Mutize Blaze A Call To Rethink Informality Insurance

In the wake of the tragic Mutize flea market fire that took place in Bulawayo today in the early morning hours, vendors and traders are encouraged to consider investing in Small and Medium Enterprises insurance. The recent flea market fire was a devastating blow to the vendors and traders who relied on it for their livelihoods. As we rebuild and support those affected, it is important to also consider the value of insuring wares as a vendor and an informal trader. Insurance can provide a crucial financial safety net in times of crisis. While no amount of money can erase the pain and loss, it can help alleviate some of the financial burden. “This incident should be declared a city disaster because the market had become an industry to many, and as a community let us prioritise protection and preparedness,” said Bulawayo Vendors and Traders Association (BVTA) Executive Director Michael Ndiweni. At the stroke of midnight, chaos erupted caused by a fire break out at the Mtize flea market where the building was engulfed in flames and stock worth an estimation of USD 500 000  was destroyed, fire-fighters arrived on the scene and worked frantically at midnight to the morning trying to extinguish the raging blaze as well as salvage the stock which was to no avail as all the wares perished from the fire. “The market was our ware hub with people coming from all over to restock some from as far as Beitbridge, Gwanda and Victoria Falls to order wares from us, we are devastated,” said an informal trader who was operating at Mutize. “Schools are opening next week, I was looking forward to come and order school wear and stationery, we have lost business,” said another woman. Following the Mpopoma Outspan Factory also known as eSprampekini fire breakout that resulted to informal traders losing property worth thousands of US dollars when their goods caught fire, BVTA took the initiative to engage with Champions Insurance and create an insurance scheme that is specifically designed for vendors and informal traders which covers up to a USD 3000  hospital cash plan, USD 2200 medical aid, USD 1000 fire policy for stock and USD500 funeral cover from paying a monthly subscription fee of as little as USD5 per month. The organisation continues to advocate and urge informal traders to join the insurance scheme to cover their businesses in cases of unforeseen disasters and accidents

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