A friend brought up a question recently, can’t a software developer at EcoCash just create a balance in their account. Then, said developer can go buy a shiny new Lamborghini Gallardo LP460? (I may be adding a bit of sweetening but you get the point). A soccer analogy Let us talk about soccer for a […]
So yes the Zimbabwean government promised that it will be paying its workforce a USD75.00 stipend across the board. And yes, no one believes the government will finance the accounts of these civil servants with real money. They printed US dollars (fake ones of course) before and they did it through the interbank settlement system. […]
CBZ took to Twitter to assure their customers that they were hearing their cries. Considering the fact banks have been steadily raising charges over the last year, it came as a welcome surprise when CBZ announced that they would be lowering their charges. We have heard, we have listened and we have complied. To our […]
Security researchers from Kaspersky have reported on thousands of notifications of attacks on major banks in the sub-Saharan Africa region. The malware in the attacks has been linked to Silence Group – a hacking organisation which has targeted banks and stolen millions in the past. The group which is reportedly one of the most active […]
Back in 2011 when EcoCash was introduced, I don’t think any of us envisioned how ubiquitous the payments platform would become close to a decade later. In fact, our article covering the EcoCash launch 8 years ago only viewed the mobile money service as a peer to peer platform: EcoCash will work almost exactly like […]
Old Mutual has partnered with the British Council in Zimbabwe to launch the Eight2Five Value Creation Challenge which seeks to empower startups by offering office space and seed capital. The application portal for the challenge seems to be currently down but might go online soon since Old Mutual had announced they will be taking applications […]
Paynet do not want to walk away from their feud with the banks empty handed if their recent actions are anything to go by. The service provider has taken to their Facebook account to announce that they will be suing the banks and their association for a substantial US$100m. The Facebook post reads: Payserv Africa […]
Paynet took to their Facebook to address some of the issues regarding their feud with local banks and responded to people who accused them of acting in bad faith and holding the nation at ransom. It’s an interesting thread and one that sheds some light on how the local banking sector operates. You can check […]
Paynet Gives Banks Deadline To Pay Them Or They Will Cut Off Service Which Could Affect Payment Of Civil Servants
Banks have been having some issues with Paynet due to forex payments and back in March, Paynet faced periods of downtime due to failure to pay licencing fees. Paynet has thus extended this cost to the banks they provide service to and an email sent to CABS customers by the bank indicates that Paynet will […]
There are a few things that are certain in life. We need food, water and air. We don’t like going to the bank and the list goes on and on. Because we don’t like going to the bank, the banks are deciding that they will no longer have a physical place to house us as […]
The 2018 National Payments System Report is out and there are always some interesting takeaways from such documents. One thing we picked up is that the trends seemed to suggest a slowdown in most forms of transactions which were not cash-based and that got us thinking; could it have been that people are responding to […]
A widow in Bulawayo lost over $40 000 in the most recent case of card cloning. Timmy Kuzhangaira allegedly cloned her late husband’s bank card details before going on to complete a number of transactions in retail. It’s been reported that whilst Ms Watson (the widow) was paying for her groceries in a Bulawayo supermarket […]
Banks Performed Way Better Than Expected In The First 6 Months Of This Year: Here Is Each Bank’s Profit
Most banks registered profits during the first 6 months of 2018. Better yet, many witnessed percentage growth in their profit in the first 6 months to 2018 as compared to the first 6 months of 2017. Although bankers have complained about an adverse economic environment, their financial statements show that they have managed to shrug the ‘negative […]
People’s Own Savings Bank, more commonly known as POSB has put out an update calling on all clients to update their information in a customer information update exercise they are carrying out. You can read POSB’s notice below: Our Valued POSB clients Visit any POSB branch and update your details for your convenience. This is […]
If you use mobile banking or USSD codes, in general, then you’ll know how hard it is to remember all those. There are so many of them and the situation is made worse if you are a subscriber on more than one network or you bank with more than one bank. If you are constantly […]
Earlier we reported that some banks had shut down Golix’s accounts and we can now confirm that last week Tuesday RBZ sent a directive to Golix instructing them to cease all operations in relation to virtual currency exchange. For Golix, when it rains it pours. The past week has just been a never-ending storm for […]
A live demo displaying how you can swipe money from a bank card via a POS machine directly into your EcoCash wallet. Quick NetOne, Econet, And Telecel Airtime Recharge Number to recharge: Airtime amount ($): EcoCash or OneMoney number: Buy Please dial our USSD code *405# on your phone to buy airtime because this page […]
In this episode of Bitcoin 101 we look at the ability of bitcoin to give you financial freedom. The aspect of banks as middlemen between two people is an anomaly that is being disrupted by bitcoin. Quick NetOne, Econet, And Telecel Airtime Recharge Number to recharge: Airtime amount ($): EcoCash or OneMoney number: Buy Please […]
NMBZ Holdings, NMB Bank’s holding company, made a profit before taxation of $6 208 904 in the year ended 31 December 2016. Its banking subsidiary achieved a capital adequacy ratio of 23,3 percent, compared to 19,3 percent the previous year against the regulatory minimum of 12 percent. Its liquidity ratio was 40,1 percent, compared to […]
I’m not too sure whether I’m the only one, but at one stage I had an account with almost every bank. Yes, every bank. This was a follow through from the rough years of 2007-2009, where one had to be able to be “connected” in order to receive their payments instantly. Recently, the need for […]
Even after the recent downward review of the bank charges, the truth is that RTGSs (and people looking to access their cash have to make a lot of them) at $3 a transaction, are still quite expensive to do. And ofcourse EcoCash still charges the sender up to $7 for a $100 transfer to an unregistered number […]
As a people we don’t seem to see far enough to realise what is hurting the competition now (or just someone we don’t care about) will surely hurt us too eventually. We laugh that classifieds.co.zw is getting hit Econet and Stive while forgetting the same net-neutrality unfairness on us when they smell the blood.
A few days ago, we broke the news that Econet and the banks are finally warming to each other on the issue of banks being granted access to Econet subscribers so they also provide mobile money transfer service to them. The banks are not completely happy yet, but integration talks are on and some of […]
Between December 2012 and February this year, Econet announced in quick succession, the integration of its EcoCash mobile money transfer service to traditional banks, allowing EcoCash users to transfer money seamlessly between their bank accounts and EcoCash Wallets. It was CBZ, TN Bank, Stanbic, Agribank then ZB Bank.
The money system is broken, and no one knows that better than the Zimbabwean who watched helplessly as institutions – government, politicians, bankers – they trusted to look after the value of their money conspired and eroded hard earned savings to nothing over a few years.
As alluded to earlier today, we had the opportunity recently to talk to CABS Managing Director Kevin Terry, about their mobile banking service, Textacash. We discussed how they introduced the new mobile phone (and card) based banking product in a radically changed financial sector. We also how they are reaching the unbanked and briefly touched on the role of mobile operators and the regulators. Below is an edited transcript of the interview.
When mobile payments were introduced in Zimbabwe, I thought here is the chance for me to sell my book to Zimbabweans who do not have Visa cards, MasterCards etc. I made my first call to Big Bank in November of 2011 and asked them about accepting payments via their mobile money transfer solution. I was told it was Ok.