Category: Fintech
FBC’s MyDrive Insurance Product Is More An Innovation Than EcoSure Moovah But Winning Is Not That Simple
I have to start by stating that I am excited by FBC’s new MyDrive product. It’s a totally new value proposition in the Zimbabwean motor insurance market. The logic behind the product makes sense. EcoSure Moovah is another fairly new motor insurance product that hit the market a few months ago. Having been launched by […]
Fraudster Used EcoCash To Defraud A Retailer $12000
A fraudster who used EcoCash to defraud people has been sentenced to 6 years in jail by a Guruve magistrate. Takemore Jamu, the fraudster used perhaps one of the most simple ways to swindle a certain retail outlet groceries worth $12 000. How did he do it? Apparently, this guy presented himself as a buyer and […]
How The Ecocash USD Wallet Experience Can Be Improved
So yeah, good thing that Ecocash introduced the FCA wallet for USD transactions. Of course this is only a good idea to the extent that they have good USD liquidity to make the movement of money from one end of the country to the next possible. Let’s assume they do. The thing I would fix […]
The Ecocash ‘Let’s Go 50:50’ Promotion Ended And Some People Are Disappointed With The Rewards They Received
The EcoCash ‘Let’s go 50:50 promotion’ (EcoCash 50:50 promotion) ended yesterday and some people seem disappointed with the ‘1% cashback rewards’ they received which they are labeling as “peanuts”. Few people on Twitter voiced their disappointment and I personally know several people who are angry with what they got from the promotion for spending so much. […]
Zimbabweans In South Africa Can Now Send Money Back Home Using World Remit
World Remit has finally come to South Africa, where it will help Zimbabwe’s largest diaspora to send money back to their loved ones in Zimbabwe. Before today World Remit only served the Zimbabwean Diaspora in countries like the UK, the US and other European Union countries. I think one of the reasons the remittance company […]
2% Tax Still Illegal And Amounts To Unlawful Seizure Of Property – Veritas
Veritas has brought up again the issue of legality of the 2% tax on electronic transactions and whether it should be collected as it is right now. Before we even get into the legality of the process used to effect this tax, we must point out that the tax is in itself inherently illegal. It […]
You Can’t Buy ZESA And Other Stuff Using EcoCash Because Econet Has Switched Off The Internet
So Econet’s decision to follow the government directive to switch off the internet has more casualties than just the repression of the flow of information in the country during the labour protests happening right now. The flow of money has been affected too. Limited use of Ecocash As soon as Econet threw the switch turning […]
[Update] ZeeRate Is A New WhatsApp Chatbot That Helps You Check Black Market Exchange Rates
With Zimbabwe seemingly in a transition to dollarize, a growing number of companies are now demanding payments in US dollars. Those who still accept bond notes will still be quoting their prices in US dollars but you can make a payment in bond notes or RTGS/mobile money (EcoCash predominantly) using the current exchange rate of […]
Poor Marketing Taking A Toll On Zipcash’s Growth-Zipcash MD
Finally, we got to understand why Zipcash has been quiet. According to Zipcash’s Managing director, Sifundo Moyo, the electronic money transfer service hasn’t been experiencing growth of late. Zipcash which graced the electronic transfer scene in 2013, replacing the redundant paper-based money order service, is said to owe its recent stunted growth to a lack of business […]
How To Register For Enda, Cassava Smartech’s Education Insurance
Last year ended with Cassava Smartech releasing a string of new products and services. Among these was the Enda education insurance cover product that offers school fees benefit for primary and secondary education in the event of the death of a student’s parent or legal guardian. This way students can continue going to school long after […]
Mukuru Integrates With WhatsApp Making It More Convenient To Send Money
Mukuru has now integrated the WhatsApp Business’s API with its system. That means its now possible to ‘create orders’ for sending money (and many other things) via WhatsApp for Mukuru account holders in South Africa. First off: let me explain what’s called ‘creating an order’ based on Mukuru’s dictionary. ‘Creating an order’ is when a […]
EcoCash Should Refund EcoCash Charges To Customers For ‘Failed Transactions’. Agreed?
Over the weekend, several people experienced some problems using their EcoCash, including two of my colleagues here at Techzim. The problems were characterized by failed transactions which entail someone’s Ecocash being debited (taken money) but the merchant’s account not confirming that it received a payment. I suppose this problem didn’t make much noise because it […]
ZQDMS, ZimSwitch’s New System Makes It Possible To Retrieve Your Money In 48 Hours, Not Weeks
Ever made exhaustive rounds between your bank and a shop just trying to retrieve your money as a result of a failed transaction? One way these failed transactions happen is when you try to make a payment and your account is debited but without getting a notification that the payment was a success and you […]
Here’s How To Open Steward Bank’s Dura Foreign Currency Account On Your Phone
Today Steward Bank introduced the Dura foreign currency account (Dura FCA) that you can open on your phone. Yes, literally you can open a foreign currency account on any kind of a phone, be it, smartphone or feature phone (kambudzi). And that’s what I want to teach you now. Here’s how to open the Dura […]
Steward Bank Introduces Dura, An FCA Account You Can Easily Open On Your Phone
Steward Bank has built on the previous week’s momentum to add another feature on it’s *236# platform. This morning Steward Bank unveiled an instant foreign currency account, called The Dura Foreign Currency Account (Dura FCA). Just as how instant it is to open a bank account on the *236# platform, so is how easy it […]
Podcast On Steward Bank *236# And Kashagi Nano Loans
They say we don’t need banks anymore, well physical banks that is but we still do need banking. Well, the recently announced Steward Bank banking in 60 seconds via *236# USSD code allows you to open a bank account right from your mobile phone whether it’s smart or not. If that wasn’t enough convenience for […]
[Breaking] You Can Now Open A Steward Bank Account From Your Phone
It’s year-end, and though most companies would be having their calendar fizzle out as people are going into holiday-mode, it seems Steward Bank isn’t taking their foot off the necks of their competitors. In fact, they are launching what might be one of their most significant services yet. Anyone of the 7 million + Econet […]
How To Use The EcoCash USD-Foreign Currency Wallet (FCA Wallet)
Last week, Ecocash introduced the Foreign Currency Wallet which you can use to receive US dollars, cash out US Dollars or even to make forex payments. However, we left you hanging as we didn’t break down how you can get started with the Foreign Currency Wallet. Hers is how you can go about it; First […]
OneMoney Now Offers Payroll Services: You Can Now Receive Your Salary Straight Into Your OneMoney Wallet
Netone silently introduced payroll services on its mobile money platform, One Money this recent Sunday. The introduction of the payroll service means employees can now receive their salaries straight into their OneMoney wallet. But unlike the EcoCash payroll service which serves everyone (both public and private sector employees), OneMoney’s payroll service serves civil servants exclusively. […]
Transactions Using The ‘EcoCash Foreign Currency Wallet’ Are Not Charged The 2% Tax Too
As I said earlier on, you can use the EcoCash FCA wallet to make forex payments. Remember that Intermediated Money Transfer Tax ( IMTT) charged on electronic transactions that was introduced last month? You were probably thinking that making electronic payments using the EcoCash FCA wallet gets you taxed the 2% IMTT . But no, all […]
EcoCash Launches The ‘EcoCash Foreign Currency Wallet’ That Allows You To ‘Cash Out’ Forex
When your relatives want to send you money from the UK through EcoCash dont be in fear anymore that you will receive (get) the money as Bonds notes or local currency RTGS balances here. Because EcoCash has finally (and officially) unveiled an EcoCash foreign currency account (FCA) wallet. The new EcoCash FCA wallet allows you […]
The Importance Of Interoperability – The Evolution of Payments Part 2: Mobile Money
This is the second of a three-part series on the importance of interoperability in the payments space. In the previous article we looked at the early history of electronic payments and how interoperability played a key role in the success of credit cards and ATMs. In this article we will take a closer look at […]
Check Out What You Are Charged For Using NMB Bank’s ‘KaGwenya’ POS Device And What It Takes To Get One
Yesterday we broke the news about NMB Bank’s portable Point Of Sale device, called KaGwenya but we didn’t let you know about what it takes to get it. In addition to that, you would also want to know the charges for using KaGwenya. Here are requirements and charges for using KaGwenya; SOLETRADER SME CURRENT ACCOUNT Copy of […]
NMB Bank Joins 4 Other Banks In Introducing A Kwenga-Like Device Called KaGwenya
NMB is the latest bank to join this wave of portable Point Of Sale (POS) devices. Steward first made headlines when it introduced such a device, CABS and Metbank introduced their’s and CBZ made its own grand entry last week. The spotlight has now shifted to NMB which has introduced the KaGwenya Portable POS. KaGwenya’s […]
NetOne Subscribers Can Now Receive Money From The Diaspora Through World Remit
NetOne subscribers will now be able to receive money from the diaspora directly on their mobile phones. The Mobile Network Operator has partnered with World Remit. Will I get the money in USD? In this economy, one would want to know whether the money being sent to them will be received in USD or if […]
The Importance Of Interoperability In The Payments Ecosystem: The Evolution of Payments
This is the first of a three-part series on the importance of interoperability in the payments space. In this article, we look at the early history of electronic payments and how interoperability played a key role in the success of credit cards and ATMs. In the next article, we will take a closer look at […]
{Press Release} FBC’s Mobile Moola Instant Card:Secure and Affordable
Following an article in which I outlined a problem that I had with my FBC Mobile Moola Card, FBC have since send me their official response with regards to this issue. In addition they clearly stated that the Mobile Moola account does and ought to send SMS alerts whenever a swipe related transaction is performed. It […]
FBC’s Mobile Moola Has A Serious Security Flaw: Account Holders Don’t Receive SMS Alerts When A Purchase Is Made
[Updated] FBC have since issued their own response here. After going through the impressive five minutes it takes to open a FBC Mobile Moola account and linking the account with Ecocash, I decided to take it for a spin. After making a routine purchase I instinctively checked my phone to see how much had been […]
The 2% Transaction Tax Could Be Effective If Implemented Less As A Punishment And More As An Encouragement
The recently introduced tax on electronic transactions has seen some revisions since it was announced on the 1st of October this year. These revisions have all been welcome because they make the tax a little more bearable. The first revision was that $10 and lower values would not be taxed. The last one could be […]
President Mnangagwa As You Review The 2% Tax, Consider This: We Are Taxed For Moving Money From The Left Pocket To The Right Pocket
Dear President Mnangagwa I was quite pleased to hear you announce that the 2% tax on all electronic transactions will be reviewed. This is good news and this letter serves to point out some of the issues you may want to consider as you review this tax. Individuals are as important as companies, only poorer […]