Techzim

Zimbabwe and regional technology news and updates

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The RBZ needs to scrap weekly and monthly limits for mobile money too

Yesterday there was a bit of a relief when Ecocash sent out an SMS announcing that transaction limits had been lifted from the paltry $5 000 ZWL per transaction up to a more acceptable $20 000. This was long overdue, the arbitrary limits were making life difficult for the bulk of transacting public out there […]


EcoCash transaction limits now ZWL20 000

The EcoCash transaction limits for all Payment services have been adjusted to ZW$20,000 per transaction up from the previous ZW$5,000 per transaction. This adjustment will be effective today, 25 August 2021 at 18:00hrs.


IPEC says Lobola Assurance is not registered with them

The Insurance and Pensions Commission (IPEC) has issued a statement over a Lobola Assurance banner that is doing rounds on social media especially WhatsApp. The banner claims to be from a company that calls itself Lobola Assurance and shows various packages which start from US$1.99 per month up to $19.99 per month. There was a […]


PayPal users in the UK can now buy, hold and sell Bitcoin too

At the end of March this year PayPal pulled a surprise when it announced that US PayPal account holders could now buy Bitcoin, Litecoin and Ethereum right from their dashboards. This seemed like an experiment and if it was it seems to be going well too. Now PayPal has just extended this feature to PayPal […]


Steward Bank introduces another promo as the prepaid Visa/MasterCard wars heat up

Steward Bank has just fired another shot as the prepaid Visa and MasterCard war among banks continues to heat up. A few weeks ago we learnt of their competition where you could win as much as US$3 000 if you spend at least US$20 using your Steward Visa Globetrotter prepaid card. Now they have just […]


EcoCash tariffs going up in a few weeks, up to 25% increase

EcoCash, the operators of Zimbabwe’s largest mobile payments service of the same name has announced that they are increasing their tariffs effective the 21st of September 2021. EcoCash effected higher changes to their pricing for higher transaction amounts. The biggest jump is the 25% increase in the fees for paying $1 000 to $1 499. […]


Wa-Faya is awesome but it doesn’t yet support Dial a Delivery

At the close of last month, Simbisa brands introduced the Wa-Faya voucher. These vouchers are a great initiative that closes a glaring gap in their line of services. You see, up until we had Wa-Faya it was hard for you to buy fast food for your family back in Zimbabwe if you were in the […]


ZB introduces its own prepaid Visa promotion as banks scramble for customers

A few weeks ago we wrote about BancABC’s latest prepaid Visa promotion where you stand a chance to win a Chicken Hut meal if you order their prepaid Visa via Branch X. Now it seems ZB has entered the fray with their own promo as the scramble for customers heats up. Don’t look at me […]


Government launches ZMX a commodities exchange

Recently the Zimbabwean government launched a commodities exchange known as Zimbabwe Mercantile Exchange Private Ltd or ZMX. This exchange will allow farmers to trade about 18 commodities excluding maize. This will be the first such exchange in Zimbabwe ever since the other commodities exchange known as ZIMACE shutdown in 2001. Today we launched #Zimbabwe’s Commodities […]


MasterCard is dumping the magnetic strip

The magnetic strip of magstripe swipe card was invented by IBM engineer Forrest Parry with invaluable help from his wife back in 1969. It has been the basis of bank cards for decades and there is hardly a point of sale machine that doesn’t support them. They are cheap and simple to make but the […]


South African bank copies Zimbabwean banks’ lite account model

South Africa has a new bank called Bank Zero. Its operating model will sound very familiar to Zimbabweans. The bank is targeting mainly those who are unbanked in the Southern African country by using a model that Zimbabwean banks such as Steward, FBC, BancABC and NMB, CABS and Agribank have perfected over the years. It’s […]


ZIMBOCASH users can now transact on its exchange

Ah… ZIMBOCASH (ZASH) it has been a while since I thought about this alternative currency. The last we heard was that it was going through a system upgrade that would allow it to better protect itself against people who were skirting the rules. Well, unbeknownst to me ZIMBOCASH went live last week and the team […]


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 […]


58 fintech firms have registered for the RBZ’s Regulatory Sandbox

In an effort to bring new technologies into the fold the Reserve Bank of Zimbabwe (RBZ) initiated a Fintech Regulatory Sandbox. This platform is a sanitary and controlled environment that the central bank and institutions can experiment with innovations across the payments and financial space. There has been an update on the progress of the […]


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 […]


Cassava Smartech to become EcoCash Holdings Ltd to avoid confusion

Cassava Smartech Zimbabwe is getting a facelift, in an announcement to stakeholders the company notified all concerned parties that they are going to be shifting to the name EcoCash Holdings Zimbabwe Limited to avoid confusion. Cassava’s Statement on the name change reads as follows: Members are advised that the Company’s controlling shareholder, Econet Global Limited, […]


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 […]


Google now rejecting prepaid cards for some of its services

Recently I decided to brush up on my JavaScript skills and decided to deeply learn the language, something I have avoided for years for some reason. As part of my learning, I was required to sign up for a Firebase account and during the process, I was asked to add my card details. I whipped […]


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 […]


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 […]


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 […]


Paynow now allows you to accept more than $5,000 ZWL using EcoCash & Onemoney

When it comes to accepting local payments automatically in your app or your eCommerce store, Paynow has been the go-to for most developers for years. They were a godsend to most people given how hard it is to access the official OneMoney, Telecash and Ecocash APIs back then. Shockingly, it is still very hard to […]


FBC has set its sights on disruption with the launch of a Fintech division

FBC Holdings has thrown a curveball with the announcement of its new Fintech Division/Company called Xarani. According to FBC the reasoning behind the formation of the company is to better maximise the opportunities that have sprung up in the accelerated shift to digital that was a consequence the pandemic Xarani’s launch is something that I […]


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 […]


Without proper local payments API, Zim’s eCommerce & Fintech companies resort to workarounds

If you are South African or in South Africa and want to buy something from a local eCommerce shop such as Takealot you have so many payment options when it comes to checking out. Besides the standard Visa/MasterCard options there is: The option to pay locally using Visa/MasterCard. By locally I mean the transaction is […]


A digital currency is coming into Zim to help out farmers

KamPay is a company that was founded in 2018 as a financial inclusion avenue for the unbanked. The firm created a digital currency called Kamari which is akin to what we accustomed to with mobile money but it is based on blockchain technology. Users can transfer, buy and sell but also lend and save through […]


RBZ Fintech Sandbox applications are still open

Back in March, the Reserve Bank of Zimbabwe (RBZ) announced the launch of its Fintech Regulatory Sandbox. This platform is a way for the central bank and the country’s financial institutions to mix and mingle with innovators and startups in the fintech space. When we reported on it earlier this year we were disappointed by […]


Reminder: You can open FBC savings or current account using their app

This is what banking should be.


Powertel launches payment service known as Dial-a-Payment

Powertel wants you to call someone so they can do what you can already do yourself.