Zimbabwe and regional technology news and updates

EcoCash partners US company to offer another avenue to send funds to Zimbabwe through

It’s been in the news but it’s not really new. However, if we all missed it when it happened then we might as well talk about it today. EcoCash partnered with Remitly, a US financial services provider. Remitly is all about remittances as their name suggests. So, when EcoCash partnered with them it was to […]

The RBZ still accepting input on upcoming digital currency (CBDCs), participate

The Zimbabwean government is considering adopting a central bank digital currency (CBDC). The Reserve Bank of Zimbabwe (RBZ) has been researching this for a while now. Last year they notified us that they will be carrying out consultations and a consumer perception survey. When the survey came, the RBZ said it had to be filled […]

Paynow, the B2B and B2C payments platform celebrating 8 years. Announces USSD code *828#

Paynow has been around for a while now and their business is all around facilitating payments. The service they offer came about to solve 2 big problems. Allowing small businesses to have access to one platform with as many payment options as possible. This then leads to solving the second payment problem on the customer […]

Govt cuts tax on domestic forex transfers from 4 to 2%, too little too late?

It is funny how often we, ordinary people, can clearly see the downsides to some of the decisions our highly educated leaders make. Some of the decisions they make are highly suspect, and no one can blame us for coming up with conspiracy theories in response. The government came up with their infamous 2% Intermediated […]

RBZ wants to make it easier to get a loan even if you are not a civil servant with the Collateral Registry

The loan space in Zimbabwe has been pretty rough for the common man for a while now. Whilst bankers and formally employed individuals with healthy bank statements could have loans availed to them, it’s not the case with the majority of either self-employed or informally employed citizens. The RBZ wants to come in and change […]

RBZ needs your help with the development of a cryptocurrency. Just 33 questions

Remember a time when a number of cryptocurrency startups in Zimbabwe were banished from existence? And it was by the RBZ. Okay to be fair some of them were not as sound as anyone would have liked but the manner in which they were disbanded was pretty harsh. All the while in South Africa there […]

Uhuru, the remittance via WhatsApp service gets RBZ approval to start testing

Back when Uhuru Innovative Solutions first announced its WhatsApp Wallet there were a few concerns. No one could argue against the idea – remittances via the already popular WhatsApp platform. Uhuru gives Zimbabweans based abroad, many of whom are financially excluded in the countries they migrated to, the opportunity to send money or pay for […]

EcoCash Holdings results: mobile money business struggled but Steward Bank picked up the slack

There are bands that have names like Afrika Revenge, U2 etc. Then there are bands that go with the lead singer’s name e.g. Thomas Mapfumo and the Blacks Unlimited. This second type of band name looks to capitalise on the fame of the frontman who made a name before assembling the band. Then there are […]

Zimswitch new ZIPIT limits Oct 2022

Zimswitch has announced new limits for person-to-person transactions. This limit is now ZW$150 000 per transaction up from ZW$100 000 with the monthly limit now set at ZW$600 000. These new transaction limits will be taking effect from today, 10 October 2022. Zimswitch Statement Customer NoticeZIPIT LIMIT REVIEWDear Valued Customer, Please be advised that the […]

EcoCash has lost 3.1 million customers since 2020, what or who is to blame?

In Zimbabwe Coke refers either to all fizzy drinks or just to a particular soft drink. The same goes for EcoCash and mobile money. There is competition in the mobile money sector but for most, EcoCash is synonymous with mobile money. We are all aware that that dominance ended up being a curse for EcoCash. […]

myRunner: Finally a place I can withdraw my PayPal balance

Zimbabwe is just a place that poses its own unique set of challenges especially when it comes to payments. We are either barred from using certain platforms because of sanctions or our financial systems just do not have support for some of the more convenient payment platforms that exist. Recently I had an emergency requiring […]

EcoCash Junior wallet for 9-18 year olds is excellent, it was long overdue

If you are a parent or a guardian you are going to love EcoCash’s new product. EcoCash launched the EcoCash Junior wallet today. This new product is aimed towards children aged 9-18. But worry not, as a guardian you will have control over the wallet. The thinking behind the Junior wallet is that parents give […]

Play C-Trade Fantasy, you could win over US$1000 as you learn how to trade stocks (ZSE)

I’ve been playing fantasy football for years now. I’m not really good, I have to admit. This season I almost didn’t play, missing the first 2 game weeks. As a result I’m number 43,217 in the Zimbabwean league. There are 47,578 people in that league and the last guy is sitting on -49 points. Negative […]

PostMoney has (almost) everything needed to succeed in the domestic remittance market, will it though?

There is no shortage of domestic remittance options in Zimbabwe. By remittance we are of course talking about the transfer of USD within Zimbabwe. Every one wants in on this lucrative business. Zimpost has been in this business for a while. About a decade ago they launched Zipcash, a local and international electronic money transfer […]

Send up to US$30 for only $1 in charges with Access Forex for a limited time

It’s hard out here. We could all do with every deal we can get and Access Forex is offering a sweet one right now. They are running a promotion where you can send up to US$30 within Zimbabwe for only US$1. This promotion ends on the 10th of September 2022. This promotion comes at ‘back […]

EcoCash FCA now cheaper to use, no more cash in/cash out taxes

The domestic remittance playing field has been leveled. The regulations that only applied to EcoCash have been repealed. Earlier this week we talked about how crazy it was that only EcoCash had to collect 4% tax on cash-ins and cash-outs. The bizarre scenario meant we were paying close to 12% of the transaction amount to […]

If you’re sending USD don’t cash into EcoCash, use the vouchers instead

EcoCash has been in the domestic remittance game for a while now. In the service’s over a decade life, competition has never been stiffer. What was once the no-brainer choice is now just one of many options. The regulators saw to that. As we speak, using EcoCash in the way we used to is not […]

InnBucks is back as a bank, is it still as low cost as it was before?

They told us their return was imminent last week and they weren’t bluffing, InnBucks is back. Of their return, they said, …announcing the return of Zimbabwe’s favourite low-cost transaction platform. We’re now up and running again, and we look forward to serving you even better! InnBucks on Twitter I can’t even argue with the ‘Zimbabwe’s […]

[Video] “We are solving the problem that nearly put us under” – Gugulethu Siso, Thumeza Founder

Thumeza has been active in the logistics industry for the past 4 years. The company started out as a last-mile service provider. Thumeza then transitioned to a freight-centric platform connecting small-scale transporters to large enterprises with goods to be moved. Thumeza has experienced the joys of landing large clients & the lows of realizing they […]

Does Econet’s 1130% profit increase even mean anything? Benefiting from relatively low tariffs?

So, Econet Wireless’ financial results for the year ended February 2022 came out. Everything looks good, revenue is up 50%, profit before interest, taxes and other funny stuff is up 54% leading to the big daddy, profit after tax rising by 1130%. In a normal world, that would be an unbelievably amazing stat line. Unfortunately, […]

Zim fintech startups! Check out this global challenge

Inclusive Fintech 50 (IF50) is a global innovation competition that aims to identify and elevate cutting-edge emerging inclusive fintech startups that have the potential to drive financial inclusion. IF50 uncovers high-potential fintech enterprises addressing limitations in financial services delivery for unserved or underserved customers. Over the last three competitions, IF50 has attracted over 1,000 eligible […]

EcoCash automatic bill payments, they have finally done something really cool

Zimbabwe’s biggest mobile money service EcoCash has introduced a Bill Manager, a new service that it says will bring more convenience for its users and simplifies how EcoCash customers manage their bill payments to different service providers, directly from their phones.  EcoCash has brought about a number of things over the years that have been […]

Forget gold coins, this local firm wants you to preserve value in cattle

Value preservation is the name of the game if you want to exist in Zimbabwe. With the local currency being a meme coin at this point, losing value faster than it can be printed, every Zimbabwean is trying all they can to retain value. To this end, Zimbabweans cannot be faulted for lacking inventiveness. Everyone […]

Local startup to provide housing finance to the informally employed. Yes, mortgages for those without pay slips

If you’re an urban dwelling millennial like most of our readers are, chances are you don’t own a house. This is a global phenomenon, millennials are poorer than the generation before them.  The Zimbabwean economy has especially been rough and official stats say about half of urban dwellers are renting. Personal experience says the actual […]

Zimbabwean wants to take 1 mil traders online and raise US$5 billion, hmmm

E-Commerce company Appletree Digital Commerce, today unveiled the Taking One Million African Traders Online Movement (TOMATO)– its solution to the lack of opportunities for the youth across Africa. “We came across some alarming statistics which inspired us to think differently about how we could provide practical solutions to help young Africans to realise their entrepreneurial […]

Fintech startups! Check out the US$50K Last Mile Money Accelerator

At Last Mile Money, our mission is to bring world-class financial services — like high-interest savings, auto payout insurance, radically affordable remittances, and more — to millions of last-mile users. We believe that thoughtfully designed solutions can help build financial resilience and create pathways to a better life for millions of last-mile users. Today, this […]

Blockchain startup Uhuru Wallet included in RBZ Fintech Sandbox

While the blockchain is often touted as a game-changing technology that is capable of disrupting traditional finance, it is yet to fulfil this promise. The race to satisfy this pledge is still on but numerous obstacles such as regulatory uncertainty are standing in the way. For different reasons, regulators in some parts of the world […]

The RBZ suspended InnBucks and Access Forex domestic transfers temporarily. Let’s discuss what that was all about.

In what came as a shock to most, the Reserve Bank of Zimbabwe ordered Simbisa Brands (Private) Ltd to cease operating InnBucks, its rewards and loyalty program (money transfer service) last week.  The RBZ was concerned about the money transfer service part of InnBucks. According to the RBZ, InnBucks did not have the necessary approvals […]

Innbucks’ growth shows OneMoney could miss yet another opportunity

Why not write yet another article about Innbucks? The Simbisa Brands owned ‘wallet’ service which has been suspended by the central bank had achieved an incredible run. They came out of nowhere and their run in such a short time is way more inspiring than Zimbabwe’s second most popular mobile money service by number of […]

No, InnBucks is NOT phasing out USSD but service disruption came at worst time

Earlier this week through yesterday, the 13th of April, InnBucks’ USSD platform faced challenges. Users would get a message that the USSD service was not available. As a result users had to use the app instead to conduct their business.  InnBucks communicated that they were working with Econet engineers to resolve the problem in a […]