Zimbabwe and regional technology news and updates

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NMB is phasing out its *240# USSD in October

NMB Bank Zimbabwe has in a tweet announced that it is phasing out its old *240# USSD in favour of the closely numbered *241#. The bank is also doing away with the old NMB Banking app. — NMB Bank Zim (@NMBBankZim) September 17, 2021 Dear Valued Client, We advise that we will be phasing […]

FBC Bank internet banking platform is down

FBC Bank has, in a tweet, notified customers that its internet banking platform is down. Customer Notice: Internet Banking Platform Down. — FBC Holdings Limited (@FBCHoldings) September 17, 2021 Dear Valued Client, We regret to advise you that intermittent service is being experienced on our Internet Banking platform. Kindly bear with us as our […]

Here’s how much your bank charges for all ZWL$ account transactions & services

Following up on the article we posted on local currency swipe limits, we thought it would be interesting to compare all the major banks’ local (ZWL$) currency charges. The following is for the basic or entry-level personal accounts only. Charges are also for local currency accounts and where transactions are concerned the IMTT or 2% […]

NMB Bank is experiencing challenges with its *241# USSD

NMB Bank has, in an SMS to customers, announced that it is experiencing challenges with its *241# USSD. “Dear Valued Customer, we are currently experiencing challenges on USSD *241# for Econet subscribers. Our technical team is working to restore service. We apologise for any inconvenience caused.” NMB Bank via SMS We attempted to access the […]

All Zim banks daily debit card swipe limits

Following FBC Bank‘s announcement that it has increased its daily swipe transaction limits. We thought it would be prudent to look up all the other banks and see how their limits stack up against one another. Here are the figures we got from the respective banks’ customer services representatives. Bank Individual Daily Swipe Limit (ZWL$) […]

FBC Bank increases daily debit card swipe limits

FBC Bank has, in a tweet, announced that the daily limit for debit card swipe transactions has been increased. Good news: Swipe limits have been increased! Now you can swipe for much more with your local FBC debit cards. Go ahead and transact today!#YouMatterMost — FBC Holdings Limited (@FBCHoldings) September 9, 2021 Old Limit […]

This Ecocash horror story shows how systems can fail you

Earlier this week I wrote about the need to make banks and Zimbabwe’s financial institutions accountable for some of the losses that people suffer through hacking and fraud incidents. There was a lot of debate on both sides, especially the more security conscious among our readers insisting that it’s the responsibility of account holders, not […]

Zimbabwean banking industry: Shame, Shame, Shame!

If you remember, the gallant RBZ announced that Zimbabwean banks were to start paying interest on savings accounts, effective 1 July. The RBZ sounded proud of this development as we could tell from the tone of their address. That was surprising. Every single person to ever be associated with banking in Zimbabwe should have been […]

Local software firm launches a core banking platform

Mugonat Systems Inc is a local software development and consultancy firm that provides enterprise software solutions, website services, mobile apps, e-commerce and chatbots. The company has announced that it has launched a core banking complement software called Cashlinq which it says was developed with the best technologies, security and international standards. The core banking complement […]

You can now collect Mukuru remittances at BancABC branches

BancABC has announced that you can now collect your Mukuru remittances at their branches nationwide. You can now collect your @mukurudotcom 💵 order at any @BancabcZW branch 🏦. Bring your National ID or Passport 🛂 and SMS received 📲 to collect you cash.💰 Collection is FREE! 😉 #Mukuru 💵#ATeam 😎 — BancABC Zimbabwe (@BancabcZW) […]

NSSA closes scores of pensioner accounts in a bid to weed out ghost accounts

Zimbabwe’s National Social and Security Authority (NSSA) has always been accused of harbouring a lot of ghost accounts on its books among scores of other improprieties revealed in several audits. Lately, they embarked on a mission to rectify this anomaly but they seemed to have bungled it. Now their latest attempt to clean the books […]

Steward Bank introduces another promo as the prepaid Visa/MasterCard wars heat up

Steward Bank has just fired another shot as the prepaid Visa and MasterCard war among banks continues to heat up. A few weeks ago we learnt of their competition where you could win as much as US$3 000 if you spend at least US$20 using your Steward Visa Globetrotter prepaid card. Now they have just […]

ZB introduces its own prepaid Visa promotion as banks scramble for customers

A few weeks ago we wrote about BancABC’s latest prepaid Visa promotion where you stand a chance to win a Chicken Hut meal if you order their prepaid Visa via Branch X. Now it seems ZB has entered the fray with their own promo as the scramble for customers heats up. Don’t look at me […]

MasterCard is dumping the magnetic strip

The magnetic strip of magstripe swipe card was invented by IBM engineer Forrest Parry with invaluable help from his wife back in 1969. It has been the basis of bank cards for decades and there is hardly a point of sale machine that doesn’t support them. They are cheap and simple to make but the […]

Order a BancABC Visa card & win a Chicken Hut meal?

BancABC has thrown yet another interesting promotion. To celebrate one year of its virtual customer service centre, Branch X, if you order a BancABC prepaid Visa card through its Dial-A-Visa Program you could stand a chance to win a complimentary Chicken Hut meal. What a Year! 😄 Join us as we celebrate 🎊 a year […]

Standard Chartered launches US$1000 Youth Startup Challenge

Standard Chartered Zimbabwe has launched a new community project to support the youth in Zimbabwe recover from the economic impact of the COVID-19 pandemic. The programme is part of Futuremakers by Standard Chartered, the Bank’s global initiative to tackle inequality by promoting economic inclusion for young people for disadvantaged young people across its markets, including […]

RTGS cutoff time revised because of new COVID-19 measures

On Tuesday President Emmerson Mnangagwa announced that the country would be moving to Level 4 lockdown measures because of the increasing numbers of COVID-19 cases. In line with the new restrictions, the cutoff time for RTGS transfers has been adjusted according to a tweet by NMB Bank. To our Valued Clients, kindly be advised of […]

RBZ now working on securing your USD deposits

The Reserve Bank of Zimbabwe (RBZ) today released a statement outlining the deliberations of its Monetary Policy Committee. The document outlines the strides that the Reserve Bank has noted in the economy but also included mention of the RBZ working on securing USD deposits via the Deposit Protection Corporation (DPC). The full statement by the […]

FBC has set its sights on disruption with the launch of a Fintech division

FBC Holdings has thrown a curveball with the announcement of its new Fintech Division/Company called Xarani. According to FBC the reasoning behind the formation of the company is to better maximise the opportunities that have sprung up in the accelerated shift to digital that was a consequence the pandemic Xarani’s launch is something that I […]

EcoCash’s Zimswitch services including bank to wallet are down

EcoCash has in a statement announced that it’s Zimswitch services are down. CUSTOMER NOTICE EcoCash/Zimswitch service interruption Dear Valued Customers,Please be advised that you may experience intermittent service disruptions on EcoCash / Zimswitch transactions due to a technical challenge. Efforts are underway to restore normal service as soon as possible.All other EcoCash services remain unaffected […]

ZSS outage affecting BancABC and others

Zimbabwe Shared Services (ZSS), is one of the country’s leading financial services provider. They offer services that range from e-banking solutions to cloud services. Basically, ZSS is a company that enables banks through providing technologies to meet customer needs and demands. ZSS, has in a statement, notified customers that a number of its services are […]

FBC POS, card, USSD, internet banking and call centre are all down

FBC holdings has said in a tweet that it is facing challenges with a number of its banking platforms: Customer Notice. — FBC Holdings Limited (@FBCHoldings) June 25, 2021 Dear Valued Customer We advise that you may experience intermittent service on the following digital channels due to a technical challenge 1. Card based transactions […]

Old Mutual has brought investment and insurance to USSD & WhatsApp

Old Mutual yesterday announced the launch of a USSD and WhatsApp platform called MyOldMutual. I have to hand it to Old Mutual for the production, it’s no Apple event but they put some serious money and thought into the event. I mean they had the man of the moment himself Holy Ten perform. USSD and […]

Deposit incentives but no protection for USD, the mess that is Zim’s monetary policy

Yesterday we reported on the lack of coverage for USD deposits by the Deposit Protection Corporation (DPC). And a lot of people weren’t too surprised that this provision was not set by the Reserve Bank of Zimbabwe (RBZ) and Ministry of Finance. While that gap exists in the banking sector, the Reserve Bank announced interest […]

Your USD deposits at the bank are not protected

Members of the National Mattress Bankers Union of Zimbabwe won’t be too surprised by this… It appears that if you make a USD or Forex deposit into your NOSTRO account there is nothing to protect you as a depositor if the bank goes belly up. Now the organisation that deals with this primarily is the […]

NBS launches “Instant Cash” domestic remittance service

National Building Society (NBS) has joined in on the remittance game by launching a competitor to BancABC’s City Hopper called Instant Cash. The remittance space has been something of a cash cow of late. Last year the total money received in Zimbabwe recorded just over US$1 billion. This was after there were projections that it […]

The dominos are falling fast; NMBConnect is now zero-rated

The zero-rate rate revolution has really picked up the pace over the last couple of weeks. We saw BancABC, Steward Bank and FBC announce that their banking platforms are now data-free. And now NMB Bank has followed suit with the announcement that the NMBConnect platform is now zero-rated. “We believe access to data or airtime […]

FBC becomes the 7th entry in the banking zero-rate revolution

FBC Holdings Zimbabwe has become the latest entry into the zero-rate revolution. The group’s customers will no longer need to have data to access the following FBC Bank/Holdings platforms: Mobile Moola FBC Internet Banking OBDX Zipit Smart/ Mobile Moola Merchant FBC Health Mastercard Prepaid Card app FBC yakO!Agent Portal (Insurance) and the customer yakO! app […]

Steward Bank zero-rates its Square app & online banking platform

And then there were six… Steward Bank Zimbabwe has joined Nedbank, Stanbic Bank, First Capital, CBZ and BancABC in the zero-rate revolution. Steward Bank customers can now access the online platform and the Square mobile app even if they don’t have data. The caveat to all of this is one that I am sure that […]

No data, no problem because BancABC has zero-rated its app

BancABC has become the latest entry into the zero-rate revolution. The bank announced this morning that as long as you have an Econet line you won’t need data to access its A360 mobile app. Access our #A360MobileApp 📲 at zero cost! 🥳 If you have an @econetzimbabwe line, you no longer need mobile data to […]