Techzim

Zimbabwe and regional technology news and updates

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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. pic.twitter.com/6sMlprSytj — 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. pic.twitter.com/wj6yP3OFfQ — 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. pic.twitter.com/JocSbAPDOK — 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 pic.twitter.com/IATwpWpasV — 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 […]


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 😎 pic.twitter.com/sBWsjYobTw — BancABC Zimbabwe (@BancabcZW) […]


South African to launch a digital currency called the E-Rand, we have been having it

One of the most memorable ads from the last decade is, at least for me, the Vodacom “we have been having it” series of ads including this one. In them, an Id Amin inspired character expresses amazement that people are constantly praising (yep yep yeping) Vodacom’s features like custom ring tones and having up to […]


Zimnat partners with BancABC in their Gadziriro sign up drive

Recently I decided to have my own funeral policy cover for me and my family. For years, I am ashamed to say, I had been relying on my parents’ cover but the third wave of COVID-19 and my own personal health demons made me confront my own mortality and I decided to go on the […]


Socialite closes Gofundme campaign after it torched a storm on social media

Crowdsourcing is nothing new to Zimbabweans. Several famous fundraising pitches have been made over the years including one that raised close to $100 000 for Cyclone Idai victims. Medical appeals are also not uncommon with several cash-strapped Zimbabweans using the platform to try and raise medical fees for expensive medical procedures. The latest such medical […]


Want to know about Victoria Falls Exchange? Business Weekly is hosting a virtual panel discussion tomorrow

The Victoria Falls Exchange came about in the strangest possible way you can imagine. In case you have forgotten, it all started because the government, which keeps wanting to fix the exchange rate we use, did not like how people were relying on the so-called Old Mutual Implied Rate (OMIR). So they decided to remove […]


Monetary Policy Committee says Individuals can now transact up to US$50 per week via Bureau de Changes

These days the ZWL official rate is more or less stable and the government has also stopped rocking the boat with the rash policies like the infamous Statutory Instrument 127 of 2021. However, the Monetary Policy Committee which is responsible for crafting some of these policies is still very much in existence. Recently they met […]


The RBZ needs to scrap weekly and monthly limits for mobile money too

Yesterday there was a bit of a relief when Ecocash sent out an SMS announcing that transaction limits had been lifted from the paltry $5 000 ZWL per transaction up to a more acceptable $20 000. This was long overdue, the arbitrary limits were making life difficult for the bulk of transacting public out there […]


EcoCash transaction limits now ZWL20 000

The EcoCash transaction limits for all Payment services have been adjusted to ZW$20,000 per transaction up from the previous ZW$5,000 per transaction. This adjustment will be effective today, 25 August 2021 at 18:00hrs.


ZB Life is launching Enhanced Cash funeral plan

ZB Life today is launching Enhanced Cash funeral plan which supports both Zim Dollar and USD cash payouts. The additions to the Funeral Cash Plan includes: Memorial Cover offers a cash payout starting at ZWL50 000 to ZWL100 000 ZWL for beneficiaries and policy holder. Tomb stone & unveiling will offer a cash payout from […]


Full Text: Zimbabwe receives US$961 million from the IMF

The Zimbabwean government has officially announced that they have received almost a billion US dollars from the International Monetary Fund via the institution’s Special Drawing Rights (SDR). SDR refers to supplementary foreign exchange reserve assets that are maintained by the IMF and availed to member countries if they so choose. Zimbabwe will probably use the […]


InstaCash, a local app that allows you to lend & borrow through your contacts

The term “credit is king” is one that I have bandied about over the last year or so because as we wade through Zimbabwe’s never-ending economic struggles, lines of credit are valuable in order to make moves in this fast-moving digital age. Now, traditionally one would go to a bank or a microfinance institution to […]


Remittances up by 73% from the recorded figure this time last year!

Remittances look on course to breaking the US$1 billion and some change record that was set last year. According to the Reserve Bank of Zimbabwe’s (RBZ) Mid-Term Monetary Policy Statement, remittance figures are up by 73% at US$649 million from the US$374 million that was recorded over the same period last year. Inflows January to […]