Zimbabwe and regional technology news and updates

RBZ Introduces 4 Measures To Minimize Forex Externalisation

President Mnangagwa’s few months into office are remembered for exposing individuals and companies who were engaged in forex externalization, something which is (was) badly affecting the economy. With the presentation of the Monetary Policy Statement yesterday, the central bank introduced ways to help curtail the further externalization of funds. In the Monetary Policy Statement, RBZ […]

Download: Monetary Policy Statement Delivered By Dr John Mangudya 1st October 2018

Here is the monetary policy statement delivered by the RBZ Governor today. You may also be interested to buy the Techzim report on the state of the payments ecosystem in Zimbabwe. You can buy the report via EcoCash below:   Quick NetOne, Econet, And Telecel Airtime Recharge Number to recharge: Airtime amount ($): EcoCash or OneMoney […]

Full Mthuli Ncube Statement On Proposed Fiscal Reforms To Bring Zimbabwe Finances Under Control

Below is statement by Zimbabwe’s Minister of Finance and Economic Development, Prof Mthuli Ncube: Introduction 1. The economy is showing signs of recovery albeit with a number of challenges and risks. Indications are that, the economy will grow by 6.3% against the original Budget projection of 4.5% and 4.8% estimated for 2017. With this projected […]

Banks Given Two Weeks To Separate Nostro US Dollar Accounts And Local RTGS/Bond Accounts

The major highlight of today’s monetary policy statement was the directive that banks must now separate the Nostro foreign accounts and local RTGS or Bond with effect from 15 October 2018. What it means This means that unofficially Zimbabwe has two currencies, that’s US dollars and RTGS/Bond. Consequently, banks will allow depositors to hold separate accounts […]

[Update] New Taxes For Transferring Funds Are Simply Ridiculous

Finance Minister Mthuli Ncube delivered some sombre news at the Monetary Policy Statement. From charging 5c per transfer transaction the government will (with immediate effect) charge 2c for every dollar per transaction. In layman terms, this means you’ll now be charged 2% for every transfer transaction you make. It never rains Where you were paying […]

Here Is How Much Zimbabwean Banks Charge You For POS Transactions

Zimbabwe is now almost completely a cashless economy. The latest report on payment systems from the Reserve Bank of Zimbabwe revealed that cash was responsible for only 2.05% of all monetary transactions. This means we are now effecting 97.95% of all payments through electronic means – cards, internet and mobile. This did not come as […]

98% Of Zimbabweans No Longer Want Bond Notes, 48% Favour Return Of Zim Dollar: Afrobarometer Survey

As Zimbabwe continues to try to figure out the right formula to revive its economy, one of the most polarising issues is the issue of currency reforms. Some are of the opinion that Zimbabwe has to do away with the bond currency and adopt the South African rand or getting rid of bond currency and start […]

Mthuli Ncube, The Runaway USD/Bond Exchange Rate, The EcoCash Riot Act And Progress Backwards

No doubt Mthuli Ncube is the man on the spotlight in Zimbabwe right now. Some are wishing him to do magic, some hope he fails for their own selfish reasons and there aren’t many in the middle. No doubt there is a currency crisis in Zimbabwe right now. Most would describe coming across any small […]

A Payments Startup In South Africa Managed To Raise $16 million For Their Kwenga-Like Solution

Last week, Yoco raised R248 ($16.4) million in a round of investor funding for their POS solution targeting Small to Medium Enterprises. This is a significant amount for Series B investor funding. Series B funds are about taking businesses past the development stage. Yoco builds tools that enable SMEs to receive payments and manage business […]

C Trade What You Do Is Very Important Please Think Through Your Process

The problem that I see almost 100% of the times when businesses adopt technology for example move online etc is that they do so while maintaining the same paradigms they held. This is usually because tech is introduced as a ‘good idea’ or a ‘keeping up with the trends.’ That perception is not sufficient if […]

Payment with Ecocash test

This is a test targeted at a specific group. If you got here via a link on social media, rss or email, please just ignore and close the tab. sorry. Otherwise, help us test this payment process. It’ll deduct 10 cents from your EcoCash balance. Quick NetOne, Econet, And Telecel Airtime Recharge Number to recharge: […]

New Finance Minister, Mthuli Ncube Proposes These Three Solutions To Solve The Cash (Economic) Crisis

Many are calling him President Mnangagwa’s best appointment. That’s new the Finance Minister Mthuli Ncube, a technocrat as many of us are saying. He starts his reign as the Minister of Finance in the back of a struggling economy. Shortage of bond cash, shortage of foreign currency cash, increasing prices etc are some of the […]

Buy The Payments Systems Environment in Zimbabwe Report For Only $9.99

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Government To Recalculate Interest On The RBZ Debt It Assumed 3 Years Ago As It Suspects Being Overcharged By Lenders

Just 3 years ago the government bankrolled the central bank by taking over its $1,4 billion debt in order to recapitalize the bank and resume its function on a clean slate. To facilitate this, the government in turn borrowed from the domestic market through Treasury Bills (TBs) which are short-term negotiable instruments.  At that time the […]

EcoCash Nominated For A London Business School Award, Techzim Report Played A Small Role There

EcoCash has been nominated for the London Business School Real Innovation Awards 2018. They have been nominated for the ‘Best Beats First Award.’ The award is described as such: First movers don’t always have the advantage. Sometimes the smart thing is to wait for the pioneers to take the initial risks, and to do the […]

Banks Performed Way Better Than Expected In The First 6 Months Of This Year: Here Is Each Bank’s Profit

Most banks registered profits during the first 6 months of 2018. Better yet, many witnessed percentage growth in their profit in the first 6 months to 2018 as compared to the first 6 months of 2017. Although bankers have complained about an adverse economic environment, their financial statements show that they have managed to shrug the ‘negative […]

This Is The State Of The Payments Sector in Zimbabwe

It is human nature to assume that one’s experiences are similar to everyone else’s. Living in urban Zimbabwe, it is easy to forget that over two thirds of Zimbabweans live in rural areas and oftentimes their experience living in this country can be worlds apart from their urban counterparts’. For instance, access to electricity in […]

Just How Did EcoCash Come To Be So Dominant? Techzim Analyses Their Strategy

We have all watched as EcoCash’s dominance has increased in Zimbabwe to near monopoly levels. The mobile money service has become an essential payment method in this country. Most of us signed up for the service and so were not surprised as details of the dominance were shared. Today, EcoCash has close to 98% market […]

Here is the RBZ forex priority list which ranks University payments and Car purchases pretty low

In the second half of 2016, the RBZ and the Business Council of Zimbabwe (represented by the Confederation of Zimbabwe Industries, Zimbabwe National Chamber of Commerce, and the Bankers Association of Zimbabwe) instituted a Foreign Exchange Priority List which is meant to: …promote efficient utilisation of foreign exchange and to re-orient import demand towards productive […]