Techzim

Zimbabwe and regional technology news and updates

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RECHARGE


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 […]


FBC Listens To Customers & Removes Annual Fees For Prepaid Cards

A fortnight ago, FBC took the curious decision of adding annual fees to their prepaid cards, with individuals and businesses expected to pay $15 and $20 respectively. It was a curious decision for a number of reasons; firstly FBC risked angering customers who would then go to other banks who offer similar cards without any […]


What Will The New Reuters-Based Interbank Platform Do Differently?

In late 2019, Monetary Policy Committee (MPC) member Eddie Cross announced that an electronic trading platform for the interbank market was in the works. Though the system was supposed to be effected a week after his announcement in November, it’s only being put into effect now with the joint press conference held by the RBZ […]


C-Trade Updating Investor Information

C-Trade has sent out a communication to some of their users that they will be carrying out an update of Investor information: Dear Valued Investor; We are currently carrying out an exercise to update investor information on the C-TRADE platform hence we are kindly requesting for you to submit a certified copy of your ID […]


Bankers Association Wrongly Says Mobile Money Services Have Unfair Advantage Over Banks

During the recently held Parliamentary Portfolio Committee meeting, Bankers Association of Zimbabwe raised concerns regarding mobile money services and the unfair advantage they have over financial institutions. Dephine Mazambani, BAZs Chief Economist said the advantage stems from EcoCash and other mobile money services being regulated by POTRAZ and not the RBZ, which simply isn’t true: […]


Zim Stock Exchange Announces Free Online Courses For First Time Investors

The Zimbabwe Stock Exchange (ZSE) today launched the ZSE Training Institute with the goal to deliver specialised training on various capital market subjects such as the ZSE listing requirements, ZSE products and services and the general process of investing on the stock exchange. The Training Institute will deliver this information using a number of different […]


Zimnat Now Processes Your Claim Through WhatsApp Or Email, Gives You Car To Use Meantime

For the past few years Zimnat, one of Zimbabwe’s leading insurance companies has been working hard to reposition itself in the market particularly through digital channels. Today they launched a new claims process plus a courtesy car service firming themselves up for the highly contested motor vehicle insurance space. A claim can be made almost […]


Stanbic Closing Down Two Branches As Part Of Digital Transition

From 31 March, Stanbic will close down two branches in Beitbridge and Chitungwiza with the goal to move customers from physical branches to take up their online services instead. Stanbic’s Chief Executive Mr Joshua Tapambgwa says the new model they are adopting is long overdue in the region: The model we are following has been […]


ZW$ Has Not Been Devalued – RBZ

RBZ has denounced claims circulating on social media suggesting that the central bank has devalued the local currency. In a Twitter post, the bank has said such disinformation is a tactic to cause panic: The Bank would like to advise the public to disregard, with the contempt it deserves, the false and mischevious article circulating […]


CBZ Surprises Customers By Promising To Lower POS Charges

CBZ took to Twitter to assure their customers that they were hearing their cries. Considering the fact banks have been steadily raising charges over the last year, it came as a welcome surprise when CBZ announced that they would be lowering their charges. We have heard, we have listened and we have complied. To our […]


EcoBank Updated App Comes With Improved Security & Ability To Open A Lite Account

EcoBank has updated its mobile app for all their users across the continent and some of the new features in the application are long overdue. If you update to the latest application here are some of the new features that’ll now be a part of your mobile banking experience: One of the biggest changes to […]


Consumer Lobby Groups Cry Foul Over Excessive POS Charges

Zimbabwe’s banking system is pretty interesting. Because banks no longer make their money from loans, they’ve turned to bank charges as their main source of revenue and when banks want to increase revenue or protect themselves from the inflationary economy of Zim, they simply raise transaction charges. Whilst this model has proven sustainable thus far […]


[Update] FBC Updates Their Banking App With A Host Of Features

FBC has updated its banking app bringing a host of new features that will undoubtedly be of use to its clients. The “enhanced FBC Mobile Moola” app will bring a redesigned interface, security improvements from biometric authentication and the ability to block your card remotely giving customers more control over their safety. It would be […]


RBZ Freezes Accounts Of Company Which “Injected Millions Of Dollars In Parallel Market”

Yesterday the RBZ sent out a warning to companies suspected of destabilising the country due to “illegal activities” forex market. The Central Bank followed this up by announcing that one of the companies being investigated by the Financial Intelligence Unit has had their accounts frozen. Earlier today, the Reserve Bank of Zimbabwe issued a statement […]


SDG500 Will Invest $500 Million In Businesses Addressing Sustainable Development Goals

A new investment fund; SDG500 will begin investing $500m in businesses working to achieve the global Sustainable Development Goals. The fund was launched earlier this week in Davos. SDG500 will be backed by “a coalition of public and private organisations, NGOs and a private equity firm.” Capital from the funds will be used to make debt […]


We’re Going To Freeze Accounts Of Manipulators Upsetting Forex Markets – RBZ

The Reserve Bank of Zimbabwe took to Twitter this morning with a warning for individuals who are “destabilising” the country by putting pressure on the forex market. It has come to the attention of the Bank that there are some exchange rate manipulators that are exerting pressure on the forex market with the intention of […]


Telecel Profits Fell From US$55m To US$1m

Telecel has been in a never-ending downward spiral for a number of years now. Subscribers who would expect to get new services and products and innovation from their mobile network have instead gotten board room squabbles, poor network delivery and now it’s alleged shareholders are getting dwindling revenues and no profits. An anonymous source with […]


Cassava Smartech Hints At Upgrade For Steward Bank Digital Banking Platform

As some of you know by now, Cassava recently published its half-year results and the local tech company made a ZW$3.2 million profit in its first 6 months of operation. Of that profit, Steward Bank is probably the most significant pillar behind EcoCash – with the bank bringing in ZW$181 million in revenue over the […]


Cassava First Set Of Half Year Results After Demerger From Econet Are Out

Zimbabwe Stock Exchange Listed entity Cassava Smartech Zimbabwe Limited (CSZL), which has business interests in mobile money, digital banking, insurtech and on-demand services, reported revenue of ZW$946 million for the half-year ended 31 August 2019. The published results are inflation-adjusted, in line with International Accounting Standard 29 on Financial Reporting in Hyperinflationary Economies, as recommended […]


$500 Million National Venture Fund To Open In February

Yesterday, Finance Minister Mthuli Ncube shared more details regarding the $500 million National Venture Capital fund announced as part of the 2020 National Budget. During the budget presentation, not much was given in detail regarding the fund but Mthuli expanded on the little we knew so far: The venture fund will be availed starting in […]


FNB Bank Shuts Down Accounts Owned By Cryptocurrency Exchanges

One of the 5 largest banks in South Africa, FNB Bank notified 3 major South African cryptocurrency exchanges that their bank accounts will be closed. The crypto-exchanges affected are Luno, ICE3X, and VALR. In a letter, FNB informed these crypto-exchanges that it had decided to withdraw its banking services to crypto exchanges and other companies […]


RBZ Clears Ecobank Of Wrongdoing For Realising $15 000 Of New Notes

Following last week’s introduction of new coins and notes, Ecobank was accused of offloading the money on black market. RBZ promised to conduct investigations on the incident and take appropriate disciplinary actions if Ecobank was found of any wrongdoing. A week later, RBZ’s Financial Intelligence Unit concluded that Ecobank had done nothing wrong in releasing […]


Paynet Loses US $100 Million Lawsuit Against Bankers Association of Zimbabwe

Bulk payment platform, Paynet lost a lawsuit at the High Court against Bankers Association of Zimbabwe (BAZ). Back in July, Paynet, a subsidiary of Cambria Africa filed a lawsuit of US $100 million against BAZ for anti-competitive practices. In the lawsuit, Paynet accused BAZ of influencing banks to breach their agreements and not pay their […]


Bill Gates Surpasses Jeff Bezos To Become World’s Richest Person Again

Microsoft co-founder Bill Gates has claimed the title of being the World’s Richest Person. Yeah, Gates has surpassed Amazon co-founder and CEO Jeff Bezos, with a total networth of around $110 billion, according to Bloomberg’s Billionaire Index. This title was once held by Gates for 24 years before Bezos overtook him 2 years ago. Bezos […]


BluEase:Stanbic Finally Has A Low-cost (Lite) Account

Low-cost bank accounts (lite accounts) have been a thing in Zimbabwe for some time since the Reserve Bank of Zimbabwe launched its National Financial Inclusion Strategy. But, surprisingly, it was only last week when Stanbic bank unveiled its own lite account dubbed BluEase. Stanbic Bank’s head of personal and business banking, Patson Mahatchi said: Like […]


CBZ Says Coins In “Bin Container” Were Withdrawn By Gambling House

CBZ Bank has come out with an explanation about circulating images of bin containers with bond coins. In a tweet, CBZ said: In other words, CBZ Bank is saying that an unnamed betting house withdrew coins to pay them out as winnings to a punter. CBZ Bank says that the withdrawing of these coins was […]


Government Reviews 2% Tax Thresholds For Individuals & Businesses

Barely 3 months after reviewing the thresholds of the controversial 2% tax, Finance Minister has again reviewed upwards the tax-free thresholds for both individuals and corporates 2%. This was revealed during this afternoon’s 2020 Budget Statement presentation where the Minister said: I propose to review the Tax-Free Threshold from the current ZWL$20 to ZWL$100 and […]


RBZ To Issue Statement Today About Culprits Flooding New Notes On Black Market – Presidential Spokesman

Following the release of the new notes and coins on Tuesday, there has been an uproar on the withdraw limits set by the Reserve Bank of Zimbabwe. The central bank set a maximum withdrawal limit of $300 per week, which arguably cannot buy one month’s grocery of an average Zimbabwean family. What’s more agitating is […]