Techzim

Zimbabwe and regional technology news and updates

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RECHARGE


Businesses to face Z$50K fine for not accepting ZWL$ equivalent of US$ goods & services

Here are new regulations for forex use under SI 127 of 2021 which details penalties for businesses who infringe Foreign Exchange Act and Bank Use Act


EcoCash limits transactions to $5000 per day

In accordance with the Reserve Bank of Zimbabwe’s Monetary Policy Statement on Friday EcoCash put out the following press release: EcoCashNotice to All EcoCash CustomersDear Valued CustomersPlease be advised that we have received a directive from the Reserve Bank of Zimbabwe to the following effect; 1. Transactions by all individuals shall be pegged at a […]


First-ever combined forex auction results are in, rate now at 82.56

The first-ever combined forex auction (SMEs and Grand Auction) results are in. The Reserve bank last week decided to merge the two auctions after what seemed to have been a test run of the SMEs Auction. The results are as follows: SME Auction #2 Main Auction #8 Amount Allotted USD789 866.02 USD17 981 174.01 Highest […]


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 […]


5 More Years Of Mangudya As President Mnangagwa Grants RBZ Governor Another Term

John Mangudya’s tenure as RBZ will not be coming to an end as most wanted. Instead, the RBZ announced that he will be getting a new 5-year term in office. If you don’t like the guy for whatever reason, you’re stuck with him for the foreseeable future. The Cabinet Secretary Misheck Sibanda released the following […]


{Breaking} RTGS Platform Now Also Facilitates Settlement Of FCA Accounts

The Reserve Bank of Zimbabwe (RBZ) has just told financial institutions that its RTGS platform can now also handle Foreign Currency Account (FCA) RTGS settlements. Before today, the RTGS platform only handled transaction of bond notes but not foreign currency or US dollars.  So if a company wanted to move money from one account to […]


Gvt Drafting Law Which Compels Businesses That Receive Forex From RBZ To Accept Payments In Bond Notes, Says ED

Yesterday, President Mnangagwa said the government is crafting a new law which will compel businesses that get forex from the central bank to sell their products locally in bond notes. Speaking in Kadoma, he said; ………On the other hand they come to queue for foreign currency at the Reserve Bank to buy these drugs from […]


The Cost Of Social Media Fake News To The Economy Is “Horrendous” Says RBZ Governor, John Mangudya

The current concern surrounding ‘fake news’ may be mostly centered on its influence on political outcomes, including elections; but there are also consequences for consumers and investors. This sentiment is shared by the Governor of the Reserve Bank of Zimbabwe, Dr. John Mangudya who is lamenting the negative impact of fake news on the economy. […]


RBZ Governor: Zim Central Bank Open To Investigating Blockchain Solutions

In a positive and unexpected turn of events, the Governor of the central bank of Zimbabwe, John Mangudya, indicated that the Reserve Bank is ready to investigate blockchain technology. This is a surprise considering that the central bank banned cryptos back in May. Speaking at the Alpha Media Holdings’ Banks and Banking breakfast meeting yesterday […]


Mobile & USSD-Based Transaction Charges Getting Significant Slash

Today, POTRAZ made some announcements at their Long-Term Average Incremental Cost (LRIC) and one of the most interesting was the 60% slash on out-of-bundle tariffs. Another major change to look forward to is the slashing of costs per USSD session for banking cost. The USSD Charges threshold shall be reduced from the current 12.5c a […]


Banned Crypto Exchange, Golix, Fails To Give Customers Cryptos, Fiat

It must be hard being a Golix customer right now. On the 29th of May, Golix promised customers they would start processing their withdrawals the following week. Tomorrow it will be exactly 3 weeks since that promise was made but unfortunately nothing resembling a fiat withdrawal is yet to be processed. Rubbing salt on the […]


BREAKING: Court Says Cryptocurrency Exchange Golix Can Resume Trading, Reserve Bank Directive Suspended

As you all know the Reserve Bank of Zimbabwe issued a directive instructing banks not to facilitate any cryptocurrency related transactions. They also strongly warned the public not to deal in cryptocurrencies. Further, the Reserve Bank wrote to Golix, Zimbabwe’s first and biggest cryptocurrency exchange instructing them to wind up operations. Golix then went to […]


The New Problem For Banks In Online Banking: Transaction Laundering

The evolution of banking from brick and mortar to online banking has come with many benefits to the society characterized by increased financial inclusion, the easiness of sending and receiving money and reduction of transaction costs. But the problems that face online banking weighs heavily against its benefits. Banking problems likewise are evolving like banking […]


US Dollars Return To Banks And ATMs…

Information that is circulating online is indicating that the US dollar has made its way back to the economy. For some who are out of the country this may seem to be silly news, but for the past few months seeing a $20 note was a rarity that could necessitate the family head to summon everyone […]


Granting Of A Three-Month Amnesty For The Return Of Illegally Externalised Funds And Assets

This is a statement that has been issued by the President E. D. Mnangagwa advising those that were involved in illegal activities to bring back any funds they may have sent out of Zimbabwe. In his inauguration speech, the President mentioned that “the liquidity challenges which have bedevilled the economy must be tackled head-on and […]


RBZ Says Bitcoin Is Not Legal…

For some time now Techzim has wondered whether Bitcoin is legal or not. In fact, a number of people from in and out of the country have contacted us and enquired. Our standard response has been that the Reserve Bank of Zimbabwe (RBZ) has been lax towards regulating the cryptocurrency and our assumption has been […]


PRESS STATEMENT: RBZ Revises Tobacco Export Incentive

REVIEW OF THE EXPORT INCENTIVE FOR TOBACCO GROWERS FOR THE 2018 TOBACCO MARKETING SEASON The Reserve Bank of Zimbabwe (the Bank) recognises the growing significance of tobacco as a key foreign currency earner for the country. Given this significance and the need to ensure sustained growth of the sector to enhance its contribution to foreign […]


Everything Happening Now All Happened Before In 2008…

Though it’s almost 10 years ago the memories of 2008 are as clear as day to me. I was in a technical college at the time and needed to sit for my National Diploma that I assumed would be the key to opening many doors for me. Sadly, due to the ferocious economy at the time I […]


Reserve Bank of Zimbabwe releases $15 million worth of new $5 notes, brings bond total to $88 million

The Reserve Bank of Zimbabwe (RBZ) has introduced the $5 bond note, releasing $15 million worth of the new money into the market. The notes started circulating on Thursday 2 February 2017. The new note is purple in colour and carries images of the balancing rocks and giraffes, as well as the same security features […]


Zimbabwe’s currency woes affect Econet’s operations, but also pose challenges to telecoms industry

Zimbabwe’s currency woes affected Econet’s operations, but they also pose challenges to the telecoms industry


An estimated $1 billion remitted from the diaspora to Zimbabwe through informal channels

According to the RBZ, an estimated $1 billion in diaspora remittances entered Zimbabwe through informal channels in 2015.


Review of bank charges welcome, now mobile money tariffs should be lowered as well

The assumption was that the as the high cost of electronic transactions has been highlighted as a barrier to a “cashless society”, the charges for sending, receiving and cashing out money from mobile money wallets would also immediately come under review. That is yet to happen.


Techzim reader poll: bond notes are unwanted

This week, the Reserve Bank of Zimbabwe (RBZ) ran several public notices on bond notes as inserts in newspapers. Attempting to bring clarity on “the export bonus scheme” backed by bond notes, the inserts basically did a Q&A  on the forthcoming injection of fresh liquidity into the economy. Following that development, Techzim carried out a snap survey on our readers to find […]


Impact of social media felt as Reserve Bank of Zimbabwe responds to NMB Bank WhatsApp hoax

The endorsement from the RBZ ought to go a long way in reassuring some of NMB Bank’s depositors, but even with a regulator led endorsement, NMB Bank and the rest of the sector has likely felt the impact of the WhatsApp message, especially since some NMB Bank depositors considered withdrawing their money.


EcoCash and MoneyGram officially launch remittances partnership

Earlier today, we attended the official launch of the partnership between EcoCash Diaspora and the global money transfer company, MoneyGram. The EcoCash and MoneyGram remittance option works in pretty much the same way as the other integrated remittance services such as WorldRemit, Western Union and Chitoro.


Kenya introduces bond trading via M-PESA, offers lesson to Zim govt

Earlier this week it was reported that Kenyans will now be able to open Central Bank depository accounts from their phones using their mobile money accounts without visiting a bank or broker, and proceed to buy government paper. Can this be adopted in Zimbabwe as well?


Econet owed $26 million by Telecel & NetOne

Telecel and NetOne owe Econet $26.3 million from the past year alone. These are debts related to interconnection fees that Econet has always struggled to collect from the other operators. That figure is big enough to have paid for a little over 40% of Telecel.


Afrasia Bank, formerly Kingdom, shuts down. Joins several failed local banks

A report by the Financial Gazette just published says Afrasia Bank, formerly Kingdom Bank, was today placed under liquidation by the Reserve Bank of Zimbabwe after its shareholders surrendered their banking license. The parent company, Afrasia Bank Limited of Mauritius cannot commit any more money to the Zimbabwean operation and would rather just pull out. We last wrote […]


Government moves to lower money transfer charges and broadband prices

It looks like we are headed towards cheaper mobile money services and lower broadband prices if the State’s word is anything to go by. According to a report in the Herald. the government has directed the Competition and Tariffs Commission to investigate mobile transfer costs after there were concerns raised about the steep pricing structure. All this […]


Dr John Mangudya at RBZ: What Does it Mean For EcoCash & Mobile Money?

If you were waiting, the wait is finally over, former CBZ chief and Economist Dr Mangudya will be the new substantive Governor of The Reserve Bank of Zimbabwe. This comes at a time when the government is making deliberate efforts to re-position the Reserve Bank as the engine of Zimbabwe’s economic recovery.  The Herald reports […]