Zimbabwe and regional technology news and updates

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 […]

{Press Release}: Digital Payments Firm, Cellulant Listed On The Prestigious KPMG’s 2018 FINTECH100

Cellulant, a leading digital payments provider that reaches 40 million people across 11 African countries has been named among the Top 50 emerging Fintech companies in the world in this year’s KPMG FinTech100 report. Cellulant is among the only three African companies representing Africa from Kenya, Nigeria, and South Africa to be included in the […]

Can You Receive Money Into A Zimbabwean PayPal Account?

Every now and again, we receive a question from readers asking us if they can receive money in the Zimbabwean PayPal accounts. The answer right now (October 2018) is that you cannot. PayPal hasn’t yet opened this functionality for their Zimbabwean subscribers. How to Check? In case you’re reading this article sometime well after October […]

Full Text: Veritas Says Mthuli Ncube’s 2% Transaction Tax Is Still Illegal

So the saga continues. Yesterday the High Court declared that the challenge to the new transaction tax that had been brought before it was not urgent and hence it would be dealt with in due course. The rational was that if it had been urgent then it would not have been filed two weeks after […]

Check Out CBZ’s List Of All Transactions Which Are Charged And Exempted The ‘2% Tax’

CBZ just like many banks has published an informative guideline concerning the recently introduced 2% tax. In its guideline, CBZ lists all the transactions that are both charged and exempted from the 2% tax. Here is the list of transactions where the 2% IMT Tax applies or does not apply. N.B: The list above also […]

Econet To Unbundle And List Cassava Separately On The ZSE

Econet will be unbundling Cassava which was essentially the companies Fintech (financial technology) wing. This move will essentially make Cassava one of the biggest companies in Zimbabwe overnight as the company is responsible for products and services such as EcoCash, EcoSure, EcoFarmer, Ruzivo, Steward Bank and Muzinda hub among other companies. The Chief Executive of […]

Mthuli Ncube Went Through With It: It’s Now Law To Pay 2% Tax Per Transaction

11 days after the Minister of Finance announced that there will be a revised tax on all electronic financial transactions in Zimbabwe, the new regulation is now enforceable. We are all going to be 2% poorer. When Mthuli Ncube first announced the introduction of this tax, he said that it was going to be with […]

Here Are The 8 Transactions That Wont Pay The Controversial “2% Per Dollar Tax”

Finance Minister, Mthuli Ncube came up with 8 exemptions to lighten the burden of the controversial 2% tax that was introduced during the monetary policy statement presentation. The following exemptions are on top of a provision that says, transactions below $10 are not charged the 2% tax. And a cap of $10 000 on the […]

Mthuli Ncube Clarifies On Tax, Says Transactions Above $500k Will Pay A Max Of $10 000

The issue of the high tax on electronic transactions just won’t die. Here is a statement from Mthuli Ncube, the Minister of Finance and Economic Development: PRESS STATEMENT BY THE MINISTER OF FINANCE AND ECONOMIC DEVELOPMENT, HON. PROF. MTHULI NCUBE ON THE INTERMEDIATED MONEY TRANSFER TAX At the occasion of the presentation of the 2018 […]

Quick Math: Transacting In Zimbabwe Is Now Above 3 000% More Expensive On Average

Generally there is outrage against the newly announced transaction tax on every electronic funds transfer transaction. The Minister of Finance, Mthuli Ncube adjusted the cut that government gets whenever we move funds around from a flat 5c per transaction to 2% of the amount being moved. Of course it’s clear that this is going to […]

The Great Contradiction: Mthuli Ncube’s New Transaction Tax Is Accelerating Us Back To The Past

So the big news yesterday was something we have always known but that Mangudya finally admitted: the USD is not equal to bond notes which are not equal to money that is in electronic circulation in Zimbabwe. The second biggest news was that the government is now dipping it’s fingers and getting 2% of the […]

MyCash Now Offers Payroll Services

The payroll processing arena has got a new entrant now, that is, MyCash. Processing payrolls will see MyCash process salaries of other companies employees and also administer the associated taxes of the processed salaries. MyCash’s payroll service is its one way of broadening its appeal to its customers, more so, its enterprise customers. I think […]