Category: Banking
As commercial banks close branches, state-owned banks to open more branches at Growth Points
It used to be that if you wanted to interact with your bank you had to visit a bank branch. Right from the beginning, you needed to fill out about a million documents in person to open an account. You would leave that branch not sure if you were going to be admitted into the […]
It’s not you, BancABC is experiencing yet another ‘systems challenge’
No, you’re not reading the notice from 10 days ago and this isn’t déjà vu. Indeed, BancABC has announced that it is facing another systems challenge. The notice posted on their twitter account reads as follows: IMPORTANT NOTICE: SYSTEMS CHALLENGE To our Valued Customers, Please note that we have been experiencing intermittent service across our […]
BancABC is experiencing a “system challenge” with its banking platforms
BancABC has announced that it is facing some system challenges with its banking platforms. The notice posted on BancABC’s Twitter account reads as follows: IMPORTANT NOTICE: SYSTEMS CHALLENGE NOTIFICATION To our Valued Customers, Please be advised that we are experiencing intermittent service on all of our banking platforms. Efforts are underway to rectify the issue. […]
Cashless societies prone to abuse by govts, Canada shows. Is Zim better off for preferring cash?
In Zim, the RBZ’s FIU can freeze your account without court order. A fact that won’t scare many who shun the official banking sector. For various reasons, Zimbabwe has been becoming an increasingly cashless society with every passing year. In the Reserve Bank’s latest monetary policy statement we found out that of the total Zimdollar […]
RBZ freezes firms’ accounts for suspected money laundering, what does that mean in the Zimbabwean context
The Reserve Bank of Zimbabwe (RBZ) is engaged in a never ending game of Whack-A-Mole. There are too many moles and too many holes for the RBZ to whack every single mole. Besides, for every incapacitated mole, another rises to take its place. Yet seemingly undeterred, the RBZ through the Financial Intelligence Unit (FIU) has […]
First Capital Bank partners with Hellopaisa and is going paperless
First Capital Bank Limited has today announced two major developments that it says will positively reshape its service delivery for key segments. These are the launch of its collaborative partnership with Hellopaisa Money Transfer Agency and a move to go paperless under its personal account segment. Remittances Money transfer inflows from the diaspora have been […]
Microfinance institutions all failed to meet US$5 million capital requirement while all but one bank now meet US$30m target
In my time, I have seen loan sharks break the legs of debtors that miss payments. I have seen treasurers disappear with ‘cooperative funds.’ Even church leaders have been known to dip into church coffers. All this was not shocking, but when registered commercial banks were run like neighbourhood loan shark operations, leading to bank […]
Standard Bank named Africa’s most valuable banking brand
Stanbic Bank Zimbabwe’s parent company, Standard Bank Group, has been named as the most valuable banking brand on the African continent for 2022 in Brand Finance’s annual ranking of the world’s Top 500 Banking Brands, after increasing its brand value by 26% to USD1.583 billion. This significant increase in brand value has seen Africa’s largest […]
Mangudya says not enough USD in Zim to redollarise, Biti says that’s nonsense. On closer inspection, they agree.
There is a larger conversation to be had about whether or not Zimbabwe should officially redollarise. That is, to exclusively use the USD, or to at least scrap the Zimdollar project in favour of the USD and a few other foreign currencies. There are compelling arguments in either direction. Under the dollarisation model, Zimbabwe experienced […]
Deposit Protection now covers foreign currency accounts up to US$1000/account. Will you deposit your USD now?
In the Monetary Policy Statement released by the Reserve Bank of Zimbabwe yesterday, it was revealed that the Deposit Protection Corporation (DPC) now covers foreign currency denominated accounts. This deposit protection scheme was implemented with effect from the 1st of January 2022 and so you should feel safe to deposit your hard currency. The FCA […]
POSB launches loans available only to OneMoney customers
POSB Zimbabwe has announced a new micro-loan facility for OneMoney account holders called Mobiloans. The loans are akin to what Steward Bank and EcoCash have been doing with their Kashagi loans which were reintroduced last year. Dial *226# on your @NetOneCellular line now to apply for the instant POSB Mobiloan to buy stationery and smaller […]
Steward Bank retrenching workers owing to digitalisation. What does that mean?
The big bank purge continues as Steward Bank becomes the latest to retrench employees. Over the last few years, Zimbabwean banks have been letting employees go for various reasons. The most common being digitalisation rendering some jobs redundant and the tough economic conditions in Zimbabwe, especially in the Covid era. In Steward Bank’s case, they […]
Full Text: CBZ Bank and CBZ Building Society want to be one business
In a press statement released by the Reserve Bank of Zimbabwe (RBZ), CBZ Bank and sister company CBZ Building Society have applied to be unified as a single entity The statement on the proposed unification reads as follows: PROPOSED AMALGAMATION OF CBZ BANK LIMITED & CBZ BUILDING SOCIETY IT is hereby notified, in terms of […]
Standard Chartered is adding more ATMs for USD and ZWL$ withdrawals
Standard Chartered Bank has announced that it is increasing ATM locations that will allow for more USD and ZWL$ cash withdrawals. The bank launched one in Chinoyi a couple of weeks ago and will be rolling more out soon. Here are all the current Standard Chartered Bank ATM locations. City/Town No of ATMs Location Harare […]
BancABC is going to be down for an entire weekend
BancABC announced on Twitter that it is going to be doing some work on its system from the 4th to the 6th of February 2022. The outage is going to see all banking services down during the duration of the maintenance exercise. IMPORTANT NOTICE: SCHEDULED SYSTEM MAINTENANCE To our Valued Customers, Kindly note that we […]
RBZ is coming after businesses involved in currency manipulation
The Reserve Bank of Zimbabwe (RBZ) has in a tweet announced that it would start taking action against entities that are breaching the Bank Use Promotion Act and those that are involved in currency manipulation. This follows the Financial Intelligence Unit’s (FIU) investigations of entities that are allegedly committing these offences. The statement by the […]
Dr Mangudya graded by the Central Banker Report Cards
Update: The previous title of this article was “Dr Mangudya ranked worst Reserve Bank Governor” this was incorrect. The Reserve Bank Governor got a C-“ Global Finance has been publishing the Central Banker Report Cards since 1994. As you many have already guessed this is a school style mark for the world’s central bank governors […]
Giving Zim’s prepaid USD cards the Tinder treatment
Prepaid USD cards are one of the easiest ways to start buying goods and services online, especially now that the United States Dollar is legal tender. There are a lot of cards available these days with almost every bank having one either handled by Mastercard or VISA. We have been inundated with questions about which […]
Diasporans, you can open a bank account at the airport/border, no branch needed
I might be preaching to the choir here but it has to be said for those who aren’t familiar with the financial gymnastics that are happening between the Zambezi and Limpopo. Zimbabweans living abroad come home periodically, this might be graduates who have finished their studies, those on the end of academic year break or […]
The alleged culprit of BancABC’s crazy prepaid Visa outage is now in court
Remember back in late October when BancABC’s Prepaid Visa was down for everyone and for days on end? The outage that stranded everyone who used the card domestically and abroad? Well, it looks like the authorities have found the person who was behind it. According to a report by ZimLive, Malvin Kudakwashe Serima appeared in […]
Pick n Pay’s 50% discount for USD: killing the black market without an SI
TM Pick n Pay is giving a 50% discount for goods bought in its store in USD. I first noticed this when I was at Pick n Pay Westgate and saw the 50% discount sign on the exchange rate noticeboard. I asked the till operator and was told that I would get half off if […]
Why does CBZ have a monopoly on e-passport application fees?
Zimbabwe’s is finally making the switch to e-passports after more than 20 years when the technology was first deployed in Malaysia in 1998. I and many others don’t have too much of an issue with the change from a security standpoint. Zimbabweans will be able to access Automated Border Control terminals and home and abroad. […]
Zim banks villains again, too eager with bank charges on civil servants’ bonuses. Fair?
Banking in Zimbabwe is upside down. This is something we have talked about multiple times. Zimbabwean banks are so risk averse they will do absolutely anything before they try core banking activities. Now, we reach a point where the Ministry of Finance has to demand that they ease up on the charges. What have they […]
CBZ Touch and Smartcash are currently unstable
If you’ve been trying to use CBZ Touch or a Smartcash card to transact and facing challenges, it’s not you. CBZ has sent out messages informing their customers that they are aware of the problem and are working to restore normal service. The message reads: Dear Partner, CBZ Touch & Smartcash card transactions are currently […]
Stanbic Bank says it has launched one of the biggest loyalty programmes in Zim
Stanbic Bank has announced the launch of one of what it says is the largest banking loyalty programmes in Zimbabwe. The PlusRewards programme, which will be launched today (1 December 2021) is aimed at supporting and enabling economic growth by providing Stanbic Bank merchants with a loyalty mechanism to drive customer engagement and ultimately additional […]
CBZ Bank launches “50% of your salary” Black Friday loans
The Commercial Bank of Zimbabwe (CBZ) announced that it would be introducing Black Friday loans to its customers. There is no denying that Black Friday is one of the most anticipated time for customers as it gives them an opportunity to fulfil their shopping desires that range from home furniture to the smallest apparel that […]
NMB is phasing out its old Access Debit Card at the end of the year
NMB Bank has announced that it will be phasing out its old NMB Access Debit cards at the end of the year. The switch is meant to usher in the use of Chip and Pin Cards only from 2022 onwards. Important Customer Notice: Introduction of Chip and Pin Debit Cards pic.twitter.com/Q0hkFrof7q — NMB Bank Zim […]
Here are the winners of MyCash’s Swipe and Win promotion
MyCash Financial Services held a Swipe and Win Promotion and on Friday 12 November 2021, the winners of the transaction based promo were announced. THE WAIT IS OVER 🚩 Today is the day for the MyCash Swipe & Win Promotion Grand Draw & we will be announcing our final 3 winners. Stay tuned for more […]
Stanbic partners with 2 Chinese firms to boost access for its import clients
Stanbic Bank Zimbabwe has announced a partnership with Industrial Commerce Bank of China (ICBC) and Chinese trade agent Zhejiang International Trading Supply Chain Co. Ltd which the bank says will open doors for Zimbabwean businesses to import quality goods from China. The Partnership which is called “Africa China Import Solution” will see Stanbic Bank provide […]
As ZB Financial Holdings celebrates 70th anniversary, learn about their history
ZB Financial Holdings is celebrating 70 years in business. That is quite the milestone, especially in Zimbabwe where we have seen a significant number of banks rise and fall. ZB has weathered hyperinflation and the other unique challenges the Zimbabwean economy has presented and stands today to tell the story. In his speech celebrating the […]