Zimbabwe and regional technology news and updates


Will rates fall & the black market die now that Bureaux de Change can now sell forex to individuals?

A hail Mary, wise decision or is this the RBZ trying to stop a hurricane with an electric fan?

The government is coming down hard on the informal sector

After spending months locked down and returning to low business the informal sector now has to contend with a government shakedown.

The 2021 National Budget: Tax relief didn’t go far enough

The Tax Relief measures in the 2021 National Budget didn’t go far enough as Zimbabweans are struggling to survive because of the COVID19 pandemic .

NDS1 is the government’s greatest show yet

Zimbabwe’s most recent economic revival plans are now a trilogy, will the NDS1 be any different from the last?

First Capital Bank launches remittance service – Zimbos can receive money from 150+ countries

First Capital Bank has announced the opening of a money transfer service. The bank partnered with Money Transfer agents RIA Financial Services, the 3rd largest remittance company in the world. Under what they are describing as an “exciting partnership” First Capital Bank will take advantage of RIAs 160 country & 385 000 location network. People […]

Victoria Falls Stock Exchange launching on Friday, Old Mutual will list there

So the Victoria Falls Stock Exchange, the one the government said was for companies to raise foreign currency capital is being officially launched this coming Friday. Its doors will open next week Monday. What we found to be interesting is that dual listed counters (you know those companies that are listed on the Zimbabwe Stocks […]

OneMoney added 337 000 subscribers in Q2 whilst other mobile money services struggled – What gives?

POTRAZ Q2 2020 report is out and whilst the mobile money industry generally took a big hit, NetOne seemed to do exceedingly well in the same period. EcoCash (the industry leader) and Telecash lost 7.6% and 34% of their subscribers respectively. In the same climate, one would assume that OneMoney would also be struggling but […]

Forex Auction results, Zim dollar nudges up slightly. Rate at 81.4965

Forex auction results for 22 of September 2020 are in and the Zim dollar has continued it’s “upward” trend. The weighted average this week has made a small improvement from ZWL$81.7076 last week to ZWL$81.4965 this week. Full Forex Auction Results 22 September 2020 are as follows: SME Auction #8 Main Auction #14 Amount Allotted […]

Forex Auction, Zim dollar sees another week on the up. Rate at 81.7076

The Forex Auction results for 15/09/20 are in and the Zimbabwe dollar has yet again seen an upturn. This week the weighted median average is ZWL$81.7076 which is a ZWL$0.9917 gain from last week’s rate of ZWL$82.6993. The climb is much more substantial than last week’s ZWL$0.6216 from the rate the week before which sat […]

President ED – State had to act against EcoCash because $8.4 billion was circulating outside the banking system

President Mnangagwa recently addressed a ZANU-PF Committee in Gweru and in that address he spoke on the long-running feud between EcoCash and the state. The President had some interesting things to say about the mobile money operator which has been accused by the financial regulator and state officials of being behind runaway inflation. We realised […]

Zimswitch announces partnership with Mastercard to “modernise national payments infrastructure”

Zimswitch today announced a partnership with Mastercard that they say will “enable the modernization of Zimbabwe’s payment infrastructure”. Whilst Zimswitch and Mastercard are yet to announce any joint products/services, there are hints as to what they will be working on. Zimswitch issued a press statement on the partnership and some of the things they highlighted […]

Forex Auction results, Zim dollar gains again, rate now at 82.699

The Zim dollar has for the second week in a row appreciated slightly. This week’s Forex Auction results show that the median average is ZWL$82.6993 against last week’s rate of ZWL$83.3209. Last week’s climb was by ZWL$0.0785, and this week there is a slightly more substantial climb of ZWL$0.6216 when compared to last week. The […]

Victoria Falls Stock Exchange gets licenced – ZSE says its coming soon

We’ve been following the story of the Victoria Falls Stock Exchange (VFEX) with a keen eye, and the most recent update is that VFEX is now licenced by the Securities and Exchange Commission of Zimbabwe (SECZ). The Victoria Falls Stock Exchange Limited (“VFEX”) is pleased to advise stakeholders that it has been granted a license […]

Foreign Exchange Auction, Zim dollar makes a marginal gain, rate at 83.32

The combined SMEs and Main Foreign Exchange Auction has concluded. This week the local currency made a marginal gain with weighted average sitting at ZWL$83.3209. Last week weighted average and effectively the rate sat at ZWL$83.3994 which is a very small uptick of ZWL$0.0785. This is the first time that there has been a bounceback […]

Foreign Exchange Auction results, rate now at 83.3994

The third combined Main and SMEs Forex Auction have concluded. The local currency slumped marginally again this week from ZWL$82.9184 last week to ZWL$83.3994 this week to the United States Dollar. The results are as follows: SME Auction #4 Main Auction #10 Amount Allotted US$960 791.84 US$14 064 871.90 The Highest Rate 88.0000 88.0000 The […]

RBZ & Udugu hosting COVID-19 Fintech Hackathon. Apply here

Jointly held by the Reserve Bank of Zimbabwe (RBZ) & Udugu Institute the COVID-19 Fintech Hackathon aims to use Fintech to address the pandemic’s effects on healthcare, digital payments and economic recovery.  The hackathon taking place from 28 to 29 August will be held virtually. It’s open to anyone with a programming or business background. Sign up […]

[Download] Ministry of Finance Progress on Economic and Structural Reforms in Zimbabwe

Minister for Finance Mthuli Ncube delivered a report on the Progress on Economic and Structural Reforms in Zimbabwe. The presentation shows the effects of the measures taken by the Finance Ministry and the Government as they try to manage Zimbabwe’s economic situation. The presentation looks at: Vision 2030 The Transitional Stabilisation Program (TSP) Economic and […]

RBZ details faults of mobile money services which led to regulatory pressure

Zimbabwe’s Central Bank (aka RBZ) has been on a war path with mobile money services (mainly EcoCash) for most of the year. RBZ firmly believes EcoCash and other mobile money services have led to the currency instability in Zimbabwe. After some court battles and tightening of mobile money regulations, mobile money in Zimbabwe looks much […]

Agent lines banned by RBZ as “they no longer serve any legitimate purpose”

Earlier today, the RBZ published the Monetary Policy Statement and there are a number of pretty shocking declarations. One of which is that agents lines are officially a thing of the past. The same document also outlines that mobile money wallets will now be limited to one per individual. RIP agents (2011-2020) Agents have been […]

RBZ announces mobile money rule: Individuals can’t have more than one wallet anymore

The Monetary Policy Statement (MPS) is out and as we expect, the RBZ has announced some surprise regulations. The war against mobile money is far from over it appears… What’s the new rule? Under the section titled “measures to address mobile banking deficiencies” is a set of new regulations. Mobile money operators “shall with immediate […]

Mangudya – Contrary to expectation, remittances skyrocketed after COVID-19

The Reserve Bank of Zimbabwe governor John Mangudya has said that remittances grew exponentially after COVID-19. It was largely expected that remittances would crash due to job-losses and the Coronavirus-induced economic recession. Mangudya speaking during a ZIMRA press conference mentioned that contrary to that belief remittances actually grew. From January to July 2019 Zimbabwe received […]

Second combined Forex Auction results, rate at 82.92

The second combined Forex results are in and the rate. from the weighted average, is ZWL$82.92. The results are as follows: SME Auction #3 Main Auction #9 Amount Allotted US$517 630.88 US$13 679 558.32 Highest Rate ZWL$85.0000 ZWL$88.3800 Lowest Rate ZWL$78.0000 ZWL$80.0000 Lowest Accepted Rate ZWL$78.0000 ZWL$80.0000 Total Bids Accepted US$517 630.88 US$13 679 558.32 […]

ZIMBOCASH still working on their payments platform. Promises solution in a few weeks…

ZIMBOCASH launched their payments platform to a lot of fanfare earlier this year. Unfortunately for the team behind ZASH, they did not anticipate that people would try to create multiple accounts and hog value. This is what happened and ZIMBOCASH subsequently decided to take down the Peer to peer (P2P) payment platform. Today ZASH account […]

First-ever combined forex auction results are in, rate now at 82.56

The first-ever combined forex auction (SMEs and Grand Auction) results are in. The Reserve bank last week decided to merge the two auctions after what seemed to have been a test run of the SMEs Auction. The results are as follows: SME Auction #2 Main Auction #8 Amount Allotted USD789 866.02 USD17 981 174.01 Highest […]

New Statutory Instrument reveals details on upcoming Victoria Falls Stock Exchange

A new Statutory Instrument (SI) was effected into law a few days ago and the SI gives more detail regarding how the Victoria Falls Exchange (VFEX) will work. Granted that VFEX has been pitched as an offshore capital centre by the Ministry of Finance, one of the questions that came up was which currency would […]

The first SMEs forex auction results are in

The first small to medium enterprises (SMEs) foreign exchange auction has concluded. This second auction is meant to be inclusive of smaller businesses. The big auction that is held every Tuesday has a minimum entry of bid US$50 000.00. So as you can imagine there would be a lot of businesses that wouldn’t be able […]

Full Text: RBZ introduces a second forex auction for small to medium enterprises

One of the criticisms against the foreign currency auction introduced by Zimbabwe’s central bank some two months ago was that it was a big boys and gals club. The minimum amount of forex an entity could bid for in this auction was USD50,000. It looks as if the central bank seeks to correct that. Here […]

Forex Auction number 7, rate now at 80.47

This week’s foreign exchange auction has been completed and the results are as follows: Amount Allotted US$ 18 531 336.74 The Highest Rate ZWL$ 87.00 The Lowest Rate ZWL$ 70.00 The Lowest Bid Accepted Rate ZWL$ 78.00 Total Bids: US$ 19 773 961.25 Weighted Average Rate ZWL$80.4663 PURPOSE AMOUNT ALLOTTED Raw materials 7,566,099.30 Machinery and […]

Full Text: Statement on the Zimbabwe Stock Exchange reopening

PRESS STATEMENT CONCLUSION OF INVESTIGATIONS ON ACTIVITIES ON THE ZIMBABWE STOCK EXCHANGE Following the unprecedented speculative and destabilizing behaviour on the Zimbabwe Stock Exchange-(ZSE), which was in large part contributing to broader macro-economic instability, a decision was made to suspend trading on the ZSE in order to pave way for a thorough inquiry by the […]

New law to penalise shops not using the official exchange rate

The government published a new Statutory Instrument (SI 185 of 2020) today that spells out punishment for service providers who are not using the official exchange rates (the rates determined by the interbank) to conduct business. The SI ammendment Reads; (1) Any person who provides goods or services in Zimbabwe shall display, quote or offer […]