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Tag: Reserve Bank of Zimbabwe (RBZ)


New ZW$35k limit for mobile money is a decent improvement – Here’s how RBZ and service providers can make it consumer-friendly

So yesterday, it was announced that the ZW$5000 daily limit for transacting has been lifted. In its place will be a ZW$35 000 weekly limit which you can exhaust in one day if you want. Whilst this is an improvement on what was in place there are still too many potential problems that could arise […]


Forex Auction results, Zim dollar nudges up slightly. Rate at 81.4965

Forex auction results for 22 of September 2020 are in and the Zim dollar has continued it’s “upward” trend. The weighted average this week has made a small improvement from ZWL$81.7076 last week to ZWL$81.4965 this week. Full Forex Auction Results 22 September 2020 are as follows: SME Auction #8 Main Auction #14 Amount Allotted […]


Forex Auction, Zim dollar sees another week on the up. Rate at 81.7076

The Forex Auction results for 15/09/20 are in and the Zimbabwe dollar has yet again seen an upturn. This week the weighted median average is ZWL$81.7076 which is a ZWL$0.9917 gain from last week’s rate of ZWL$82.6993. The climb is much more substantial than last week’s ZWL$0.6216 from the rate the week before which sat […]


Foreign Exchange Auction, Zim dollar makes a marginal gain, rate at 83.32

The combined SMEs and Main Foreign Exchange Auction has concluded. This week the local currency made a marginal gain with weighted average sitting at ZWL$83.3209. Last week weighted average and effectively the rate sat at ZWL$83.3994 which is a very small uptick of ZWL$0.0785. This is the first time that there has been a bounceback […]


OneMoney follows EcoCash and effects ZW$5000 daily transaction limit

Many people were wondering if OneMoney and Telecash would all be subjected to the same regulations that were recently put into effect by EcoCash. Well, OneMoney is the second mobile money operator to effect the ZW$5000/daily transaction limit. NetOne subscribers received the message below this morning; Dear Customer. Following a RBZ directive, OneMoney transactions are […]


RBZ & Udugu hosting COVID-19 Fintech Hackathon. Apply here

Jointly held by the Reserve Bank of Zimbabwe (RBZ) & Udugu Institute the COVID-19 Fintech Hackathon aims to use Fintech to address the pandemic’s effects on healthcare, digital payments and economic recovery.  The hackathon taking place from 28 to 29 August will be held virtually. It’s open to anyone with a programming or business background. Sign up […]


Banks ordered to submit cybersecurity risk policies before October ends

The Reserve Bank of Zimbabwe has urged local banks to update their cyber risk management policies in the face of COVID-19. Ok, that’s a bit misleading. RBZ says since digital transactions are increasing during the pandemic banks have to bolster their security. Accelerated digitisation by banking institutions in the wake of COVID-19 and the remote […]


RBZ details faults of mobile money services which led to regulatory pressure

Zimbabwe’s Central Bank (aka RBZ) has been on a war path with mobile money services (mainly EcoCash) for most of the year. RBZ firmly believes EcoCash and other mobile money services have led to the currency instability in Zimbabwe. After some court battles and tightening of mobile money regulations, mobile money in Zimbabwe looks much […]


RBZ announces mobile money rule: Individuals can’t have more than one wallet anymore

The Monetary Policy Statement (MPS) is out and as we expect, the RBZ has announced some surprise regulations. The war against mobile money is far from over it appears… What’s the new rule? Under the section titled “measures to address mobile banking deficiencies” is a set of new regulations. Mobile money operators “shall with immediate […]


Mangudya – Contrary to expectation, remittances skyrocketed after COVID-19

The Reserve Bank of Zimbabwe governor John Mangudya has said that remittances grew exponentially after COVID-19. It was largely expected that remittances would crash due to job-losses and the Coronavirus-induced economic recession. Mangudya speaking during a ZIMRA press conference mentioned that contrary to that belief remittances actually grew. From January to July 2019 Zimbabwe received […]


Second combined Forex Auction results, rate at 82.92

The second combined Forex results are in and the rate. from the weighted average, is ZWL$82.92. The results are as follows: SME Auction #3 Main Auction #9 Amount Allotted US$517 630.88 US$13 679 558.32 Highest Rate ZWL$85.0000 ZWL$88.3800 Lowest Rate ZWL$78.0000 ZWL$80.0000 Lowest Accepted Rate ZWL$78.0000 ZWL$80.0000 Total Bids Accepted US$517 630.88 US$13 679 558.32 […]


No, you can’t send money from EcoCash to OneMoney yet

On the 9th of July, the Reserve Bank of Zimbabwe issued a directive that made ZimSwitch the national payments switch. This meant that EcoCash was going to be relegated to being just another wallet. ZimSwitch as the national switch for Mobile Money means that one can essentially send money from EcoCash to OneMoney or Telecash […]


The first SMEs forex auction results are in

The first small to medium enterprises (SMEs) foreign exchange auction has concluded. This second auction is meant to be inclusive of smaller businesses. The big auction that is held every Tuesday has a minimum entry of bid US$50 000.00. So as you can imagine there would be a lot of businesses that wouldn’t be able […]


[Update] RBZ website down for over a week now – It’s back up!

The website of Zimbabwe’s central bank is currently down and anyone looking to access it currently can’t. According to IsItDownRightNow – a set which highlights whether a website is accessible- the RBZ website has been down for “more than a week” now. The only reason given on that site is that the site’s server isn’t […]


RBZ forex auction round 5, rate now at 72.15

The fifth Foreign Exchange has been completed and the results are as follows: New rate is ZWL$72.147 The highest rate ZWL$82.17000 The lowest rate ZWL$55.00 The lowest accepted rate ZWL$70.00 Total bids amounted to US$20 316 153.74 Allotted amountUS$14 853 708.88 PURPOSE AMOUNT ALLOTTED US$ Raw Material 7 417 479.47 Machinery and Equipment 2 309 […]


Killing monopoly by creating a bigger monopoly, Zimswitch as national switch

Yes EcoCash is too dominant. It had above 98% share of all mobile money transactions in the first quarter of 2020 which translates to above 80% of all transactions in Zimbabwe period. The word monopoly is a fair one. The RBZ wants to do something about that Yesterday, Zimbabwe’s central bank issued a communique which […]


EcoCash to become just a wallet, RBZ says everyone must connect to ZIMSWITCH

So this happened: DESIGNATION OF ZIMSWITCH TECHNOLOGIES (PRIVATE) LIMITED (ZIMSWITCH) AS A NATIONAL PAYMENT SWITCHIn accordance with the provisions of the National Payment Systems Act [Chapter 24:23] and the Banking (Money Transmission, Mobile Banking and Mobile Money Interoperability) Regulations, Statutory Instrument 80 of 2020 (the Regulations), the Reserve Bank of Zimbabwe (the Bank) wishes to […]


RBZ to issue US dollar linked IOUs (bonds), don’t confuse them with bond notes

The Reserve Bank of Zimbabwe is, according to the Financial Gazette, to introduce United States Dollar linked Bonds. Now these aren’t to be confused with actual currency like that failed attempt to have a US$ placeholder they tried a few years back. These are bank bonds: “A bond is a fixed income instrument that represents a loan […]


Here’s everything the government has blamed for manipulating the forex rate since 2018

With recent news of Government’s attempt to ban EcoCash and all mobile money platforms, I got to thinking. How many times has the government and financial authorities shifted the goalposts regarding what our problem really is? In 2018 what had been a steady decline turned into the opening of flood gates and since then the […]


RBZ Says Zimbabwe Will Have Official Exchange Rates After Tuesday’s Auction.

The governor of the Reserve Bank John Mangudya has said in an interview in the Sunday Mail that the official exchange rate will be pegged after the Foriegn Currency Auction on Tuesday. What we are saying is very clear in that the auction market is going to receive bids starting Tuesday from an array of […]


You Can Now Do More Than Two Bank Transfers A Day. RBZ Reverses Decision.

The Financial Intelligence Unit (FIU) an agency of the Reserve Bank of Zimbabwe has reversed it decision issued on June 4th. The directive issued was to limit the number of internal bank transfers to 2 a day. The turn around came after Members of The Bankers Association of Zimbabwe made an appeal to the Reserve […]


RBZ Outlaws Promoting Of “Illegal” Forex Trade In WhatsApp Groups

Another day another interesting regulatory measure by the Financial Intelligence Unit ( by extension the RBZ). This time the target being money changers operating on WhatsApp groups. Here’s the FIUs full statement: ACTION AGAINST ILLEGAL FOREIGN CURRENCY TRADING ADVERTS 1. The Financial Intelligence Unit (FIU) has been monitoring social media platforms where foreign currency dealers […]


ZIPIT Given Directive To Place Monthly Limits Similar To EcoCash By RBZ

First it was EcoCash and now ZIPIT is getting the same treatment. The Financial Intelligence Unit (previously an arm of the RBZ but now operating independently) has issued a directive to ZIPIT CEO Cyril Nyatsanza placing a daily and monthly limit on ZIPIT transactions. The Directive dated 27 May reads; It’s no surprise that the […]


Steward Bank Roped Into EcoCash & RBZ Fight

EcoCash’s war against the Reserve Bank Of Zim appears to be raging on. The Financial Intelligence Unit issued a directive to Steward Bank earlier on today placing some limitations on EcoCash’s Trust account (think of it as the main account for EcoCash). The directive by the RBZ reads: Restriction of payments into Ecocash Mobile Money […]


Both EcoCash And RBZ Are NOT Being 100% Sincere And Truthful

The fight between EcoCash and their regulator, the Reserve Bank of Zimbabwe is revealing if nothing more. Of course the current episode started with a directive from RBZ instructing EcoCash to freeze agent accounts that transact above ZW$100,000. EcoCash went to court seeking an urgent reversal, the RBZ responded and now we are here. Reading […]


A Certain Person ‘Spins’ Money When EcoCash Payments Delay Says RBZ Governor Mangudya

So the story of the week has been the directive issued by the Financial Intelligence Unit of the Reserve Bank of Zimbabwe to EcoCash instructing them to freeze the accounts of agents that transact above ZW$100,000 (USD2,000 or USD4,000) per month. Of course, EcoCash went to court to have the order urgently suspended. On Friday, […]


Breaking: EcoCash Takes RBZ To Court For Freezing Agent Lines

EcoCash has filed an Urgent Chamber Application at the High Court of Zimbabwe taking the RBZ to court over the recent directive to freeze accounts belonging to agents with transactions over ZW$100 000. An illegal directive In the chamber application, EcoCash makes the case that they were not consulted before the RBZ made its decision […]


RBZ Freezes EcoCash Agent Accounts That Handle Above ZW$100 000 Per Month – Here’s Why That’s Dumb

Another day another confusing decision by the RBZ… The central bank has directed EcoCash and other mobile money service providers (think OneMoney, Telecash & MyCash) to freeze accounts belonging to agents with transaction activity above ZW$100 000. Whilst at this point its fair to say we have become accustomed to such weird declarations and laws […]


[Update] RBZ Says Money Transfer Services Like Western Union To Start Operating During Lockdown

Individuals/Families who rely on remittances where caught between a rock and a hard place when it was announced that money transfer agents would not be exempt from lockdown. Whilst this decision was made to safeguard the health of the general public, it meant that a significant number of Zimbabweans who rely on remittances were cut […]


Opportunists: Government, RBZ Discard Interbank Rate ‘In Response To Coronavirus’

The Reserve Bank of Zimbabwe Governor, John Mangudya has just published a communique in which he talks about ‘the measures the government through his bank have put in place for financial stability in light of the COVID 19 pandemic.’ What caught my attention was this line: Government, through the Bank, has suspended the managed floating […]