Zimbabwe and regional technology news and updates

Here’s Econet’s full statement on the facility that will help local shareholders participate in its rights issue

If you are in Zimbabwe and are holding shares in Econet Wireless Zimbabwe you are probably relieved to know that the telecoms operator and the Reserve Bank have created a facility to help you take part in its US$130 million rights issue. Instead of paying into an offshore account, shareholders can use their bond notes […]

Econet’s share price drops by 40% due to proposed rights issue, extraordinary meeting set for this week

Econet Wireless Zimbabwe, the country’s largest and only listed telecoms operator had an extremely turbulent week marked by a significant fall in its share price. It closed the week ending on the 27th of January with a share price of 18 cents and a market capitalisation of US$163,677,319. The figure represents a decline of over US$100 […]

RBZ not happy with how Zimbabweans use their VISA/Mastercards

According to a report published in the Newsday earlier today, the Reserve Bank of Zimbabwe has in the past five months (August 2016-December 2016) utilised more than $300 million in current transactions through Visa and MasterCard. Speaking at the inaugural Gold Sector Awards, the RBZ Governor, Dr John Mangudya stated it was the public’s perception that the […]

Econet Zimbabwe share price falls by 10%

Econet Zimbabwe share price took a hit last week falling by 10% to trade at $0.27 by end of day Thursday, 19 January 2017,  after the country’s largest mobile operator issued a controversial $130 million rights issue to help raise funds to pay off its foreign debt. The mobile operator did not trade on Friday, […]

VISA to introduce local payment service

According to a report by The Standard, VISA, the global payments service is setting up a local payment settlement service which will see all local VISA transactions settled by a local authority. VISA will be introducing a National Net Settlement Service next month meant to process, clear, report, and settle all domestic transactions allowing Zimbabwean […]

Here is the RBZ forex priority list which ranks University payments and Car purchases pretty low

In the second half of 2016, the RBZ and the Business Council of Zimbabwe (represented by the Confederation of Zimbabwe Industries, Zimbabwe National Chamber of Commerce, and the Bankers Association of Zimbabwe) instituted a Foreign Exchange Priority List which is meant to: …promote efficient utilisation of foreign exchange and to re-orient import demand towards productive […]

Price Comparison: DStv EcoCash RANDS vs Local Bank Payment vs DStv Agent vs SA Payment

After EcoCash announced their new DStv payment feature via EcoCash RAND wallet quite a few Techzim readers were left confused as to what this really means and whether to be excited or indifferent about it. So in brief this is what Techzim thinks about it: If you do not have access to RANDS in CASH […]

All You Need To Know About Ecocash’s MasterCard…

Almost everyday I get a question, whether in my inbox or verbal, from someone wanting to know about making online payments. Whilst being at Techzim I’ve made thousands of dollars in payments during the ‘cash crisis’ so I think I’m in a position to advise a thing or two in this area. As such, instead of […]

This is how much your Bank charges for a bank-to-EcoCash wallet transfer

Banks integrated with EcoCash offer their clients a transfer facility to move money between their bank account and Ecocash mobile wallet with each bank charging its own set transaction fees for bank-to-wallet transfers whilst EcoCash charges a flat fee of $0.50 for wallet-to-bank transfers. If you have ever wondered how much it costs to make a bank-to-wallet […]

CBZ to suspend local use of VISA cards, sets new limits for international payments

As of 5 January 2017, all CBZ issued VISA cards will cease to work locally (within Zimbabwe) but will continue to work outside of Zimbabwe for at ATMs, POS machines and any internet related transaction. Not only will CBZ stop the use of VISA cards locally but it is also set to review the VISA […]

FBC rejects bond notes for its prepaid MasterCard, RBZ to look in to it

FBC Bank has a prepaid MasterCard which is used to make online payments and transact with outside the country. Today, one of Techzim’s readers alerted us that they visited the bank and attempted to load their prepaid Mastercard with money which included bond notes, they had $20 USD + $15 in bond notes. To their […]

RBZ says its illegal to send yourself money, but is that a justifiable position by the regulator?

The Reserve Bank of Zimbabwe has seemingly caught on to “fraudulent activities” being conducted by Zimbabweans who are taking advantage of its Diaspora Remittances Incentives Scheme (DRIS). The DRIS was put in place to attract the diaspora to send money through official channels by offering up to 5% interest on the amount sent, 2% would go […]

MMM Nigeria this is how MMM Zimbabwe crashed, very similar to what is happening to you now

MMM Zimbabwe made a lot of people rich but eventually made a lot more poor, typical of any pyramid/ponzi scheme that has come into existence. Yes, the whole concept was to use “spare money” and this is probably the gospel your guiders preached throughout your participation but the truth is many participants succumb to the lure […]

Is your bank still overcharging? They might have to repay you!

Yesterday, the RBZ directed all banks operating in Zimbabwe to reduce their ATM and over the counter cash withdrawal charges to 1% and 1.25% of the total amount withdrawn respectively. The directive from the RBZ dated 12 December 2016 and signed by the Governor instructed all banks to implement the new charges with effect from […]

RBZ revises bank charges to between 1-1.25%

The Reserve Bank of Zimbabwe has decreased bank charges for cash withdrawals with immediate effect following public outcry over exorbitant fees being charged to account holders. The new withdrawal charges have been revised with immediate effect to: 1% of the total amount withdrawn at the ATM 1.25% of the total amount withdrawn over the counter […]

RBZ to step in and force banks to reduce transaction charges

In an article in the state weekly, The Sunday Mail, it is reported that the Reserve Bank of Zimbabwe (RBZ ) will introduce a new fee structure tomorrow (Monday, 12 December 2016) that will be modelled along the lines of how the mobile money providers do – charges that are proportional to the amount of […]

Advocate Fadzayi Mahere to lead team of lawyers suing local banks

Local activist Advocate Fadzayi Mahere, popular for her stance against the introduction of Bond Notes, has released a public statement via her official Facebook Page and Twitter Account announcing her intention to drive a class action lawsuit against Zimbabwean Banks. In her statement, the Advocate intends to challenge the following issues: The grossly unreasonable, extortionate […]

Zimbabwe’s formal remittances for 2016 decline by 17% to US$780 million – Blame a weak Rand & informal routes

In the 2017 national budget statement for Zimbabwe which was shared recently by the Minister of Finance Patrick Chinamasa, it was announced that formal remittances for 2016 are projected to amount to US$780 million which is a 17% decline from the US$935 million recorded in 2015. This is the first decline in remittances growth recorded […]

A Bitcoin is worth 70% more in Nigeria than in America, and here is why…

As I write this article a Bitcoin in Nigeria is trading at $1280 USD (₦404,000), $550 USD more than the price of a Bitcoin in the United States ($730 USD) or a 70% premium. Bitcoin in Nigeria has experienced a rapid surge in pricing characterized by high trading volumes on the Nigerian exchange, BitX. So why […]

[UPDATE] Leaked Images: “Brick” of Bond Notes, trolley full of coins and the RBZ poster

Yesterday we received images of the RBZ public notice showcasing the bond notes, we have now received more images of the bond notes in what looks to be a secure safe for the bond notes, a “brick” of bond notes and a trolley of bond coins, see below: [Old Article] We just received yet to […]

Square Banking, Steward Bank’s mobile banking solution.

Steward Bank has launched a new service under the name Square Banking which is a culmination of 4 main target areas that are Mobile application, USSD Banking, Telephone Banking and Online Banking. MOBILE APPLICATION The mobile application is available for download on Android under the name Steward Bank Mobile Banking and iOS  and if you […]

Steward Bank is launching an SMS Banking service.

Steward Bank is launching an SMS Banking solution under the Name Square Banking. It is a banking facility that enables you to perform banking transactions on mobile by dialling the USSD code *210# on Econet. Additional features apart from banking services is partnership with ZETDC for getting prepaid electricity token loans. his uses your banking […]

ZESA hints at load shedding after the RBZ cuts its forex payments by 70%

Earlier today ZESA Group CEO, Engineer Josh Chifamba, appeared before the Zimbabwean Parliamentary Committee on Mines and Energy where he made startling remarks on the current financial state of the power utility company and the dire consequences the country could face if its demands were not met . In his presentation, the CEO stated that ZESA […]

[Update 2] Stanbic Bank source: RBZ ordered us to reverse intended changes to customer terms and conditons

Following up on Stanbic Bank Zimbabwe’s reversal on its decision to change client terms and conditions due to the misunderstanding with the public and its customers, new information we have gathered brings some clarity to what really happened. According to a credible source at the Bank, Stanbic was ordered, via a phone call from an unnamed RBZ […]

Bitcoin startup Bitmari introduces farmers in rural Zimbabwe to cryptocurrency as a cash alternative

In the Zimbabwean cryptocurrency space, there have been a couple of players that have been focused on Bitcoin as a currency alternative. On this list, there’s Bitmari  – a startup that has been laying the groundwork to be the country’s first Bitcoin remittance startup. While the startup wrestles with the regulatory aspects associated getting its primary service off the […]

You can now buy a car on Beforward using BitCoin

Japan has fast become the BitCoin Capital of the World and in so doing many of its companies have now opened their doors to Bitcoin transactions including the much adored second-hand car sales site BeForward. Back in May of this year, the Japanese Government enacted a bill to regulate operators of the virtual currency (BitCoin) by […]

The Zimbabwe Stock Exchange data is alive on the internet. Here’s where it is

About a month ago, we were unhappy that the Zimbabwe Stock Exchange switched off their very useful website. In Zimbabwe data that should be accessible in a straightforward way, thanks to living in the age of the internet, is frustratingly hard to get. In fact, even at the risk of being accused of having an Africa is a country mindset, […]

RBZ attempts to break informal diaspora remittances, offers money to everyone receiving money through registered channels

Starting from the first of October 2016 this same export scheme will be extended to diaspora remittances. It has been set at 5% – with 2% being reserved for the money trasnfer agent and 3% reserved for the recipient.

RBZ is not prepared to deal with pyramid and ponzi schemes like MMM

Recently we published a story on RBZ warning the public against Ponzi and Pyramid schemes. The principal financial regulator fingered MMM Global Zimbabwe (MMM) as the biggest Ponzi/pyramid scheme offender. MMM dominated the discussion on this story, but I then realized that, by releasing the warning the RBZ has accepted and exposed itself. The RBZ is clueless […]

NMB Bank angles for huge unbanked market, introduces new account with easy signup & no monthly charges

Local retail financial institution NMB Bank Zimbabwe has launched NMBlite – a low-cost bank account aimed at the lower end market. It has no monthly bank charges though it does carry a flat charge – 50 cents- for both bank and ATM withdrawals.