Zimbabwe and regional technology news and updates



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South African to launch a digital currency called the E-Rand, we have been having it

One of the most memorable ads from the last decade is, at least for me, the Vodacom “we have been having it” series of ads including this one. In them, an Id Amin inspired character expresses amazement that people are constantly praising (yep yep yeping) Vodacom’s features like custom ring tones and having up to […]

Nyambirai Of TN Holdings Sues Mthuli Ncube Over Currency Change

Prominent lawyer/businessman Tawanda Nyambirai is suing the Finance Minister Prof Mthuli Ncube for his conversion of bond coins/notes and RTGS balances into a currency (RTGS Dollars which have been deemed equal to the incoming Zim Dollar, by the same man). Nyambirai’s issue stems from the fact that when bond coins/notes were introduced we were told […]

Business Man Turned-Politician Challenges Legality Of RTGS Dollars In High Court

Whilst we are still struggling to come to terms with the reintroduction of the Zimbabw Dollar, one politician has decided to challenge the introduction of RTGS Dollar, the predecessor of the Zimbabwean Dollar. In February, RBZ combined bond notes and coins and RTGS balances to come up with the RTGS dollar as a way to […]

Technically The USD And Other Forex Are Not Banned

The news of the moment definitely is that the Zimbabwean Dollar has made a come back of sorts. The come back goes like so: what we were told to call RTGS dollars in February this year, we are now told to call it Zimbabwean Dollar. The real change is that this ‘Zimbabwean Dollar’ is now […]

The USD:RTGS Rate Keeps Getting Crazy, Keep Up With It Easily On WhatsApp

When the interbank foreign currency market was introduced we all kind of knew that it was never going to match or replace the parallel market for the trading of forex. The RBZ governor introduced the rate at USD/RTGS 1:2.5 and claimed that the parallel market rate which was 1:4 would come down. We called this […]

List Of Banks According To Their Profitability In 2018

Its that time of year when we get to see how the money guys-banks, performed in the previous year. Surprisingly (or unsurprisingly) banks performed really well in spite of the theatrics that happened in the sector. All in all, the banking sector posted an overall profit of RTGS $389 million. In 2017, it posted RTGS […]

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 […]

Strive Masiyiwa Advises Zim Businesses To Price In Rand, His Math Is Wrong BUT He May Still Be Right

A lot of publications have run with this story already but I couldn’t find the original Facebook post. Strive Masiyiwa posts extensively and engages quite much on his page so I spent an hour trying to locate the post then decided to trust the publications that ran the story. Here is what Zimbabwe’s richest man, […]

EcoCash Increases Transaction Limits

EcoCash has decided to increase its transaction limits from the previous maximum of RTGS $500 to a new maximum of RTGS$1000. That means you can now send money or make a payment of RTGS$ 1000, for instance, in one transaction rather than doing two transactions of RTGS$500 and RTGS$500 separately so that you send RTGS$ […]

RBZ Licenses 26 New Bureaux de Changes: Here’s A List Of Them

The Reserve Bank of Zimbabwe has licensed a further 26 Bureau de changes in a move that will increase the number of participants in the Interbank Foreign Currency Exchange Market. In February, the central bank introduced this auction market where organisations and individuals can buy and sell RTGS Dollars and US Dollars at the prevailing […]

First Capital Bank Changed Acc No. Structure & Now Support ZWL (RTGS$), Their Customers On Paynet Have To Upgrade

At least now we know why the RTGS$ is referred to as ZWL in the banking community. Switching over to start supporting the new currency is not too simple though. The banks have to change their core banking systems to accommodate that change. Standard Chartered Bank is probably the first bank to make the change. […]

All You Need To Know About Sending Money From South Africa To Zim Using ‘Free of Charge’ Service, Bitkesh

A new player, Bitkesh has entered the scene of remittances and it’s selling point is “free of charge”. However as I explained yesterday, Bitkesh is not necessarily ‘free’, but its charges/fees are hidden in its Rand/RTGS dollars exchange rate mechanism. Still if you want to try Bitkesh, the following ‘Question and Answer’ by Bitkesh will […]

Now We Know Why The RTGS$ Is Referred To As ZWL – Thanks Alex Magaisa

Below is a full quote of Alex Magaisa’s post: Why our currency is referred to as “ZWL”. 1. Yesterday when I saw Delta’s donation towards Cyclone Idai relief I observed that the amount was denominated as “ZWL”. I wondered what that meant because I thought our currency was designated as RTGS dollar. Whenever I come […]

Nothing Illegal About 2 Tier Pricing, The RTGS Dollar Might Itself Be Illegal – Veritas Full Text

Below is full text from Veritas. It’s quite long but a very good read: The Governor of the Reserve Bank of Zimbabwe delivered his Monetary Policy Statement on the 20th February and, amongst other measures, announced the following: ·      Dollar balances held in local FCA bank accounts and mobile payment platforms, as well as bond notes […]

Standard Chartered Bank Changes RTGS Account Numbers With Immediate Effect

Standard Chartered Bank has with immediate effect changed all RTGS account numbers for its customers. The bank says nothing else has changed except the account numbers. The first 2 digits on the account number were 87 and after this change they are 01. The example they gave is that if one’s account were 8700211111000, it […]

Interbank RTGS Rate Going Up, Will It Match The Parallel Market Soon?

In the past few days the rate of exchange between the recently introduced RTGS$ and the US dollar has been steadily increasing at the interbank foreign exchange market. When trading started a couple of weeks ago, the rate was set at 1:2.5 (USD:RTGS). The rate seemed stuck there for a little while but movement has […]

Dear RBZ There Is Still A Currency Problem In Zimbabwe

This last Friday I found myself in South Africa and is wont to happen I struck a conversion with one of the Zimbabwean expats who live there. Naturally, these talks tend to quickly veer to politics and the economic situation back home. You cannot touch it! “We heard you have new money,” the lady inquired, […]

Picture: ‘Resurrecting Guy’ Who Went Viral Becomes The Face Of A Doctored RTGS Dollar

The introduction of RTGS dollars has coincided with some viral video of a guy who was resurrected from death by a certain South African Pastor. Someone was then prompted to poke fun at the government by coming up with a doctored (photoshopped) picture that shows what the RTGS dollar would have looked like, had the government […]

Electronic RTGS Dollars Will Probably Last 6 Months As A Legal Tender

The RTGS dollars are made of bond notes, bond coins, and electronic money. In August this year, we will know whether the electronic portion of the RTGS dollars (electronic RTGS Dollars) will still be a legal tender or not. The electronic RTGS Dollars where introduced as a legal tender after the President invoked his controversial powers called The […]

Picture: A First Look At The Official Realtime Interbank Exchange Rates

As the Interbank Foreign Currency Exchange Market opened today so did the Reserve Bank of Zimbabwe started to show real-time prevailing exchange rates. The board shows exchange rates of 4 different currencies to RTGS Dollars- US Dollars/RTGS Dollars, Pounds/RTGS Dollars, Euros/RTGS Dollars, and Pula /RTGS Dollars. The picture below shows the prevailing exchange rates at the time […]

List Of Bureaux de Changes And Money Transfer Agencies Where You Can Exchange Your RTGS Dollars And US Dollars

Today marks the day the Interbank Foreign Currency Exchange Market opens despite banks having already started to trading forex and RTGS dollars on Friday at $1 USD/ $2.5 RTGS dollars. However, Banks are not the only institutions that are trading but also Bureau de changes are doing that as well. Below we have compiled a […]

Interbank Forex Trading Goes Full Swing Tomorrow But US$5 Million Has Already Been Traded

When John Mangudya, the governor of the Reserve Bank of Zimbabwe introduced the re-instituted interbank foreign currency market, he said trading would start on the 25th of February which is tomorrow, Monday. One of the reasons could have been to make sure the legal framework is in place. The law is now there, sort of […]

When RTGS $ Are Still In The Bank They Are 1:1 With USD, Value Changes When You Want Forex – Mangudya

What a confusing statement. The governor of the Reserve Bank of Zimbabwe, John Mangudya said this: People should not get confused. In the bank, the RTGS balances have the same value with the USD but when one wants forex at the bank, then it changes and its value is determined by the rate prevailing at […]

I Am Guilty Of Taking Exporter’s Money – Mangudya

The Reserve Bank Governor, John Mangudya has just admitted that he prejudiced exporters by taking their money at an unfavorable rate regardless of the inflation rising at least 3 times since October last year. During a DailyNews Breakfast Meeting this morning, the Governor said: I am guilty as charged. Taking exporters’ money at $1:1 when […]

The USD To RTGS Rate Will Start Off At 1:2.5 At The Interbank Exchange

The starting exchange rate between the USD and recently introduced RTGS dollar will be 1:2.5. This was announced by the governor of the Reserve Bank of Zimbabwe, John Mangudya at a monetary policy review meeting this morning. The governor said this was agreed to by the central bank and the banks. The rate itself is […]

Are RTGS Dollars The New Currency Mthuli Ncube Promised?

On Wednesday, the Reserve Bank of Zimbabwe (RBZ) shocked Zimbabwe by redenominating bond notes, bond coins and RTGS balances (electronic money) to RTGS Dollars. This made the RTGS dollars formally exchangeable with US dollars and other foreign currencies. Despite the government not admitting that the redenomination of the RTGS dollars effectively made them a new […]

Review: Monetary Policy February 2019, We Give It A 53%

Yesterday the governor of the Reserve Bank of Zimbabwe delivered his first Monetary Policy Statement of 2019. This was one of the most awaited statements to date. That in itself is a tell tale sign of where we are in our economy, the last time a monetary policy statement delivery stopped every show in Zimbabwe […]

Angry, Funny and Insighful Reactions To The Monetary Policy Statement

The introduction of RTGS Dollars (Zimbabwe’s new currency) yesterday has attracted interesting opinions from both public figures and unknown persons. We have just complied some few reactions that people on Twitter had when John Mangudya announced the shocking move. Here are some: TENDAI BITI‏ @BitiTendai  1) Modern functional States are founded on #trust & #transparency .That […]

Biti Was Right, Zimbabwe Has A New Currency

Yesterday’s Monetary Policy Statement vindicated former Finance Minister, Tendai Biti who last week had disclosed that Zimbabwe was going to introduce a new currency. Indeed, Mr. Biti was right Zimbabwe has essentially introduced a new currency. The redenomination of bond notes, coins, and RTGS balances to RTGS dollars technically (but not officially) means that Zimbabwe […]

Soft Copy: Zimbabwe Monetary Policy 2019 Presented By John Mangudya

The much awaited monetary policy statement presentation has come and gone in a few minutes. The document was not available for download on time so we transcribed some of the text below. However, we now have the PDF which you can download here. Establishment of an Inter-bank Foreign Exchange Market The Bank has taken note […]