Zimbabwe and regional technology news and updates



FINSEC & HIT Join Forces To Improve Awareness On How Companies Can Raise Capital

The Financial Securities Exchange (FINSEC) and the Harare Institute of Technology (HIT) signed a memorandum of understanding earlier today. The agreement between the two institutions is meant “to develop and expand a framework of cooperation between HIT and FINSEC to develop mutually beneficial projects and activities aimed at raising public awareness of the availability of […]

ZSE CEO Shares More Details Regarding Soon To Be Launched Victoria Falls Exchange

When the government shared the budget for COVID-19 response – the Victoria Falls Securities Exchange (VFEX) was a part of that budget. At that time not much was explained beyond that this exchange was supposed to meant to attract offshore capital and that foreign companies invested in Zimbabwe will be able to seek listing on […]

Listed Companies Urged To Hold Annual General Meetings Online By ZSE

Zimbabwe Stock Exchange (ZSE) has responded to concerns of listed companies citing COVID-19 as a hindrance to hosting Annual General Meetings (AGMs) & Extraordinary General Meetings (EGMs). The stock exchange has noted the companies’ concerns but urged that they host these meetings virtually and when they can even do so physically: The Zimbabwe Stock Exchange […]

ZIPIT Given Directive To Place Monthly Limits Similar To EcoCash By RBZ

First it was EcoCash and now ZIPIT is getting the same treatment. The Financial Intelligence Unit (previously an arm of the RBZ but now operating independently) has issued a directive to ZIPIT CEO Cyril Nyatsanza placing a daily and monthly limit on ZIPIT transactions. The Directive dated 27 May reads; It’s no surprise that the […]

ZSE Working On Online Trading Platform – An Alternative To C-Trade?

Zimbabwe Stock Exchange is working on an online trading platform – think of C-Trade and you’ll have a good idea of what they have in mind. Their online trading platform will be available on the web (and eventually as a mobile application) is expected to launch in July. ZSE is launching this platform because in […]

Exchange Rate Problem Is Due To RBZ Not Being In Control When Agents Move Money, Says Mangudya

It’s been a scandalous month for the Reserve Bank and mobile money service providers with EcoCash at the centre of the Central Bank’s dart board. Background… The economy has been spiralling wildly and the Reserve Bank believes the fault lies with mobile money services. This thinking is what led the Central Bank to issue out […]

Steward Bank Roped Into EcoCash & RBZ Fight

EcoCash’s war against the Reserve Bank Of Zim appears to be raging on. The Financial Intelligence Unit issued a directive to Steward Bank earlier on today placing some limitations on EcoCash’s Trust account (think of it as the main account for EcoCash). The directive by the RBZ reads: Restriction of payments into Ecocash Mobile Money […]

RBZ: $10 Notes Coming Into Circulation Next Week. $20 Notes To Follow

RBZ has announced when the $10 & $20 notes will be coming into circulation. $10 notes will come into on Tuesday 19 May with the $20 notes to follow soon after – RBZ says these will be available “by the first week of June”. Alongside this announcement was another – withdrawal limits have been raised […]

Banc ABC Announces Profit Before Tax Of ZW$486m – Mambondiani Says Going Digital Was A Big Contributor

BancABC Zimbabwe, the local banking subsidiary of Pan African group, Atlas Mara has published financial results for the 2019 financial year. Banc ABCs press material proudly notes that the financial institution posted an operating income of ZW$486m. The operating income grew by 869% from $54m the previous though when adjusted for inflation the growth was […]

New Law Mandating Mobile Money Interoperability Is A Big Step Forward But…

Some 10 years ago I wrote an opinion article in the Banks & Banking Survey (The Independent) titled ‘The case for a transparent, inter-operable and viral retail payment network‘. The article advocated for the payments market to go digital or cashless, on the back of crippling hyperinflation which ended in 2009 when the economy dollarized. […]

Government Is Working On A “National Payment Switch” – Is That Necessary?

There’s been a lot of talk about the new law which will force mobile money interoperability but maybe more important is the fact that the government has revealed that it is working on a new national payment switch. The same section of the Statutory Instrument that mandates mobile network operators to enable interoperability indicates they […]

Government Announces Victoria Falls Securities Exchange To Attract Offshore Capital

Last night we shared the Government’s COVID-19 19 Recovery & Stimulus Package Budget and among the measures being taken is the launch of Victoria Falls Securities Exchange; Government has already announced the launch of Victoria Falls Securities Exchange (VFEX), in Victoria Falls in order to attract critical offshore capital to the economy in order to […]

Download: Government’s COVID-19 Recovery & Stimulus Package Document

Last week, President ED unveiled a ZW$18 billion Recovery and Stimulus Package with the aim of reviving the economy and provide relief to citizens. Government has now shared a 7-page document which breaks down which sectors the money will be allocated to and how they will use the money in each of the sectors. Download […]

List: EcoCash, OneMoney Agents Whose Accounts Were Frozen For Suspected Forex Dealings

The RBZ sent out a directive to mobile money operators asking them to block mobile money accounts suspected of “involvement in illicit foreign currency transactions and/or money laundering”. Below is a list of the EcoCash accounts suspended; CALM YIELDS PVT LTD 771390431 9888 INTERCREST CAPITAL MICROFINANCE 782193268 238185 TREZOR INVESTMENTS 779402111 16412 LINSA INVESTMENTS 787630789 […]

Is Cloud Computing The Answer For Africa’s Rising Banking Costs?

More than 700 million Africans lack access to a bank or mobile money account and only 41% of Africans are financially included. This is due to the high cost of providing financial services in Africa which forces many financial services providers to remain focused on serving wealthier customers. Part of the cost problem is that financial […]

Over 30% Of Banking Malware Attacks Last Year Targeted Corporate Users

In 2019, 773,943 users of Kaspersky solutions globally were attacked by banking Trojans. Of those users, a third (35.1%) were in the corporate sector. African countries were affected too: almost every hundredth user (varying from 0,9 to 1%) in South Africa, Ethiopia, Nigeria and Kenya was attacked by banking Trojans at least once during the […]

RBZ Says Leaked De-Dollarisation Document Is Not Official

The RBZ has come out with a statement regarding the 5-years de-dollarisation project document which has been making the news after leaking last night. The Central Bank has said that whilst the document was being worked on by RBZ personnel, it isn’t the official position and had not even been inspected by the government. The […]

First Capital Bank Reviews Digital Banking Limits

First Capital Bank (formerly Barclays) has announced a new set of limits for digital banking transactions; POS/ATMs : Cards VISA (International) $1000 RTCS (First Capital Bank to Other Banks) $500 000 MOBILE BANKING APP: Inter-Account (First Capital Bank to First Capital Bank) – $200 000 Bill Payment – $25 000 Airtime Purchase – $1000 MOBILE […]

Coronavirus Forces Meikles & Simbisa Brands To Defer Dividend Payments

Meikles Limited and Simbisa Brands which have a combined market valuation of ZW$3.48 billion both recently announced they would be deferring dividend payments to shareholders because of the Coronavirus outbreak. Meikles announced the negative news to shareholders on the 8th of March The Board of Directors of Meikles Limited would like to advise shareholders that […]

Banc ABC Launches BranchX – Video Call Your Teller Instead Of Going To The Bank

BancABC this afternoon launched Branch X – a virtual branch allowing customers to conduct all banking transactions through video and telephone banking services. Customers will interface with a teller face to face and perform their banking transactions as if they were in a branch and is among the many digital innovations the bank is rolling […]

[Update] RBZ Says Money Transfer Services Like Western Union To Start Operating During Lockdown

Individuals/Families who rely on remittances where caught between a rock and a hard place when it was announced that money transfer agents would not be exempt from lockdown. Whilst this decision was made to safeguard the health of the general public, it meant that a significant number of Zimbabweans who rely on remittances were cut […]

CBZ Holdings Unveils New Board Of Directors

Zimbabwe’s largest financial institution, CBZ Holdings, today announced the appointment of a new Board of Directors to oversee the bank’s transformation strategy. The new directors bring a wealth of experience from a diverse range of disciplines to help CBZ strengthen its position as the premier corporate finance and investment banking institution in Zimbabwe. CBZ Press […]

CABS Appoints Mehluli Mpofu As New Managing Director

The Board and Management of CABS announced the appointment of Mehluli Mpofu as the Managing Director and Cecil Tanyaradzwa Ndoro as the Deputy Managing Director of CABS. Mehluli commences his service as the Managing Director on 1 April 2020. He takes over from Simon Hammond who proceeds on pre-retirement leave effective 1 April. Simon served […]

NMBs New Banking App – A Proper Digital Bank

Local banks have been updating their mobile applications with new features and following updates from FBC and EcoBank, NMB is the latest bank to update their mobile banking application and we took the app for a spin to see what’s new in there. Redesigned UI As is to be expected with such an overhaul there’s […]

ZSE Announces Measures To Prevent Coronavirus Spread

A number of local companies have taken steps to ensure the novel Coronavirus’ spread is minimized. ZOL, Telecel and Econet all announced they would either be working fewer hours or closing down shops – as part of prevention measures. Zimbabwe Stock Exchange has done the same and announced the following measures to curb the spread […]

What Impact Has Coronavirus Had On Local Tech Companies & Startups?

Corona Correction… An intriguing term that has been used by some financial analysts to denote how the pandemic has “corrected” and continues to “correct” market valuations for business all over the world. After reading a number of these theories, I was left wondering what kind of impact has the virus dealt to local startups and […]

Money Transfer Startup Founded By Zimbabwean Secures US$5 Million

Digital company, Senditoo is fast becoming one of the dominant fintech start-ups in Africa, after securing a US$5 million line of credit from an international conglomerate. It comes after the financial enterprise, which is headquartered in London, announced it had been in talks to increase customers sending amounts from US$500 to now allowing them to […]

BancABC Launches Ignite Incubation Hub

BancABC Zimbabwe today announced the launch of their Business Banking offering focused on supporting the SME sector countrywide in their entrepreneurial journey.  As part of the iGnite service offering, the bank launched its SME incubation centre, the Ignition Hub. The Hub will provide a working space for SMEs to network, receive mentorship and training for […]

Zim Stock Exchange Joins Forces With HRE To Make Capital Raising Platform For SMEs

The Zimbabwe Stock Exchange recently announced they are joining forces with the Harare Receivables Exchange “for the development of a receivables financing platform”. The platform will be targeting Micro, Small and Medium Enterprises (MSMEs) because the belief within the two organisations developing this platform is that the above group of businesses “continue to face challenges […]

EcoSure Life Insurance Benefits Going Up In May

EcoSure subscribers have been receiving messages notifying them that the benefits for each and every EcoSure package will be going up in May, as the insurance company tries to maintain the value of their service in an inflationary economy. The message sent to subscribers reads: Dear Customer, note that effective 1 May 2020, new EcoSure […]