NGOs forced to open offshore accounts as donors panic over bond notes

International donors worried about the bond notes are now forcing local Non-Governmental Organisations to open offshore accounts in order to receive funds.  This was revealed at the  National Association of Non-Governmental Organisations (NANGO) meeting held in Gweru on Tuesday.

NANGO Midlands regional chairperson Mr Cornelia Selipiwe said she was unaware of such cases although she could not dismiss the issue.

A senior NANGO member spoke to 263Chat saying:

Some donors are now refusing to fund projects, being skeptical on directly injecting money into the country saying organisations should open offshore accounts for the security of their funds.

Maybe this is due to the introduction of the bond notes recalling the bearers cheque era where some of the donor monies disappeared in some of the local banks.

More: 263chat

 

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