Zimbabwe and regional technology news and updates

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NMB updates online banking to add new features – here’s what you can do now

At the beginning of September, NMB launched their new mobile banking platform NMBConnect. It came with a host of new features meant to refresh the online banking experience offered by NMB. A month into its launch NMB has rolled out another update with newer features for NMBConnect. What’s happening? The feature update is actually quite […]

Steward Bank offering video banking for clients hesitant to leave their homes

Moving around in 2020 has been a hassle. Not only can it result in your death (no, seriously) but because of quarantine and suspension of services, the moving around itself is pretty difficult. Many businesses have opted to go fully or partially remote and banks have dealt with this Earlier this year, BancABC announced BranchX. […]

ZB Bank now offering Civil Servants USD allowance conversion on WhatsApp

Since the announcement that Civil Servants would be getting a USD allowance, there has been a slow trickle of service improvement from banks. By this, I mean civil servants had to go to their branches in order to convert the USD they got into local currency. Banks like FBC, Stanbic and more made it easier […]

ZimSwitch confirms completion of mobile money operator integration

The deadline for EcoCash and Mobile Money Operators (MMOs) to join ZimSwitch as the national switch was the 30th of September 2020. That deadline has passed and yesterday we learned that EcoCash had completed the integration. Transfers could now be done from EcoCash, for example, to other mobile wallets and bank accounts. ZimSwitch has, in […]

FBC launches WhatsApp banking chatbot

FBC Bank has announced the launch of Noku, “a smart Digital Assistant” (i.e a chatbot) assisting clients with banking and insurance services on Whatsapp at any time of the day. Noku also allows anyone to open an FBC Instant Account or Mobile Moola wallet on WhatsApp without visiting a physical branch. Existing FBC account-holders who […]

BancABC City Hopper charging 2% for city to city remittance

BancABC launched City Hopper today and the one thing that was on all of our minds was how much it would cost? Charges are what makes or breaks a service. So I reached out to BancABC customer services to ask how much it would be to send money via City Hopper, and the service rate […]

BancABC launches “City Hopper” local remittance service

BancABC has launched a local remittance service called City Hopper. This service will allow customers to send foreign currency between cities in Zimbabwe instantly. City Hopper will be available to all customers whether they are a BankABC customer or not. ‘We are launching the City Hopper – a domestic remittance service to address the nationwide […]

Interswitch East Africa partners with UnionPay to facilitate digital payments

Interswitch East Africa has partnered with UnionPay International (UPI) to advance the payment digitisation. The partnership means that Interswitch becomes a Third-Party Service Provider (TPSP) for UPI in East Africa. Background Interswitch Group was founded in 2002 and is headquartered in Nigeria. The company is an African focused digital payments and commerce company. The firm […]

FBC Bank system maintenance to disrupt banking services

FBC Bank will be holding scheduled system maintenance on Sunday the 13th of September 2020. The scheduled maintenance will start from midnight (00:00hrs) to 06:00hrs. During this period all banking services will be unavailable. FBC Bank released the following statement: System Maintenance Dear valued client Due to a system maintenance exercise scheduled for Sunday, 13 […]

Stanbic Bank launches “tap-and-go” contactless cards. Will they catch on?

Stanbic Bank is set to launch contactless cards and POS machines that can facilitate contactless payment. This is the second Stanbic Bank contactless payment solution in the space of roughly two months. A couple of months ago they launched a QR Code based payment system in partnership with SlydePay. As we reported when that service […]

Both USD and ZWL at some Standard Chartered ATMs

OK, the Ministry of Finance and the Reserve Bank of Zimbabwe somehow still insist that Zimbabwe ‘has de-dollarised.’ They say the fact that you can pay for stuff in USD and that shops are required to list prices in USD alongside local currency is actually part of de-dollarisation. We don’t know what that’s about especially […]

EcoCash blood in the water, who will take advantage?

The payments space is in for some very big changes. Some of these changes we may be able to see. Others we can speculate on and there are others that are beyond the horizon. EcoCash, which seemed almost like a utility, is about to be equalised. The levelling of the playing field hasn’t come because […]

Pensioners to get FCA cards, govt says it will pay for them

Pensioners are a group that has been a little overlooked when it comes to how they received their US$ allowance. Civil Servants have been beneficiaries of convenient platforms as well as FCA Cards. In a report from Sunday Mail, RBZ Governor John Mangudya said that Pensioners will soon be getting FCA cards. “It was brought […]

BancABC adds 20 000 customers per month in the last 6 months

BancABC recently released their financial results for the first half of 2020. From what the figures show BankABC has a very good first half of 2020 and this is considering the effects of the COVID-19 Pandemic. For example, their profits for the first half of 2020 were ZWL$361 million (adjusted for inflation) for the 6 […]

NMB launches new and improved internet banking

NMB is phasing out their old internet banking platform – NMBDirect. NMB Direct is being replaced by a more feature-rich system called NMBConnect. So what was wrong with NMB Direct? Well the interface wasn’t so great. It looked old and clunky and it wasn’t something that one would enjoy using and a number of features […]

FBC Bank now allowing individuals to open bank accounts via mobile

The reach of banking services has been broadened by FBC Bank through the launch of a virtual banking service. In a statement, the bank announced that it is now offering individuals a facility to open full bank accounts through mobile, via USSD (*220#) or the FBC Bank app. This is something similar to what we […]

ZB Bank unveils a VISA prepaid card

ZB Bank in the announcement they made about Kesto diaspora service hub that is meant to tailor services for Zimbabweans living abroad also launched a prepaid VISA card. In the press statement, ZB said that there will be three types of Visa enabled cards. These are a debit card that can be linked to a […]

ZB Bank announces Kesto Hub – a new service targeted at diasporans

ZB Bank has announced a set of new products; including Kesto. Kesto is being described as a diaspora hub “providing tailor-made solutions” to Zimbos living abroad. Here’s a list of what diasporans signing up can look forward to with this service; Ability to send money back home; building back home; Investing in Zim; purchasing & […]

RBZ calls on banks to bring convenience to Civil Servant allowance liquidation

The RBZ seems to have some idea of the plight of Civil Servants when it comes to the liquidation of their US$75 allowance. There have been banking institutions that have tried to make lives easier for Civil Servants in this respect. But to some institutions that have lagged behind and the Reserve Bank of Zimbabwe’s […]

CBZ system upgrades causing service disruption

CBZ Holding has released a statement addressing challenges their customers have been facing. The statement is as follows: CUSTOMER NOTICE To our Valued Customers,We would like to thank you for your continued support and advise that we are in the process of refining the system as we finalize the upgrade. As a result, please bear […]

FBC was listening, as Civil Servants can now convert USD allowance via USSD

The ladies and gentlemen over at FBC must either have an ear to the ground or they had this one in the pipeline. A couple of days ago we reported that FBC was making facilities available for Civil Servants to liquidate their US$75 allowance over WhatsApp and email. As progressive as those moves are they […]

FBC allowing Civil Servants to convert US$75 allowance via WhatsApp and email

The government some time ago announced that it was going to be giving it’s employees an allowance of US$75 a month. The allowance besides being insufficient was made worse by the news that this money was not going to come to civil servants in hard currency but will be converted to local currency at the […]

CABS launches a service to send money to any number, here’s why it won’t work

At first glance this looked rather interesting. A service that allowed CABS account holders to send money to any mobile money number. That initial excitement faded though as I went deeper into CABS’ new service Send-to-Cell. How does it work? As mentioned before CABS customer can send money to any mobile money number regardless of […]

State of mobile money in Southern Africa

Being a young Zimbabwean who holds no faith in our banking system – mobile money has been a big part of my life. Around 49% of Zimbabweans are registered with a mobile money service. 1 in 2 Zimbos is a significant number and this got me wondering – Is the story the same in other […]

Bankers Association of Zimbabwe has released a statement in support of the Forex Auction

The Bankers Association of Zimbabwe (BAZ), whose main mandate is to support the banking business of member banks, supports the Foreign Exchange Auction Trading System introduced by the Reserve Bank of Zimbabwe (RBZ) on 17 June 2020 and became operational with effect from 23 June 2020. The introduction of a Foreign Exchange Auction Trading System […]

Stanbic introduces QR Code payment solution, here’s why it won’t work

Stanbic has partnered with Slydepay to offer QR code payment to Stanbic Zimbabwe customers. Stanbic Bank say that their customers can download Slydepay app to access QR Code payments. What is Slydepay? Slydepay is a mobile money platform that was developed by a Ghanaian company called DreamOval Limited. Slydepay allows businesses and individuals to create […]

Zimswitch: a quick refresher on what it is and what it does

The Reserve Bank this afternoon issued a statement that made Zimswitch the national payment switch. This means that EcoCash will be relegated to just being wallet and will have to use Zimswitch as the universal transaction hub. Now, as more information about this comes out, and we see how EcoCash responds to this. Let’s have […]

EcoCash to become just a wallet, RBZ says everyone must connect to ZIMSWITCH

So this happened: DESIGNATION OF ZIMSWITCH TECHNOLOGIES (PRIVATE) LIMITED (ZIMSWITCH) AS A NATIONAL PAYMENT SWITCHIn accordance with the provisions of the National Payment Systems Act [Chapter 24:23] and the Banking (Money Transmission, Mobile Banking and Mobile Money Interoperability) Regulations, Statutory Instrument 80 of 2020 (the Regulations), the Reserve Bank of Zimbabwe (the Bank) wishes to […]

EcoCash & banks can’t magically create balances

A friend brought up a question recently, can’t a software developer at EcoCash just create a balance in their account. Then, said developer can go buy a shiny new Lamborghini Gallardo LP460? (I may be adding a bit of sweetening but you get the point). A soccer analogy Let us talk about soccer for a […]

Nedbank South Africa launches “tap on phone” contactless payment

Nedbank has launched “tap on phone” contactless payment. This feature was made to help small and medium businesses to convert compatible smartphones into “payment accepting devices”. Nedbank says that this feature was also motivated by the COVID-19 pandemic and the measures that individuals have to take while interacting in public. “The challenges presented by COVID-19 […]