WONT DO ALL THE WORK FOR YOU. Go look for said tasks'.
This is where the benefits of cloud computing comes in to make education less stressful on both to students and teachers. Since this paper is targeting higher education in Africa, let us discuss the roots of education in Africa. Africa is a continent that is in the process of figuring out its path in education in relation to advanced technology.
Cloud computing has the potential to change the face of Education in Africa while ensuring that everyone gets access to said education. Africa is made up of a lot of countries, some being much developed than others in terms of technology in education. But the baseline is 'how can cloud computing effectively benefit and impact higher education in Africa?'
• It allows students to have access to learning materials from any location
• It facilitates the day to day operations of institutions that provide this service
• It helps teachers easily keep track of student progress
• Allows for easy identification and authentication meaning only those supposed to have access to materials and other stuff will as opposed to books and paper records where anyone can have access
With the integration of cloud computing services into higher education in Africa, the use of textbooks, hard copy papers on journals and handwritten notes will be at its minimal. Notes, articles and all other soft copy documents can be retrieved from the cloud server at any time to use. Students do not have to carry heavy books around any more. All reading material that has a soft copy can be uploaded to the cloud.
Also, the use of floppy disk, external hard drives, pen drives will be used less or possibly not all. Instead of carrying around these items that will contain your important documents, you can easily access it from your cloud provider. Currently almost all software supports the cloud. Adobe and others like Microsoft have made provision for these services and it is so convenient for individual use. So, you forgetting your flash drive somewhere and not having access to your documents will not be happening any more or your document being corrupted. You can have access to your documents anywhere at any time. Also, it will save a student's money... You don't need to spend money on a flash drive or an external.
To the benefit of both the teacher and the student, issuing assignments have become really simple and every student is assured of having access to it. The problem with copying assignments from friends is that the information is not always accurate. There is something always missing. So now, whether you are in class or not, a student is assured of having access to assignments in its original correct form. There is no need for a stack of printed assignments to be distributed to over a hundred students for instance.
It is not just the staff and the student body that can enjoy from the cloud. Administration of the school can also benefit from the cloud. School administration can send notices concerning the students via the cloud. Instead of pasting papers and postures on the notice boards, it can be uploaded to the cloud for easy access. How easy is that?
Technically, everyone benefits from the cloud. Last but not the least; virtual classrooms have become realistic in the African higher institutions using the cloud. On-line courses can now be put in full force because every activity, research notes, lecture voice tutorials, assignments and all relevant documents can now be uploaded to the cloud. All students can have full access to the same information at all times. With this, people who cannot attend class like regular students due to day time jobs or other related events can equally have access to information just as a regular student does.
I am concentrating on higher education because that is the level of education in Africa where the cloud concept can be effectively implemented. They have access to technological infrastructure like phones, laptops, tablets etc. that can support the use of the cloud and it is quite feasible to be implemented at this level.

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5 Ways To Add Depth For Essay Topics in Academic Writing

For Academic writing, making a quality essay topic or topic for essay that can capture attention and maintain a high level of energy depends on the individual's interest and points being made. There are a lot of quality essays being made and being graded that each of them will have their own way to them. There are a few characteristics that can contribute to a quality essay that may not be included in some other types of documents.
Thesis statements
Supporting arguments with facts
Supporting arguments with reason
Being clear
Being specific
In Academic Writing, Thesis Statements Add-Depth
A quality thesis statement is the result of the paper's direction. The entire document will be either confirming, arguing or ignoring the thesis statement and therefore choosing a topic that doesn't have much to it at all, can lead to some low grades and lower scores. The quality of the thesis depends on the depth of information and the point being made.
Supporting The Argument With Facts
High quality essays often times have some of the most magnetic and interesting supporting statements for essay topics that are introduced to the grader. These statements are bold, captivating and provide some of the more in depth supporting statements that could be involved in writing an essay. Sometimes they go over the line and that's exactly what they are supposed to do. Arguing for a thesis statement can sometimes bring some research that wasn't known previously to the grader at all.
In Academic Writing Reason Takes The Place Of Opinion
Supporting the argument with pure reason adds a higher degree and since reason is universal there isn't anything to reason against it. All the while, if the grader is interested and must reason for themselves, then they are engaged and the point of the paper has been made and supported.
Clarity
Being clear about the essay topics and arguments make it so that each individual doesn't have to respond to a plethora of meanings or different situations and can address the question directly. If the person is arguing in a clear manner about some of the instances involved with their topic and thesis statement, then the paper will have a chance to be heard. This improves the academic writing and the students skills.
Being Specific But Not Overly
Being specific engages the reason that's involved in creating a research paper and can always offer something greater. Being specific means that the point is being clearly stated without any vague notions of what it could mean. This often times make the difference between grades and a pass or a fail according to the grader.

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Make Your Admission Essay Stand Out

A quality college admission essay will set you apart from other candidates. If you have good scores, a good college admission essay will cement your place in the school of your dreams. If your scores are not as high as you would like them to be, an exceptional essay will help lift you up. Many students discover that the college admission essay is the deciding factor in admittance to a great university.
Some easy ways to make your essay stand out from the rest is to make sure it is not dull. No one wants to read a dry list of your achievements and extracurricular activities. Make your essay tell a story and have a clear, concise focus. Inject a little bit of humor to keep your essay from being too dry. Think about making your reader feel something. Whether it is a tug at the heartstrings, or a light-hearted smile, the admissions advisor will remember you from your essay, and that is a good thing. The goal of an admission is to help people better understand who you are.
Tone is crucial to the successful college admission essay. When describing yourself and your accomplishments, it can be easy to sound conceited. Make sure you also sound humble, and give credit to the people and circumstances in your life that have helped you get to where you are today. Have several other people read over your essay with their only focus being on your tone.
Nothing is worse than reading a stand out college admission essay and finding several grammatical and punctuation errors. In most cases, you only have 750 words to make your impression - make them good! Utilize spell check and make sure you read through your paper over and over with a fine-tooth comb. Take out unnecessary filler words because they can sound elementary and try to use an expansive vocabulary. This will also make your admission essay memorable.
A college admission essay is your key to the rest of your future. Its may not seem important when you are young, but as times passes the importance of a great college essay becomes clear. Use all the tools listed above to make sure you have an essay that will really stand out. This will help you to not only gain admission to the college of your dreams but will also put you on the right path for the rest of your life.
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Using Freelance Editing Services to Improve Your Academic Papers

It is very hard for any individual, even a professional editor, to proofread or edit his or her own written work. When you are familiar with a sentence, paragraph, or even full paper, you are less likely to see typos, spelling errors, or confusing parts in a written document. Someone who is looking at your paper with a "fresh" set of eyes will be able to spot errors and improve areas that are unclear. Proofreading and editing are extremely important parts of the writing process, and all written work can be greatly improved by a copy editor.
Professional freelance editors provide a great service for anyone looking to improve an academic paper, whether it is an essay, research paper, thesis, or dissertation. Using a professional editing service can help you get a better grade or better feedback from your adviser or teacher. If you are submitting your nonfiction work for publication, such as in a book, journal, or even online, the reviewer or editor will view your work more positively if it is well-written and error-free. Even if the ideas behind a written paper are innovative and important, a poorly written document prevents the reader from seeing the value of the paper.
A professional editor can make sure your essay, research paper, thesis, or dissertation is more understandable and free of errors. You can ask your freelance editor to focus on what is important to you, your adviser, or your teacher, whether it's making an argument, focusing on APA style, or being clear and concise.
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Monday 4 July 2016

Trying to Purchase What's Not Yours to Buy: The Ted Cruz Citizenship Debacle

Most matters of indulgent personal want are simply governed by laws, policies, rules, and regulations, which cannot be ignored. For example, a man who enjoys fishing gets-up one sunny morning with a hankering to fish in a public lake a mile from where he lives, but does not have a State fishing license. He can, of course, bait his fishing line and arrogantly fish in the lake, at the expense of being caught and fined for not having a license, or he can purchase a license and fish legally. That would, of course, be the right thing to do. Then there are some privileges that just can't be bought, like an exemption from the age limit after which enlisting in the U.S. military service is impossible. There is a specific age cut-off, after which time you can't possibly buy your way into a military enlistment. Or, as another hypothetical example, how about a person who adores the legacy of General Robert E. Lee and the Confederacy and wants to become an official Son of the Confederacy, but only has relatives who fought for the North during the American Civil War. The rules governing the Sons of the Confederacy forbid such persons from gaining membership. Are you catching my drift? Many things that people want, and possibly crave, can't be purchased, because they are basically unqualified to buy them. This brings me to a question that seems to have a lot of people of the American electorate in an uproar in the early months of 2016; a question posed by the "Washington Post" that does have an answer that's as simple as the sum of 2 + 2. The question is, "Why do so many people hate Ted Cruz?" The "Washington Post" has applied some denigrating titles to Cruz, but could it be that Ted Cruz is trying to illegally buy something that he's not qualified to possess, and a lot of voters realize this salient fact? Actually, the answer that many wealthy and politically powerful Republicans don't want to hear is that Ted Cruz wants something that he is ineligible to possess, the U.S. Presidency, and, probably, over a third of the national Republican and independent electorate realize the truth of this very powerful reality.
For heaven's sake, Ted Cruz was born in Canada! Doesn't this cause the reasonable American voter to sit-up and ask himself, or herself, "what a Canadian-born dual citizen is doing representing himself as a candidate for the U.S. President for the 2016 General Election?" Well, laboring under the same misconception, I dare suppose that a person hypothetically born in Germany to a U.S. citizen mother and an Austrian father could spend most of his life in Germany and then come to the United States at the age of 36, spend a year living in Oklahoma, declare himself a natural-born citizen, and pay the required amount to become a candidate for the U.S. Presidency. Anyone, in fact, who pays the required fee for U.S Presidential candidacy may become listed as an independent candidate or one under a particular political party; the same as what George Romney did in 1968, even though he was born in Mexico. That doesn't, however, mean that the person, declared a candidate, is "really" a natural-born citizen, per Article 2, Section 2, of the U.S. Constitution. I realize that Cruz grew-up in Texas, but all the while he retained dual Canadian citizenship until 2013, which is a profound Constitutional no-no.
As a matter of fact, the issue of natural-born citizenship was decided, and settled, by the honored Framers before the end of the Revolutionary War in 1781. The issue of natural-born citizenship generated no controversy among the Framers during the intense debate of the 1787 Constitutional Convention when Article 2, Section 2 was created; since most of those very wise men were also members of the 1776 Continental Congress when the meaning and understanding of the terminology became a done-deal. That was because the practical political philosophy of Emer Vattel, in his 1748 book, "Law of Nations," set-out the original principle and definition of natural-born citizenship (which was intensely studied by the Framers); that a natural-born citizen was, and is, one born in that country, or nation, to two parents who are also citizens of that country or nation. That is the distinction between ordinary U.S. citizenship, by naturalization as set forth in the U.S. Naturalization Act of 1790, and natural-born citizenship. And Vattel continued in his book to explain the reason why a President, or chief executive officer of a nation, should be a natural-born citizen. Simply put, Vattel saw the danger of allowing a person born in another country to one, or more, parents not born in the native country to assume the duties of a chief executive officer, due to international biases based on birth and parentage. Moreover, the definition of natural-born citizenship was by restated by U.S. Chief Justice Morrison Waite in the majority decision in the case of Minor v. Happersett, 66 U.S. 182 (1875), in which he affirmed the same definition that was first established by Emer Vattel; that a natural-born U.S citizen is a person born under the jurisdiction of the United States, or on U.S. soil, to U.S. citizen parents. This case was a precedent for 45 years until the 19th Amendment, in 1920, overturned it. But the 19th Amendment only overturned the main issue, the ratio decidendi, of the case, which was female voting rights. The definition of natural-born citizenship remained completely viable as an established constitutional precedent. It is, therefore, ridiculous for, supposedly, erudite constitutional scholars to say, in the 21st Century, that natural-born citizenship has never been defined by the U.S,. Supreme Court.
So, to realize that none of these foregoing historical facts have been discussed publicly by the American mainstream media, or by Ivy League academic pundits, to any extent causes great frustration in the minds of those members of the electorate who know the truth about the matter. When deliberate and intentional disregard for the highest law of the land causes important rules and mandates to be considered as moot and unimportant, someone has to stand-up with indignation and cry, "Foul!" For this reason, this essay has been penned.
The pen is only mightier than the sword when the people, who read and understand that what the writer has written has great import, unite and pursue the writer's goal. Thomas Paine wrote in 1775, "These are the times that try men's souls." in his historic publication, "Common Sense." Paine wrote what he did to unite the American colonists in a revolution against tyranny, in order for freedom and liberty to be established. Hence, the American Revolution was propelled by a desire for freedom to its fruition and victory, and from there to the Articles of Confederation, which led directly to the U.S. Constitution of 1789. Now that glorious Constitution is being denigrated by men and women who want to see tyranny replace the freedom and liberty that the U.S. Constitution was intended to perpetuate. Surely 2016 is as much a time that is trying the souls of all true Americans, as it was in 1775. Don't tread on those glorious Constitutional rules that were set-forth to be enforced and not ignored.

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Building a Kingdom - Case Study of Kingdom Financial Holdings Limited

This article presents a case study of sustained entrepreneurial growth of Kingdom Financial Holdings. It is one of the entrepreneurial banks which survived the financial crisis that started in Zimbabwe in 2003. The bank was established in 1994 by four entrepreneurial young bankers. It has grown substantially over the years. The case examines the origins, growth and expansion of the bank. It concludes by summarizing lessons or principles that can be derived from this case that maybe applicable to entrepreneurs.
Profile of an Entrepreneur: Nigel Chanakira
Nigel Chanakira was raised in the Highfield suburb of Harare in an entrepreneurial family. His father and uncle operated a public transport company Modern Express and later diversified into retail shops. Nigel's father later exited the family business. He bought out one of the shops and expanded it. During school holidays young Nigel, as the first born, would work in the shops. His parents, particularly his mother, insisted that he acquire an education first.
On completion of high school, Nigel failed to enter dental or medical school, which were his first passions. In fact his grades could only qualify him for the Bachelor of Arts degree programme at the University of Zimbabwe. However, he "sweet-talked his way into a transfer" to the Bachelor in Economics degree programme. Academically he worked hard, exploiting his strong competitive character that was developed during his sporting days. Nigel rigorously applied himself to his academic pursuits and passed his studies with excellent grades, which opened the door to employment as an economist with the Reserve Bank of Zimbabwe (RBZ).
During his stint with the Reserve Bank, his economic mindset indicated to him that wealth creation was happening in the banking sector therefore he determined to understand banking and financial markets. While employed at RBZ, he read for a Master's degree in Financial Economics and Financial Markets as preparation for his debut into banking. At the Reserve Bank under Dr Moyana, he was part of the research team that put together the policy framework for the liberalization of the financial services within the Economic Structural Adjustment Programme. Being at the right place at the right time, he became aware of the opportunities which were opening up. Nigel exploited his position to identify the most profitable banking institution to work for as preparation for his future. He headed to Bard Discount House and worked for five years under Charles Gurney.
A short while later the two black executives at Bard, Nick Vingirayi and Gibson Muringai, left to form Intermarket Discount House. Their departure inspired the young Nigel. If these two could establish a banking institution of their own so could he, given time. The departure also created an opportunity for him to rise to fill the vacancy. This gave the aspiring banker critical managerial experience. Subsequently he became a director for Bard Investment Services where he gained critical experience in portfolio management, client relationships and dealing within the dealing department. While there he met Franky Kufa, a young dealer who was making waves, who would later become a key co-entrepreneur with him.
Despite his professional business engagement his father enrolled Nigel in the Barclays Bank "Start Your Own Business" Programme. However what really made an impact on the young entrepreneur was the Empretec Entrepreneur Training programme (May 1994), to which he was introduced by Mrs Tsitsi Masiyiwa. The course demonstrated that he had the requisite entrepreneurial competences.
Nigel talked Charles Gurney into an attempted management buy-out of Bard from Anglo -American. This failed and the increasingly frustrated aspiring entrepreneur considered employment opportunities with Nick Vingirai's Intermarket and Never Mhlanga's National Discount House which was on the verge of being formed - hoping to join as a shareholder since he was acquainted with the promoters. He was denied this opportunity.
Being frustrated at Bard and having been denied entry into the club by pioneers, he resigned in October 1994 with the encouragement of Mrs Masiyiwa to pursue his entrepreneurial dream.
The Dream
Inspired by the messages of his pastor, Rev. Tom Deuschle, and frustrated at his inability to participate in the church's massive building project, Nigel sought a way of generating huge financial resources. During a time of prayer he claims that he had a divine encounter where he obtained a mandate from God to start Kingdom Bank. He visited his pastor and told him of this encounter and the subsequent desire to start a bank. The godly pastor was amazed at the 26 year old with "big spectacles and wearing tennis shoes" who wanted to start a bank. The pastor prayed before counselling the young man. Having been convinced of the genuineness of Nigel's dream, the pastor did something unusual. He asked him to give a testimony to the congregation of how God was leading him to start a bank. Though timid, the young man complied. That experience was a powerful vote of confidence from the godly pastor. It demonstrates the power of mentors to build a protégé.
Nigel teamed up with young Franky Kufa. Nigel Chanakira left Bard at the position of Chief Economist. They would build their own entrepreneurial venture. Their idea was to identify players who had specific competences and would each be able to generate financial resources from his activity. Their vision was to create a one - stop financial institution offering a discount house, an asset management company and a merchant bank. Nigel used his Empretec model to develop a business plan for their venture. They headhunted Solomon Mugavazi, a stockbroker from Edwards and Company and B. R. Purohit, a corporate banker from Stanbic. Kufa would provide money market expertise while Nigel provided income from government bond dealings as well as overall supervision of the team.
Each of the budding partners brought in an equal portion of the Z$120,000 as start-up capital. Nigel talked to his wife and they sold their recently acquired Eastlea home and vehicles to raise the equivalent of US$17,000 as their initial capital. Nigel, his wife and three kids headed back to Highfield to live in with his parents. The partners established Garmony Investments which started trading as an unregistered financial institution. The entrepreneurs agreed not to draw a salary in their first year of operations as a bootstrapping strategy.
Mugavazi introduced and recommended Lysias Sibanda, a chartered accountant, to join the team. Nigel was initially reluctant as each person had to bring in an earning capacity and it was not clear how an accountant would generate revenue at start up in a financial institution. Nigel initially retained a 26% share which assured him a blocking vote as well as giving him the position of controlling shareholder.
Nigel credits the Success Motivation Institute (SMI) course "The Dynamics of Successful Management" as the lethal weapon that enabled him to acquire managerial competences. Initially he insisted that all his key executives undertake this training programme.
Birth of the Kingdom
Kingdom Securities P/L commenced operations in November 1994 as a wholly owned subsidiary of Garmony Investments (Pvt) Ltd. It traded as a broker on both money and stock markets.
On 24th February 1995 Kingdom Securities Holding was born with the following subsidiaries: Kingdom Securities Ltd, Kingdom Stockbrokers (Pvt) Ltd and Kingdom Asset Managers (Pvt) Ltd. The flagship Kingdom Securities Ltd was registered as a Discount House under Banking Act Chapter 188 on 25th July 1995. Kingdom Stockbrokers was registered with the Zimbabwe Stock Exchange under ZSE Chapter 195 on 1st August 1995. The pre-licensing trading had generated good revenue but they still had a 20% deficit of the required capital. Most institutional investors turned them down as they were a greenfield company promoted by people perceived to be "too young". At this stage National Merchant Bank, Intermarket and others were on the market raising equity and these were run by seasoned and mature promoters. However Rachel Kupara, then MD for Zimnat, believed in the young entrepreneurs and took up the first equity portion for Zimnat at 5%.
Norman Sachikonye, then Financial Director and Investments Manager at First Mutual followed suit, taking up an equity share of 15%. These two institutional investors were inducted as shareholders of Kingdom Securities Holdings on 1st August 1995. Garmony Investments ceased operations and reversed itself into Kingdom Securities on 31st July 1995, thereby becoming an 80% shareholder.
The first year of operations was marked by intense competition as well as discrimination against new financial institutions by public organisations. All the other operating units performed well except for the corporate finance department with Kingdom Securities, led by Purohit. This monetary loss, differing spiritual and ethical values led to the forced departure of Purohit as an executive director and shareholder on 31st December 1995. From then the Kingdom started to grow exponentially.
Structural Growth
Nigel and his team pursued an aggressive growth strategy with the intention of increasing market share, profitability, and geographic spread while developing a strong brand. The growth strategy was built around a business philosophy of simplifying financial services and making them easily accessible to the general public. An IT strategy that created a low cost delivery channel exploiting ATMs and POS while providing a platform that was ready for Internet and web-based applications, was espoused.
On 1st April 1997, Kingdom Financial Services was licensed as an accepting house focusing on trading and distributing foreign currency, treasury activities, corporate finance, investment banking and advisory services. It was formed under the leadership of Victor Chando with the intention of becoming the merchant banking arm of the Group. In 1998, Kingdom Merchant Bank (KMB) was licensed and it took over the assets and liabilities of Kingdom Securities Limited. Its main focus was treasury related products, off-balance sheet finance, foreign currency and trade finance. Kingdom Research Institute was established as a support service to the other units.
The entrepreneurial bankers, cognisant of their limitations, sought to achieve critical mass quickly by actively seeking capital injection from equity investors. The aim was to broaden ownership while lending strategic support in areas of mutual interest. An attempt at equity uptake from Global Emerging Markets from London failed. However in 1997 the efforts of the bankers were rewarded when the following organisations took up some equity, reducing the shareholding of executive directors as shown below: ïEUR Ipcorn 0.7%, ïEUR Zambezi Fund Mauritius P/L 1.1%, ïEUR Zambezi Fund P/L 0.7%. ïEUR Kingdom Employee Share Trust 5%, ïEUR Southern Africa Enterprise Development Fund - 8% redeemable preference shares amounting to US$1,5m as the first investee company in Southern Africa from the US Fund initiated by US President Bill Clinton, ïEUR Weiland Investments, a company belonging to Mr Richard Muirimi, a long standing friend of Nigel and associate in the fund management business took up 1.7%, Garmony Investments 71.7% -executive directors. ïEUR After a rights issue Zimnat fell to 4.8% while FML went down to 14.3%.
In 1998, Kingdom launched four Unit Trusts which proved very popular with the market. Initially these products were focused at individual clients of the discount house as well as private portfolios of Kingdom Stockbroking. Aggressive marketing and awareness campaigns established the Kingdom Unit Trust as the most popular retail brand of the group. The Kingdom brand was thus born.
Acquisition of Discount Company of Zimbabwe (DCZ)
After a spurt of organic growth, the Kingdom entrepreneurs decided to hasten the growth rate synergistically. They set out to acquire the oldest discount house in the country and the world, The Discount Company of Zimbabwe, which was a listed entity. With this acquisition Kingdom would acquire critical competences as well as achieve the much coveted ZSE listing inexpensively through a reverse listing. Initial efforts at a negotiated merger with DCZ were rebuffed by its executives who could not countenance a forty year old institution being swallowed up by a four year old business. The entrepreneurs were not deterred. Nigel approached his friend Greg Brackenridge at Stanbic to finance and effect the acquisition of the sixty percent shares which were in the hands of about ten shareholders, on behalf of Kingdom Financial Holdings but to be placed in the ownership of Stanbic Nominees. This strategy masked the identity of the acquirer. Claud Chonzi, the National Social Security Authority (NSSA) GM and a friend to Lysias Sibanda (a Kingdom executive director), agreed to act as a front in the negotiations with the DCZ shareholders. NSSA is a well known institutional investor and hence these shareholders may have believed that they were dealing with an institutional investor. Once Kingdom controlled 60% of DCZ, it took over the company and reverse listed itself onto the Stock Exchange as Kingdom Financial Holdings Limited (KFHL). Because of the negative real interest rates, Kingdom successfully used debt finance to structure the acquisition. This acquisition and the subsequent listing gave the once despised young entrepreneurs confidence and credibility on the market.
Other Strategic Acquisitions
Within the same year Kingdom Merchant Bank acquired a strategic stake in CFX Bureau de Change owned by Sean Maloney as well as another stake in a greenfield microlending franchise, Pfihwa P/L. CFX was changed into KFX and used in most foreign currency trading activities. KFHL set as a strategic intention the acquisition of an additional 24.9% stake in CFX Holdings to safeguard the initial investment and ensure management control. This did not work out. Instead, Sean Maloney opted out and took over the failed Universal Merchant Bank licence to form CFX Merchant Bank. Although Kingdom executives contend that the alliance failed due to the abolition of bureau de change by government, it appears that Sean Maloney refused to give up control of the extra shareholding sought by Kingdom. It therefore would be reasonable that once Kingdom could not control KFX, a fall out ensued. The liquidation of this investment in 2002 resulted in a loss of Z$403 million on that investment. However this was manageable in light of the strong group profitability.
Pfihwa P/L financed the informal sector as a form of corporate social responsibility. However when the hyperinflationary environment and stringent regulatory environment encroached on the viability of the project, it was wound up in early 2004. Kingdom pursued its financing of the informal sector through MicroKing, which was established with international assistance. By 2002 MicroKing had eight branches located in the midst of, or near, micro-enterprise clusters.
In 2000, due to increased activity on the foreign currency front within the banking sector, Kingdom opened a private banking facility through the discount house to exploit revenue streams from this market. Following market trends, it engaged the insurance company AIG to enter the bancassurance market in 2003.
Meikles Strategic Alliance
In 1999 the entrepreneurial Chanakira on advice from his executives and the legendary corporate finance team from Barclays bank led by the affable Hugh Van Hoffen entered into a strategic alliance with Meikles Africa whereby it injected some Z$322 million into Kingdom for an equity shareholding of 25%. Interestingly, the deal nearly collapsed on pricing as Meikles only wanted to pay $250 million whilst KFHL valued themselves at Z$322 million which in real terms was the largest private sector deal done between an indigenous bank and a listed corporate. Nigel testifies that it was a walk through the incomplete Celebration Church site on the Saturday preceding the signing of the Meikles deal that led him to sign the deal which he saw as a means for him to sow a whopping seed into the church to boost the Building Fund. God was faithful! Kingdom's share price shot up dramatically from $2,15 at the time he made the commitment to the Pastor all the way to $112,00 by the following October!
In return Kingdom acquired a powerful cash-rich shareholder that allowed it entrance into retail banking through an innovative in-store banking strategy. Meikles Africa opened its retail branches, namely TM Supermarkets, Clicks, Barbours, Medix Pharmacies and Greatermans, as distribution channels for Kingdom commercial bank or as account holders providing deposits and requiring banking services. This was a cheaper way of entering retail banking. It proved useful during the 2003 cash crisis because Meikles with its massive cash resources within its business units assisted Kingdom Bank, thus cushioning it from a liquidity crisis. The alliance also raised the reputation and credibility of Kingdom Bank and created an opportunity for Kingdom to finance Meikles Africa's customers through the jointly owned Meikles Financial Services. Kingdom provided the funding for all lease and hire purchases from Meikles' subsidiaries, thus driving sales for Meikles while providing easy lending opportunities for Kingdom. Meikles managed the relationship with the client.
Meikles Africa as a strategic shareholder assured Kingdom of success when recapitalisation was required and has enhanced Kingdom's brand image. This strategic relationship has created powerful synergies for mutual benefit.
Commercial Banking
Exploiting the opportunities arising from the strategic relationship with Meikles Africa, Kingdom made its debut into retail banking in January 2001 with in-store branches at High Glen and Chitungwiza TM supermarkets. The target was principally the mass market. This rode on the strong brand Kingdom had created through the Unit Trusts. In-store banking offered low cost delivery channels with minimal investment in brick and mortar. By the end of 2001, thirteen branches were operational across the country. This followed a deliberate strategy for aggressive roll-out of the branches with two flagship branches ïEUR­ïEUR one in Bulawayo and the other in Harare. There was a huge emphasis on an IT driven strategy with significant cross-selling between the commercial bank and other SBUs.
However, it was further discovered that there was a market for the upmarket clients and hence Crown banking outlets were established to diversify the target market. In 2004, after closing three in-store branches in a rationalization exercise, there were 16 in-store branches and 9 Crown banking outlets.
The entrance into commercial banking was probably held at the wrong time, considering the imminent changes in the banking industry. Commercial banking does provide cheap deposits, however at the price of huge staff costs and human resource management complications. Nigel concedes that, with hindsight, this could have been delayed or done at a slower pace. However, the need for increased market share in a fiercely competitive industry necessitated this. Another reason for persisting with the commercial banking project was that of prior agreements with Meikles Africa. It is possible that Meikles Africa had been sold on the equity take-up deal on the back of promises to engage in in-store banking, which would increase revenue for its subsidiaries.
Innovative Products and Services
KFHL continued its aggressive pursuit of product innovation. After the failure of the KFX project, CurrencyKing was established to continue the work. However this was abolished in November 2002 by government ministerial intervention when bureau de change were prohibited in an effort to stamp out parallel market foreign currency trading.
Sadly this governmental decision was misguided for not only did it fail to banish foreign currency parallel trading but it drove underground, made it more lucrative and subsequently the government lost all control of the management of the exchange rate.
In October 2002, KFHL established Kingdom Leasing after being granted a finance house licence. Its mandate was to exploit opportunities to trade in financial leases, lease hire and short term financial products.
Regional Expansion
Around 2000 it became evident that the domestic market was highly competitive, with limited prospects of future growth. A decision was made to diversify revenue streams and reduce country risk through penetration into the regional markets. This strategy would exploit the proven competences in securities trading, asset management and corporate advisory services from a small capital base. Therefore the entrance had low risk in terms of capital injection. Considering the foreign exchange control limitations and shortage of foreign currency in Zimbabwe, this was a prudent strategy but not without its downside, as will be seen in the Botswana venture.
In 2001, KFHL acquired a 25.1% stake in a greenfield banking enterprise in Malawi, First Discount House Ltd. To safeguard its investment and ensure managerial control, an executive director and dealer were seconded to the Malawi venture while Nigel Chanakira chaired the Board. This investment has continued to grow and yield positive returns. As of July 2006 Kingdom had finally managed to up its stake from 25,1% to 40% in this investment and may ultimately control it to the point of seeking a conversion of the license to a commercial bank.
KFHL also took up a 25% equity stake in Investrust Merchant Bank Zambia. Franky Kufa was seconded to it as an executive director while Nigel took a seat on the Board.
KFHL had been promised an option to gain a controlling stake. However when the bank stabilized, the Zambian shareholders entered into some questionable transactions and were not prepared to allow KFHL to up it's stake and so KFHL decided to pull out as relationships turned frosty. The Zambian Central Bank intervened with a promise to grant KFHL its own banking license. This did not materialize as the Zambian Central Bank exploited the banking crisis in Zimbabwe to deny KHFL a licence. A reasonable premium of Z$2.5 billion was obtained at disinvestment.
In Botswana, a subsidiary called Kingdom Bank Africa Ltd (KBAL) was established as an offshore bank in the International Finance Centre. KBAL was intended to spearhead and manage regional initiatives for Kingdom. It was headed by Mrs Irene Chamney, seconded by Lysias Sibanda with the concurrence of Nigel after managerial challenges in Zimbabwe. Two other senior executives were seconded there. She successfully set up the KBAL's banking infrastructure and had good relations with the Botswana authorities.
However, the business model chosen of an offshore bank ahead of a domestic Botswana merchant bank license turned out to be the Achilles heel of the bank more so when the Zimbabwe banking crisis set in between 2003 and 2005. There were fundamental differences in how Mrs Chamney and Chanakira saw the bank surviving and going forward.
Ultimately, it was deemed prudent for Mrs. Chamney to leave the bank in 2005. In 2001 KFHL acquired the mandate as the sole distributor of the American Express card in the whole of Africa except for RSA. This was handled through KBAL. Kingdom Private Bank was transferred from the discount house to become a subsidiary of KBAL due to the prevailing regulatory environment in Zimbabwe.
In 2004 KBAL was temporarily placed under curatorship due to undercapitalisation. At this stage the parent company had regulatory constraints that prevented foreign currency capital injection.
A solution was found in the sourcing of local partners and the transfer of US$1 million previously realised from the proceeds of the Investrust liquidation to Botswana. Nigel Chanakira took a more active management role in KBAL because of its huge strategic significance to the future of KFHL. Currently efforts are underway to acquire a local commercial bank licence in Botswana as well. Once this is acquired there are two possible scenarios, namely maintaining both licences or giving up the offshore licence.
The interviewees were divided in their opinion on this. However in my view, judging from the stakeholder power involved, KFHL is likely to give up the off shore banking licence and use the local Kingdom Bank Botswana (Pula Bank) licence for regional and domestic expansion.
Human Resources
The staff complement grew from the initial 23 in 1995 to more than 947 by 2003. The growth was consistent with the growing institution. It exploded, especially during the launch and expansion of the commercial bank. Kingdom from inception had a strong human resourcing strategy which entailed significant training both internally and externally. Before the foreign currency crisis, employees were sent for training in such countries as RSA, Sweden, India and the USA. In the person of Faith Ntabeni Bhebhe, Kingdom had an energetic HR driver who created powerful HR systems for the emerging behemoth.

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