Techzim

Zimbabwe and regional technology news and updates

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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 […]


RBZ to acquire a 15% stake in Zimswitch

The Reserve Bank of Zimbabwe (RBZ) today released the Mid Term Monetary Policy Statement which highlighted the events of the previous year and this one. In that statement, there was an interesting revelation. The RBZ has acquired or is set to acquire a 15% stake in the national payments switch, Zimswitch. “The Bank is proceeding […]


Flutterwave & PayPal waive international fees for African merchants

Flutterwave and PayPal are running a promotion aimed at encouraging African merchants to market their goods and services internationally. Under this promotion, Flutterwave merchants/users will be able to receive US$500 worth of receipts through PayPal for free. Normally, merchants are charged 4.4%+US$0.30 per transaction. Flutterwave has collaborated with PayPal to waive off charges on the […]


Zimswitch’s bulk payments solution ZEEPAY has resurfaced

In 2018, Zimswitch, at its Payments Conference announced that it would be bringing a bulk payment solution called ZEEPAY. The product builds off the immediate settlement services we all use by way of ZIPIT. So we can all get caught up here’s what Zimswitch’s ZEEPAY can do. ZEEPAY is a secure, cost effective and efficient […]


Netflix to pivot into games as it tries to beat saturation

I am sure you have had your fill of a priest and a rabbi walking into a bar jokes. Today I have something a little different. Have you heard the one where Netflix gets into mobile gaming, competes against Google’s Stadia and Nvidia’s GeForce? Well, it’s not a joke it’s real. Netflix has confirmed that […]


Eddie Cross: Zim should have a 5% transaction tax, halve PAYE & no company tax

I was joined yet again by Economist and former member of the Reserve Bank of Zimbabwe’s Monetary Policy Committee Eddie Cross to talk about financing a nation, tax collection and administration as well as electronic transactions You can play or download the podcast with the link below. Alternatively, you can download the podcast on WhatsApp […]


Econet Wireless Zimbabwe calls for early redemption of debentures

A few days ago Econet Wireless Zimbabwe (Econet) issued a notice to its debenture holders offering to redeem debentures it issued on 17 January 2017 early. This means instead of waiting for them to mature about three years from now, the holders of the debentures can have them redeemed now. The debentures have a market […]


How payment solutions are revolutionising WhatsApp and enhancing customer experience

The modern customer expects the process of engaging with a brand to be simple and easy. It is a long-accepted norm that the only way to achieve the level of service that delivers this convenience today is through digital channels. For this reason, organisations understand that they need to move with innovation in order to […]


You no longer need proof of residence to pay your DStv using Conticash

A few weeks ago we received some pleasant news, several Bureau de Changes were now allowing people to pay for their DStv using RTGS at the official rate. One of these exchanges was ContiCash who are part of the Conti family of fintech services that includes a money remittance service and a payment gateway that […]


Ecobank account-holders worry as the bank says it will be backdating collection of 2% tax

It has been almost three years since Finance Minister Mthuli Ncube introduced his much-hated 2% tax. It’s still not clear why the tax was introduced, so many reasons have been given, but it is now an accepted fact of our lives. Sometimes something outrageous concerning the tax happens however and people are forced to question […]


Thumeza, the local logistics startup that is a finalist in a US$750K accelerator

Thumeza, is a local startup that offers financing to small scale logistics operators. It was recently named as one of the 10 finalists for the Telecel Group under its Africa Startup Initiative Program (ASIP) and Startupbootcamp Afritech US$750K accelerator along with another Zimbabwean startup called Dawa Health. I got the opportunity to “virtually” sit down […]


Eddie Cross: I’m excited about the Zim economy

Today I was joined by the former member of the Reserve Bank of Zimbabwe’s Monetary Policy Committee, Eddie Cross. We explored the recently launched ZWL $50 note, the contrast in policy and environment from Rhodesia to present-day Zimbabwe. The forex auction system and if it has been a success, his current capacity in financial policymaking […]


Shumba Money removes fees & adds US$10 bonus for funds sent to Zimbabwe

Shumba Money has announced that it has cut all fees or transactions charges for anyone in the diaspora who wants to send money to Zimbabwe. Diaspora weeee this one is for you, send money for mahala to Zimbabwe!! Send at $0 transaction cost and on top of that your recipient receives $10 complimentary on your […]


New ZWL $50 note comes into the market almost valueless

Earlier this year, former member of the Reserve Bank of Zimbabwe’s (RBZ) Monetary Policy Committee Eddie Cross said that Zimbabwe will soon get a ZWL $50, $100 and $200 note. “The only new note which is due to come in shortly is the $50 note, and I’m not certain when that is going to be […]


RBZ introduces ZWL $50 note into circulation

The Reserve Bank of Zimbabwe (RBZ) has announced the introduction of the ZWL $50 (fifty dollar) note into circulation. “The Reserve Bank of Zimbabwe (the Bank) wishes to advise the public that the ZW $50 (fifty dollar) banknote issued on 6 July 2021 through Statutory Instrument 196 of 2021 will be introduced into circulation on […]


RTGS cutoff time revised because of new COVID-19 measures

On Tuesday President Emmerson Mnangagwa announced that the country would be moving to Level 4 lockdown measures because of the increasing numbers of COVID-19 cases. In line with the new restrictions, the cutoff time for RTGS transfers has been adjusted according to a tweet by NMB Bank. To our Valued Clients, kindly be advised of […]


ZSS outage affecting BancABC and others

Zimbabwe Shared Services (ZSS), is one of the country’s leading financial services provider. They offer services that range from e-banking solutions to cloud services. Basically, ZSS is a company that enables banks through providing technologies to meet customer needs and demands. ZSS, has in a statement, notified customers that a number of its services are […]


Bureau De Change Conti-Cash now allowing people to pay DStv at “bank rate”

Zimbabweans love their DStv and are often willing to go to the black market to get the foreign currency needed to pay the subscription. At one point the RBZ revealed that on average Zimbabweans spend about US$45 million every six months on DStv subscriptions alone. Now there is a bit of good news for those […]


Deposit incentives but no protection for USD, the mess that is Zim’s monetary policy

Yesterday we reported on the lack of coverage for USD deposits by the Deposit Protection Corporation (DPC). And a lot of people weren’t too surprised that this provision was not set by the Reserve Bank of Zimbabwe (RBZ) and Ministry of Finance. While that gap exists in the banking sector, the Reserve Bank announced interest […]


Your USD deposits at the bank are not protected

Members of the National Mattress Bankers Union of Zimbabwe won’t be too surprised by this… It appears that if you make a USD or Forex deposit into your NOSTRO account there is nothing to protect you as a depositor if the bank goes belly up. Now the organisation that deals with this primarily is the […]


The RBZ announces interest rates for deposits, it’s too little too late

It’s a well-known fact, the only bank Zimbabweans will trust with their hard-earned money is the National Mattress Bank-NMB. The fact that there is actually a bank called NMB is of course coincidental but still part of the joke. What is not a joke is the suffering we have endured at the hands of Zimbabwe’s […]


The Zim dollar can be converted worldwide according to Ministry of Finance

Deputy Minister for Finance, Clemence Chiduwa said in Parliament that the Zim dollar (ZWL$) is accepted regionally and internationally according to a report by OpenParly. The issue of the convertibility and regional or international acceptance of our currency as we speak now, the Zimbabwean Dollar is accepted regionally and internationally through the exchange rate. Not […]


NBS launches “Instant Cash” domestic remittance service

National Building Society (NBS) has joined in on the remittance game by launching a competitor to BancABC’s City Hopper called Instant Cash. The remittance space has been something of a cash cow of late. Last year the total money received in Zimbabwe recorded just over US$1 billion. This was after there were projections that it […]


Screenshots: Don’t fall for this Ecocash scam

One side effect of Statutory Instrument 127 of 2021 is that I have observed an uptick in the use of the RTGS dollar. This is driven in part by increased usage of mobile money, swipe and ZIPIT. Thanks to the new law people would rather buy using RTGS as most popular shops no longer offer […]


RBZ’s Financial Intelligence Unit names & shames auction abusers

It has been a couple of weeks since the government/RBZ introduced its latest shock grenade in the form of Statutory Instrument 127 of 2021. They riled the entire economy by trying to dictate what exchange rate businesses use when conducting operations. They also banned USD cash discounts and any incentives to induce USD payments. This […]


World Bank gives Africa over US$3 billion for COVID-19 vaccines

World Bank President David Malpass this week met with a delegation of the Africa Vaccine Acquisition Task Team (AVATT), led by African Union (AU) Special Envoy Strive Masiyiwa, to discuss the multibillion-dollar financing of vaccines for African countries. David Malpass later tweeted a screenshot of the meeting showing him and the bank’s top leadership, discussing […]


Zim has ZWL$9.8 billion budget surplus? In this COVID hit economy?!

Earlier this week, Minister for Finance Mthuli Ncube said that Zimbabwe had a budget surplus of ZWL$9.8 billion in Q1 of 2021. A budget surplus is essentially the government making more money from income like taxes and the likes than it is spending. Now there are many ways to interpret this especially with COVID-19 being […]


ZIMRA: PAYE, 2% Tax & Withholding Taxes due 10 June 2021

The Zimbabwe Revenue Authority (ZIMRA) has in a statement notified all that PAYE (Pay As You Earn), IMTT (2% Tax) and Withholding Taxes for May 2021 are due on the 10th of June 2021. ZIMRA’s Statement reads as follows: The Zimbabwe Revenue Authority (ZIMRA) hereby reminds all its valued clients that the following returns and […]