Category: Business
CBZ to start identifying & reporting account holders suspected of illegal forex deals
It looks like the meeting that the Reserve Bank of Zimbabwe (RBZ) had with captains of industry has started a wider domino effect against those dabbling on the black market. According to a report by ZimPriceCheck, CBZ Bank will start reporting those suspected of illegal forex deals to the RBZ’s Financial Intelligence Unit. Reference is […]
Here’s what the RBZ got from its meeting with captains of industry
The Reserve Bank of Zimbabwe (RBZ), the Ministries of Finance, and Industry and Commerce today had a meeting with captains of industry to deliberate on the matter of the exchange rate and the parallel market rate. Here’s the statement from the RBZ about the meeting and the resolutions that were arrived at: The Reserve Bank […]
Steward Bank results: Auditor questions bank’s ability to continue in business
Steward Bank recently released its financial statements for the year ended 28 February 2021. Pouring through the abridged version of the audited accounts raised a few questions. At first glance it appears that Steward Bank might be in trouble. The first strike was that the audit opinion was qualified. Those that have a background in […]
Govt’s new black market measures should start with the big companies
We didn’t get a new price control or exchange rate Statutory Instrument (SI) but the Ministry of Finance delivered a strongly worded circular about how it is going to tackle the black market foreign currency issue in Zimbabwe. Before I go into what the title says, I have to start with the glaring problem with […]
All the bureaux de change firms where you can buy USD at the Auction Rate
Earlier this year, the Reserve Bank of Zimbabwe (RBZ) announced that it was allocating money to licenced Bureaux de Change so that they can sell USD at the Auction Rate to the public. We have reported here a number of times about ContiCash, which is one of the many licenced operators that anyone can buy […]
A new price control/exchange rate SI would be a huge mistake
From what have seen over the last week or so it is likely that the authorities are at the very least thinking about a new Exchange Rate or Price Control Statutory Instrument (SI). Last week the Reserve Bank of Zimbabwe (RBZ) named individuals who were involved in currency manipulation on social media. The central bank […]
Coca-Cola VP calls for the catalysation of women entrepreneurship for AfCFTA success at COMESA Conference
Coca-Cola Vice President for East and Central Africa, Debra Mallowah has emphasised the critical contribution and participation of women in the success of the African Continental Free Trade Area (AfCFTA) and called for the identification of opportunities that will catalyze their entrepreneurship. “Women will need to be supported to exploit these opportunities in diverse ways, […]
I’m sorry, but published accounts for ZSE companies are almost useless for many
When a company is listed on a stock exchange like the Zimbabwe Stock Exchange (ZSE) there are reporting requirements meant to give potential investors the information they need to make informed decisions. As it stands in Zimbabwe, there are too many moving targets for accountants to hit that reporting target. The very first thing to […]
Facebook outage cost Mark Zuckerberg US$5.9 Billion – Forbes
Facebook and its family of apps, WhatsApp and Instagram have been down for nearly 5 hours and that outage has cost the company’s CEO Mark Zuckerberg US$5.9 billion according to Forbes. This decline has meant that Zuckerberg’s estimated fortune is now at US$117 billion, meaning he has slipped to being the sixth richest person on […]
Not just EcoCash: most ZSE companies delaying financial statements
If you needed evidence that the Zimbabwean economy is not an easy one to conduct business in, here it is. The Econet Group subsidiaries are some of the best performing on the Zimbabwe Stock Exchange(ZSE). They are some of the best blue chip shares available. How then did the ZSE suspend the trading of Cassava […]
ZSE gets authorisation to be a central securities depository
The Zimbabwe Stock Exchange (ZSE) today announced that it has been granted permission by the Securities and Exchange Commission of Zimbabwe (SECZ) to be a Central Securities Depository (CSD). Commencement of the ZSE Central Securities Depository Operations The Zimbabwe Stock Exchange Limited (ZSE) is pleased to advise stakeholders that it has been granted approval by […]
Cassava Smartech share trading suspended by the ZSE
The Zimbabwe Stock Exchange (ZSE) has suspended the trading of Cassava Smartech Zimbabwe shares after the company failed to publish its financial results: The Zimbabwe Stock Exchange’s (ZSE) statement on the Cassava shares trading suspension is as follows. NOTICE TO THE INVESTING PUBLIC TRADING HALT OF CASSAVA SMARTECH ZIMBABWE LIMITED The Zimbabwe Stock Exchange Limited […]
Unhappy SABC is still pushing for a TV tax
South African Broadcasting Corporation (SABC) is struggling to make people pay for their TV licences just like our own ZBC is struggling to convince/compel Zimbos to do the same. The parastatal firmly believes that part of the reason for this is because of the old fashioned way in which TV licences are administered. They want […]
Twitter to pay $810m to aggrieved shareholders for lying
Back in 2016 some Twitter shareholders filed a lawsuit against the company for misleading user engagement information. They alleged that the company painted a picture that was much brighter than what was on the ground. What happened was that earlier in 2014, Twitter had stopped releasing timeline views figures. The company kept track of daily […]
ZOL is now offering MARS ambulance rescue with internet packages
Local internet service provider (ISP) ZOL has announced it is now offering Medical Air Rescue Service (MARS) through monthly internet subscriptions. The service is open to all ZOL customers be they on pay-as-you-go or uncapped bundles. MARS subscription via ZOL costs ZWL$171.00 or US$2.00 per month. To get on the plan you’ll need to sign […]
Cassava Smartech Zim, now trading as EcoCash Holdings Zimbabwe features at ZITF
Diversified fintech group Cassava Smartech Zimbabwe Limited, which is now trading as EcoCash Holdings Zimbabwe Limited, is exhibiting at this year’s Zimbabwe International Trade Fair (ZITF) where it has put up a state-of-the-art stand bringing together all its business units and brands. Although attendance at this year’s edition of the ZITF is somewhat subdued due […]
Are airtime scratch cards being phased out?
There have been several reports over the last few weeks that there is a shortage of airtime scratch cards. This might not be a big deal for some because the “route one” way to buy airtime these days is through mobile banking and USSD. More so with the advent of the pandemic. People are more […]
Simon Nyamuda: Managing Director at 22, now Young Executive of the Year
Today I was joined by Simon Nyamuda, Managing Director of Compulink Systems. His, is an interesting journey of taking the reigns of a business at the tender age of 22 and leading the company forward. His remarkable work has not gone unnoticed as he was named IODz Young Director of the Year for 2019 and […]
BBC’s Dirty Secrets of the Cigarette Business is a must watch
Yesterday BBC One aired an intriguing and riveting documentary called Dirty Secrets of the Cigarette Business which explores the sordid underbelly of the tobacco and cigarette business. While, to most of us Zimbabweans, tobacco just happens to be one of our biggest foreign currency earners, it turns out there is a whole dark world out […]
Find contact details for any local business on WhatsApp via Wire Business Directory
A local business consultancy firm called Qurious Consulting Pvt Ltd is looking to end the time-honoured tradition of bothering your friends and loved ones in the event that you need a plumber, mechanic or any other service. The company launched Wire, a business directory chatbot on WhatsApp that registers and catalogues local businesses and operators […]
It’s probably expensive because it’s actually good value
Sometimes the price of a product, service or experience is high because it’s taken a lot of time to develop and perfect. This, of course, doesn’t mean that there aren’t a few crafty flea market vendors out there who’ll rip you off. It’s a mess but we tried to make sense of it through our […]
Full Text: Victoria Falls Stock Exchange signs deal with Dubai Gold and Commodities Exchange
The Victoria Falls Stock Exchange (VFEX), a subsidiary of the Zimbabwe Stock Exchange (ZSE) has signed a Memorandum of Understanding (MoU) with the Dubai Gold and Commodities Exchange (DGCX), the region’s leading derivatives exchange — to strengthen bilateral cooperation as well as exchange knowledge wound commodities trading. As part of the agreement, the DGCX will […]
Access Forex introduces Paytumi a remittance based investment service
Zimbabwe’s more understated remittance or money transfer service Access Forex, has announced the launch of a product that will allow those in the diaspora to invest back home. The service is called Paytumi and offers Zimbabweans living abroad direct access to products for building, farming, medical and other projects they may have in mind. At […]
Some Econet Shop franchisees tarnishing brand
When a company is chasing growth there comes a time when tough decisions have to be made. Do you entrust strangers with your hard-built brand in franchise deals? Or do you go it alone? Going it alone means slower progress, higher capital requirement and higher growth risk but allows for tighter control. Franchise deals address […]
Full Text: Dendairy and Dairibord Holdings announce they will no longer merge
On 6 July last year it was revealed in a cautionary statement Dendairy Private Limited and Dairiboard Holdings Limited were in the process of exploring a merger that would see the two become one. It seems that this will no longer be happening. Dairibord has now issued a statement withdrawing the cautionary statement. WITHDRAWAL OF […]
Starting a business or freelancing? Read this book
So I have developed a Tiktok addiction. I never paid much mind to the platform for the longest time but a friend lured me on it and I was hooked. Aside from the dances, trends and all the rest, there are some really good creators sharing their experience and knowledge. The skill-sharing ranges from content […]
Zimbabwe needs a Startup Law (or Act): Here’s why
Unconventional Capital (UNCAP) notes that, 6/12 of the fastest growing economies in the world are African 22% of Africa’s working age population are starting new businesses 98% of early-stage enterprises are financially underserved and 90% of Venture Capital funding in East Africa still goes to expats. This statistical evidence highlights the need for African countries to […]
Chad Chawanda: from panel beating to pan-African digital marketing
Chad Chawanda is a Zimbabwean entrepreneur who has a vested interest in a number of fields. He started out his business journey as a dropout, went into a panel beating business, then quickly pivoted to trade (local and regional) and digital marketing. Chad has a number of companies he is affiliated with namely ADvocado a […]
Cassava Smartech releases Q1 2021 trading update
Cassava Smartech Zimbabwe, which will soon be known as EcoCash Holdings Zimbabwe Limited, has released a trading update for Q1 2021 ending 31st of May 2021. The update also gives further details on when the company will release its Financial Results for the year ending 28th February 2021. The statement from Cassava reads as follows: […]
Cassava Smartech to become EcoCash Holdings Ltd to avoid confusion
Cassava Smartech Zimbabwe is getting a facelift, in an announcement to stakeholders the company notified all concerned parties that they are going to be shifting to the name EcoCash Holdings Zimbabwe Limited to avoid confusion. Cassava’s Statement on the name change reads as follows: Members are advised that the Company’s controlling shareholder, Econet Global Limited, […]