Category: Fintech
NMB Customers Can Now Start To Make International Payments As It Partners A German Bank
On the back of failing to process international transactions, NMBZ Holdings has announced that it has entered into a partnership with a German bank, ODDO BHF to allow its customers to make international payments and receive money from outside Zimbabwe. ODDO BHF is an independent Franco-German financial services group, with branches worldwide and a history stretching back […]
Zimswitch Digital Payments Conference: The State Of Industry Interoperability
We are at the Zimswitch Digital Payment Conference in Victoria Falls and the conference will be covering many areas to do with ‘cashless’ solutions and how these can be optimized to offer more efficient solutions. Mr Saul Chin’anga, a certified Electronic Banking Specialist and the Head of Electronic Banking and Card Services at CBZ Bank, presented on […]
POS Devices Increase Drives First Quarter Electronic Transactions To 368 million
The uptake of Point of Sale machines has exceeded the Reserve Bank of Zimbabwe’s expectations because of a 20 percent increase of POS devices in circulation. POS machines increased from 56 000 to 70000. The drive to have 100 000 devices hinges on the government’s objective to increase financial inclusion by having a cashless society. […]
CBZ Bank Going Exclusive To Internet And Mobile Banking, Looks Like Zimbabwe Is Going Paperless Not Just Cashless
CBZ Bank joins a growing number of banks in Zimbabwe that are no longer processing manual (paper) transactions for the transfer of funds whether internally or across to other banks. Here’s their notice to customers: Discontinuation of acceptance of manual RTGS and Internal Funds Transfers CBZ Bank would like to advise its valued clients and […]
Digital Payments In Zim Have Come A Long Way, What’s Next? Zimswitch Payments Conference Looks At That
Zimswitch Technologies is one of the most important companies in Zimbabwe’s economy right now. The business helps you and I to navigate everyday life seamlessly through their payments integration platform. The Zimswitch Evolution One thing they have managed to do over the years has been to evolve with the economy and every new reality in […]
Ecobank Invites African Fintech Startups To Apply For Their Funding Competition
Pan African bank, Ecobank has just called startups with Fintech solutions to apply for the Ecobank Fintech Challenge 2018. The competition is in its second year and last year over 850 contestants applied so competition will definitely be stiff. Ecobank Fintech Challenge gives African startups a chance to promote their fintech solutions partner or an […]
Tobacco Farmers Angered By Slow Processing Of Payments And Cash Shortages
Poor and expensive products are making Zimbabwe uncompetitive on the international markets and as a result, foreign currency generation capability has dwindled. However, Zimbabwe has been overly reliant on tobacco as its major foreign currency cash cow. This has forced The Reserve Bank of Zimbabwe to craft policies that encourage and support tobacco farmers. But […]
What Exactly Is In The Steward Bank Square 2.0 App?
On the 12th of April Steward Bank released their new mobile banking app to the public under the name Square 2.0. Now we say new because the first iteration of this app was to a number of people basically everything you got using their USSD *210#. Square 2.0 however aims to fix all that with […]
Check Out Steward Bank’s Square 2.0 Release Live
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PayPal Partners M-Pesa To Enhance E-Commerce, Will Ecocash Follow?
Mobile money service platform, M-Pesa users will soon be able to participate in global e-commerce after it announced a collaboration with worldwide online payments system, PayPal. The service will facilitate M-Pesa users to shop with PayPal merchants and smoothly transfer funds between M-Pesa and PayPal accounts consequently increasing commerce nationally and internationally. Qualifying M-Pesa users […]
Netone Donates Wi-Fi Devices In Rural Areas To Increase OneMoney Customers
Netone through OneMoney is donating wi-fi devices to councils in rural areas so that district administrators can make smooth OneMoney transactions whilst simultaneously increasing internet access to the remote areas. This comes after Netone introduced EasyCover late last month to propel the use of its mobile money platform, OneMoney. The wi-fi devices called One-Fi have already been […]
[Updated]: New Scams Involving Ecocash: Beware
Mobile money transfer is now the preferred medium to conduct transactions amid cash shortages. The benefits that are afforded by using mobile money transfers platforms are now being weighed against frauds and scams arising as a result of using these platforms. But the increase of fraud and scams in fintech is not limited to mobile […]
‘Swipe’ Users Lose $200 000 This Year Already Due To Debit Card Cloning
A report published last week by the Zimbabwe Republic Police of the rising cases of debit card cloning symbolizes one of the major risks of using the “plastic money”. Chief Superintended Paul Nyathi stated that from the beginning of the year to 15 March 2018, debit card holders had already lost $200 000 to the […]
Steward Bank Introduces New Products In A Drive To Improve Internet Banking
One of Zimbabwe’s youngest banks, Steward Bank has just introduced new products in a bid to become an innovative and leading player in the digital space. The bank is advancing its innovation momentum that is partly defined by the recent introduction of Kwenga. They had an exhibition today where they were showcasing their new products. […]
ZINARA Introduces Pre-paid Card For Use At Tollgates
The Zimbabwe National Road Administration(ZINARA) is introducing a new Pre-paid card that will enable users to transact at toll gates in a quicker and more efficient manner. How do you get to pay? Every time a new service is introduced users are always crossing their fingers hoping that their preferred payment platforms are supported. The […]
CBZ And CABS Avail Loans Targeted At SMEs
CBZ Holdings has announced that it is arranging to increase loans to Small to Medium Enterprises(SMEs) to the tune of $10million so that it can propel the growth of this sector. CBZ is reported to have increased their SME business by 28%. CBZ is showing its commitment to SME’s by hosting this year’s SMEs Indaba […]
Apparently Steward Bank Is Not The First To Introduce A Kwenga-like Device
With all Steward Bank’s innovation drive, it may come as a surprise to know that Kwenga is not the first portable POS machine to grace Zimbabwe’s financial sector. Who then? CABS. CABS was the first to roll out portable POS machines. One of our readers on Techzim informed us that she saw a CABS portable […]
Golix User Accounts Compromised
Please note that we have changed the title of this article from the previous one which said Golix had been hacked because Golix reached out and said the platform itself had not been hacked but some of their users had their email accounts compromised which is technically different. Zimbabwe’s most visible cryptocurrencies exchange, Golix, has […]
Thanks to Technology Small Businesses Could Get Loans In 30 Minutes
Have you ever waited for 2 weeks to hear a response of whether your loan application has been approved or declined? Only for the application to be declined. That sucks, right? Welcome to the Age of Credit Decline. Now that banks have reduced consumer lending to productive sectors of the economy, who will lend to […]
SA Company To Partner With ZSE In Bid To Revolutionize Banking System Via Global Digital Exchange
A South African tech company, FORUS, is partnering with Zimbabwe Stock Exchange (ZSE) to implement a blockchain-based solution which is aimed at providing a platform to handle transactions both on mobile and web. The solution, Global Digital Exchange (GDE) is being launched sometime this month in South Africa, Caribbean, Canada, and Zimbabwe. Who are FORUS […]
Bill Gates Kind Of Changes His Mind On ‘Bitcoin.’ Of Course He’s Right And Wrong At The Same Time
A lot of people who have been pushing for the adoption of cryptocurrencies including sheer scammers who want to convince unsuspecting people to join their ponzi schemes have often quoted Bill Gates as having expressed belief in cryptocurrencies Of course when the second richest man in the world (yes, he was recently surpassed by Amazon’s […]
Every Zimbabwean Bank Should Be Very Afraid Of Steward Bank’s Kwenga Or At Least Copy It Faster Faster
What business are we into? This is an important question every business should keep asking themselves and in answering it they should not assume the easy, lazy and obvious. That doesn’t mean the answer has to be complex though. If you speak to my colleagues they will tell you my preferred solution is the simplest […]
Announcing mCoin: The First Inclusive Cryptocurrency Accessible Outside The Domain Of The Internet
mCoin is powered by ONEm’s Global and scalable Platform, which has the ability to reach billions of people around the world even through traditional mobile without the Internet LONDON, United Kingdom, February 20, 2018/ — Introducing mCoin (www.ONEm.com/mcoin), the first cryptocurrency accessible on any mobile. mCoin is a unique first of a kind inclusive cryptocurrency, […]
Zim Bitcoin exchange, Golix, goes down for hours
Golix, Zimbabwe’s only cryptocurrencies exchange went down for several hours today. It was down since early hours today (we found out at 5AM) and has just been restored. We’ve reached out to Golix CEO, Tawanda Kembo and he’s told us they were having an issue with their hosting provider. “We were offline because we had […]
Social Networks Like Facebook May Lend Legitimacy To Cryptocurrency Market, Says GlobalData
Despite hogging headlines everyday the cryptocurrency market is yet to make much progress towards becoming a mainstream currency. However, the foray of social networks/messaging providers may give some legitimacy to this market, says leading data and analytics company GlobalData. With subscriber growth and active users continuing to be a cornerstone of monetization, social networks/messaging providers […]
Bitcoin Drops To Less Than $6,000 After Highs Of $20,000. Why?
We will remember 2017 as the year of the cryptocurrencies. In that year, especially in the last quarter, Bitcoin and the other virtual currencies saw exponential growth unlike anything that had ever been seen before. In the fourth quarter of 2017 Bitcoin grew by almost 500% internationally, the price of one Bitcoin rising from $4000 […]
No EcoCash Transaction Can Complete Without A PIN
In times like these you wonder, ‘what’s the point of social media?’ It is the convenience and cost savings we seek out but the package seems to come tied in with those who delight in causing panic. Like the joker, some people just want to watch the world burn. For most who read the ‘news’ […]
Can Someone Reset Your EcoCash Pin Without Knowing Your Old One?
Issues that have to do with money have always been sensitive. People quickly panic whenever they figure out that their money is at risk, this is why institutions that deal with money (at whatever level) are ever under scrutiny. As such, EcoCash is one of those… This morning I got a call from a friend […]
StanChart Customers Might Need To Start Looking The OneMoney Direction Over EcoCash
Recently, I got a tip from a Standard Chartered Bank user who pointed out that Swipe Into EcoCash was not working for them and actually hadn’t been for a while. Interestingly, this comes at a time when Standard Chartered Bank now has a direct link to OneMoney. Let’s backtrack a bit… So there’s always been […]
Ripple Joins Forces with Major Banks to Provide Cross-Border Payments
Cryptocurrency powerhouse Ripple, is joining forces with major banks to provide cross-border payments. The tech company has had a pretty rocky start to the year after seeing its prices drop, similar to Bitcoin. However, its cross-border payments plans could be just what the company needs to turn things around. Current international payments system classed as […]