Zimbabwe and regional technology news and updates



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CZI calls for RBZ to state how much forex is available before the auction

The Confederation of Zimbabwe Industries (CZI) has called for the Reserve Bank of Zimbabwe (RBZ) to temporarily reduce the forex auction allocation to US$25 million over the next three weeks and instead focus on clearing the backlog. “We recommend the following additional measures: temporary reduction of the total amount to be allocated at the auction […]

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 […]

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 […]

Ministry of Finance sanctions snap audits, licence suspensions to curb USD black market deals

The Ministry for Finance has said that it will be implementing measures to curb black market dealings. Some of the ways the govt will be dissuading businesses from trading on the black market are, snap audits and if found guilty, the suspension of operating licences. The statement from the Ministry of Finance on measures to […]

Here’s why local money transfer firm Shumba Money slashed transaction fees

Earlier this year Shumba Money, a local remittance or money transfer startup, announced that it would be slashing fees for transactions to Zimbabwe. This wasn’t something out of the ordinary because we had seen something similar from Senditoo last year. However, Shumba Money is a relatively young player in the game and we were curious […]

Steward Bank adds Senditoo & Thunes as money transfer partners

EcoCash Holdings Zimbabwe’s banking division, Steward Bank, has announced that it has partnered with international money transfer or remittance services Senditoo and Thunes. The partnership is to further expand the bank’s footprint in the remittance space. As I am sure you are all aware, remittance figures have been at heights never before seen (US$1 billion […]

Basel Institute says Zimbabwe has high levels of corruption

The Swiss-based Basel Institute on Governance, an independent non-profit group dedicated to preventing and combating corruption and other financial crimes recently labelled Zimbabwe a high-risk country. Zimbabwe was ranked the 12th riskiest country out of 110 covered countries in the Institute’s 10th edition of the Anti-Money Laundering Index (AML) of 2021. The group had no […]

The government needs to fix its forex auction

The RBZ’s foreign currency (forex) auction system is fundamentally flawed. The government instead of blaming the black market should be looking at how they can make the auction better because it, rather than the black market, is the real reason why the economy is being held back. The black market only exists thanks to the […]

ZSE Direct now has a mobile app

The Zimbabwe Stock Exchange (ZSE) has announced that it has launched an app for its online “Direct” trading platform. Introducing the ZSE Direct Mobile App It has been one year since we launched the web based version of ZSE Direct, an online trading platform that enables retail investors a smart way to manage their ZSE […]

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 […]

All remittance companies that operate in Zim service fees compared

Remittances continue to be on the rise even though there is a global pandemic. Last year money transferred to Zimbabwe through money transfer agents was just over US$1 billion. Now, there are a number of services both for Zimbabweans in the Diaspora to send money back home as well as for locals to send money […]

RBZ names illegal forex dealers and exposes their private information

The Reserve Bank of Zimbabwe’s (RBZ) Financial Intelligence Unit has identified individuals who have been using mobile phone lines and social media for illegal forex dealings (dealers) and money laundering. The full statement by the Reserve Bank of Zimbabwe on this issue reads as follows: The Financial Intelligence Unit (FIU) has identified individuals listed hereunder […]

The RBZ’s auction system takes up to 10 weeks to process payments

While there was a mere 10 ZWL or so difference between the black market and official rate when the RBZ’s auction system was introduced last year, black market sellers and buyers are now using a rate that is almost double the official rate. Naturally, this has meant that a lot of SMEs and large corporations […]

ContiCash now allows you to buy up to US$50 at the official rate

A few weeks ago we scoffed at the announcement by the Monetary Policy Committee which said that individuals would now soon be allowed to buy up to US$50 from Bureau de Changes at the official rate. That scepticism was based on history. We have heard such announcements before and nothing has come out of it. […]

Nedbank Zim relaunches car loans for individuals & companies

The second-hand car market has been effectively neutered by SI 89 of 2021 which banned the importation of second-hand vehicles over 10-years old. This is meant that the ordinary Zimbabwean who dreamt of getting an affordable ex-Jap would now have to contend with the scalpers at the car dealerships. One of the things I banged […]

FBC bank has increased Civil Servant loan limits

FBC Bank announced in a tweet that it has revised local currency loan limits and terms. Customer Notice: Increase in short term loan limits. — FBC Holdings Limited (@FBCHoldings) September 16, 2021 “We are pleased to advise of an upward review of personal salary-based loans limits for civil servants and approved Deduct At Source […]

Mauritius is moving away from being a safe haven with new laws

When people think of countries with secretive banking laws that favour money launderers and big criminals they almost always think of Switzerland or sometimes Panama and similar South American havens. Few think of Africa, but for a long time now Mauritius has been the Switzerland of Africa. They had opaque laws that favoured the creation […]

Access Forex, the quiet but significant local remittance outfit

We have ranted and raved about BancABC’s City Hopper for some time here and you’d be forgiven for thinking that it is the only affordable domestic remittance service. However, that is not the case. There is another local player who is as competitive and the company is called Access Forex. We’ve reported on Access Forex […]

BancABC’s City Hopper has processed over US$10 mil in a year

BancABC today held a one-year anniversary celebration for its domestic remittance service City Hopper via Twitter Spaces. The talk was more of a victory lap and that isn’t to say it isn’t warranted. City Hopper has had an incredible year for a fledgling money transfer service. According to BancABC, they were able to move over […]

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% […]

You can now top up your ZINARA toll gate card via ZIPIT

With Intercity travel now open to everyone after the President announced that the country will be moving to a level 2 lockdown. The Zimbabwe National Road Administration (ZINARA) has rolled out ZIPIT recharges for their IceCash powered toll gate cards (aka Tolling Cards). This is a feature that, to be honest, should have been available […]

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$) […]

Mthuli Ncube’s tour of Dubai crypto hub shows govt isn’t aware of local startups

Finance Minister Professor Mthuli Ncube yesterday put out a tweet saying he had visited the DMCC Crypto Centre in Dubai. If you have never heard the name DMCC before, the firm offers a number of services among them cryptographic blockchain, and distributed ledger technologies. I visited the DMCC CRYPTO CENTRE in Dubai, which is a […]

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 […]

Full Text: ZSE Direct adds Odd Lot Board in a bid to lure individual investors

Last year the Zimbabwe Stock Exchange launched its own direct trading platform, ZSE Direct putting in competition with FINSEC’s C-Trade. Now a year later they are adding a new feature to their offering-Odd Lot Board. This may be their attempt to lure individual, casual and low-value investors. They have now set the minimum buy amount […]

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 […]