A massive financial scandal involving close to R2 billion has rocked Zimbabwe and South Africa, drawing attention to the urgent need for stronger cross-border financial accountability and transparency in election procurement processes.
At the heart of the controversy is Raymond Singathini Chigogwana, a seasoned Zimbabwean banker and CEO of Access Finance Group. His companies allegedly facilitated the transfer of large sums of money—over R800 million—on behalf of Zimbabwean businessman Wicknell Chivayo. The funds, linked to a 2023 election printing tender awarded to South African company Ren-Form, have triggered investigations by both Zimbabwean and South African authorities into suspected money laundering.
Chigogwana’s financial operations—spanning Johannesburg and Harare—are believed to have played a role in rapidly moving the funds across multiple banks and accounts. According to the South African Financial Intelligence Centre (SAFIC), this pattern of movement fits the money-laundering model known as “layering,” which involves hiding the origin of illicit funds through complex transactions.
The Zimbabwe Anti-Corruption Commission (ZACC) confirmed its investigation, with its chairperson stating that documents were being prepared to support formal charges. Chivayo’s former business associates, Mike Chimombe and Moses Mpofu, have also been questioned.
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Ren-Form received R1.2 billion from the Zimbabwean government as part of the election contract and reportedly paid R800 million to Chivayo for his role as broker. The company maintains that all dealings were above board and within legal frameworks, though it did not comment on the detailed money trail identified by SAFIC.
Investigators found that significant portions of the money were paid to Chivayo’s companies—Intratrek Holdings, Edenbreeze, and others—before being disbursed across several businesses and individuals. Some of the funds were reportedly spent on luxury items and properties in various countries, including South Africa, Zimbabwe, the U.S., and the U.A.E.
Authorities suspect that this complex network of transfers and purchases may have included payments not aligned with declared business purposes, raising red flags under anti-money laundering laws.
Financial regulators in South Africa are now examining whether Ren-Form, Chigogwana, and Chivayo’s entities were involved in violating financial compliance rules.
The SAFIC report concluded that although the transactions involved were presented as legitimate business dealings, the rapid movement and unusual nature of the activities strongly suggest possible criminal activity.
Zimbabwe had previously been grey-listed by the Financial Action Task Force (FATF) in 2019 due to deficiencies in its anti-money laundering systems and was only removed in 2022. This latest scandal risks bringing renewed scrutiny and economic consequences.
This case serves as a powerful reminder of the importance of transparency, due diligence, and accountability in public procurement—especially in electoral processes where public trust must be safeguarded.
Closing Message for Campaign Context:
This story is a clear call to action: governments, financial institutions, and civil society must work together to protect public funds, ensure clean elections, and stop financial systems from being used for corrupt practices. Accountability is not a choice—it is a duty to the people.