Zimbabwe and regional technology news and updates



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[Download] 2020 Mid-Term Budget Review

Finance Minister Mthuli Ncube shared his 2020 Mid-Term Budget review this afternoon. The Mid-Term Review details economic developments during the first half of the year, progress on implementation of the 2020 National Budget and also makes proposals for re-alignment of economic policy going forward. A big influence in this year’s Mid-Term review is COVID-19 which […]

The interbank forex rate will shoot through the roof, can the gvt/RBZ stomach it?

This coming Tuesday the 23rd of June 2020, the new formal trading of foreign currency via an inter-bank auction will kick off. This is the third time Zimbabwe is introducing such a market. In fact it’s just been 3 months since the Reserve Bank of Zimbabwe suspended the interbank forex market it had introduced a […]

The 7 maybe 8 forms of money in Zimbabwe as at June 2020

Zimbabwe is a curious country and sadly mostly for wrong reasons especially on the economic front. Things are so complex that there is almost a need for a manual to understand how money operates in Zimbabwe. There are two general classes of money currently: A. Funny money; B. Real Money. Funny money Zimbabwe has already […]

Is The Private Sector Ready To Pay Its Employees In Forex?

The announcement by the government that Civil Servants and Pensioners will get allowances in US Dollars has put the private sector in a difficult position. Businesses had been operating to a large degree on the local currency. The money that civil servants are receiving may not be in physical currency, but the fact that its […]

Businesses Now Required To List Prices In Both USD And Local Currency, A Practice Declared Illegal A Few Months Ago

Zimbabwean authorities should just make up their minds especially the central bank. This institution flip flops more than a pair of slippers that go by that name. Dual pricing Today the RBZ Governor issued a statement on the re-introduction of the interbank foreign currency auction. His statement concluded by saying: Dual Pricing SystemIn order to […]

Gvt Employees To Be Paid In USD, Just Call It Dollarisation Please

Minister of Finance, Mthuli Ncube and Reserve Bank of Zimbabwe Governor, John Mangudya keep insisting that Zimbabwe has de-dollarised and they get emotional (almost) when anyone suggests that we have dollarised again. I actually argue that we never de-dollarised at all since we went down that path in 2009. We were just robbed by the […]

Zimbabwe Printing And Pumping Money Into A Fragile Economy

The Zimbabwe ministry of finance and central bank have been promising more bank notes for some time now. Currently the only notes in circulation (besides the sometimes legal, sometimes illegal USD notes) are $2 and $5 notes which are worth about 4 and 10 American cents currently or 8 and 20 American cents respectively if […]

Press Release: Masiyiwa Pleads With Global Funders To Support Zimbabwe & Sudan

Businessman Strive Masiyiwa has appealed to the World Bank, the IMF and other multilateral institutions for humanitarian support for Zimbabwe and Sudan in the wake of the economic devastation brought about by the COVID-19 Coronavirus epidemic.   Said Masiyiwa in his appeal:   As many of you on this platform know, I have been at the forefront, […]

Download: Zim Gvt 2019 Financial Statements, Spending On Foreign Trips Was 22X Spending On Education Supplies

The spending on foreign trips relative to other government expenditure is not the only thing that caught our eye but it just seemed too ridiculous to us. The government spent 21.5 times more on foreign trips than it did on education supplies. How about health supplies? Foreign trips expenditure was more than 2 times what […]

Everybody Said We Are Re-dollarising, THEY Said No, Today THEY Confirmed It

Kwanhasi uku kutaura kwevakuru. (This is just a way for ‘the elders’ to say it in a way that saves them face). This just about sums today’s announcement by the Reserve Bank of Zimbabwe that we can use USD again ‘to make things easier during this COVID 19 pandemic.’ Everyone was saying the Zimbabwean economy […]

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 […]

RBZ Doublespeak: Paying For Stuff In USD Is Not Dollarisation But It Promotes De-dollarisation

In October 2018 the minister of finance and the central bank governor told us that money we had earned and deposited as USD was not in fact USD. Some of us had invested in stuff like life assurance and retirement savings in hard currency but suddenly all that was now declared local currency which as […]

Mthuli Ncube: This Is How Zimbabwe’s Economy Will Overcome It’s Hurdles

Below is a write up from Zimbabwe’s Minister of Finance, Mthuli Ncube: 12 February 2020 This is how Zimbabwe’s economy will overcome its hurdles Zimbabwe’s economy will overcome the numerous hurdles which lay before us on the path towards prosperity.  These obstacles are patent, and in some cases potent. But with hard work, proper planning, […]

Mthuli Ncube Video: Prosperity Is Our Dream, Things Will Be Fine

Mthuli Ncube believes in always communicating. Even when he doesn’t have much to share, he keeps the comms coming. Sometimes the effort is insulting for example the jingle his ministry produced a few weeks ago. Here is his new video: Quick NetOne, Econet, And Telecel Airtime Recharge Number to recharge: Airtime amount ($): EcoCash or […]

Download: Mid Term Budget Review Presented By Mthuli Ncube

Here’s the mid term budget review presented by Finance Minister Mthuli Ncube this afternoon: 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 will not work. {{error_message}} {{error_message}}

Download: Mthuli Ncube’s Comprehensive Explanation On The Zim Dollar And Forex Ban

It’s late, we probably needed this before we got the shock of our lives but hey it’s here now. The Mionister of Finance, Mthuli Ncube has issued a comprehensive statement about the introduction of the Zim Dollar and the accompanying ban of the use of foreign currency in Zimbabwe. The document is 15 pages long […]

Mthuli Ncube’s Four Graphs To Show “Zimbabwe’s Economy Is Improving”

Prof Mthuli Ncube, Zimbabwe’s Minister of Finance clearly believes in communicating and sharing ‘progress.’ Whether or not you believe what he calls progress is actually progress doesn’t matter, it is a good thing when those who hold public office have a sense of accountability enough to report back to the citizenry they serve. The minister […]

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 […]

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, […]

Download: Mthuli Ncube’s 4th Quarter 2018 Report On The Economy

Again it’s important to commend Minister of Finance, Mthuli Ncube on his commitment to communicating and reporting back to the citizenry. Good precedence he’s setting here. Check out the report on 4th quarter 2018 from treasury: Quick NetOne, Econet, And Telecel Airtime Recharge Number to recharge: Airtime amount ($): EcoCash or OneMoney number: Buy Please […]

Fewer calls mean way less money for Zimbabwean mobile operators as revenues continue to decline

According to information shared by the regulator, POTRAZ, during the period a total of US$161.5 million in revenue was realised, down from the US$167.7 million recorded in the first quarter of 2016.

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.

TelOne’s revenues decline to $59 million in first half of 2016, operator intensifies cost cutting measures

TelOne, Zimbabwe’s state-owned fixed telecoms service provider recorded revenues of $59 million during the first six months of 2016, which was a decline from the $69.2 million recorded over the same period of 2015. According to the Source, the operator’s first-half earnings before interest, taxes, depreciation and amortization (EBITDA) came to $7m, which was a 2% […]

Econet Wireless’ Average Revenue Per User (ARPU) declines to $6.84, the lowest since dollarisation

This number was shared in the mobile operator’s consolidated annual financial results published recently. At less than $7 this is the lowest ARPU total that Econet has recorded ever since Zimbabwe adopted a multi-currency system in 2009.

Here’s how ICT can develop Medical Tourism in Zimbabwe

Recently the Reserve Bank of Zimbabwe hosted a discussion on the introduction of bond notes in which the Governor had to field a barrage of candid questions and comments from citizens of diverse backgrounds who were unequivocally against the bond notes. In one of his various attempts at rebuttal, Dr. Mangudya said Zimbabweans are not […]

Here’s 2015 in review & a realisation that the worst is yet to come

2015 was no doubt the toughest year in recent memory barring 2008 when our economy was at the height of its hysterical hyperinflation episode. Indeed some have even gone so far as to claim that 2015 has even been worse than 2008 and in some ways they are right.

Traditional banking model challenged as mobile money & internet payments increase

The latest monthly economic review from the Reserve Bank of Zimbabwe has displayed the strains that the national economy is facing. However alternative channels of payment seem to be rallying with some positive change particularly through increases in card, mobile and internet based payments in the month.

NetOne rumored to be scrapping benefits & cutting salaries by 28%

We recently received information from sources close to NetOne that the mobile operator is set to cut salaries by 28% and scrap benefits and allowances.

NetOne posts $5.8 million loss against a 13.8% revenue increase in 1st half of 2015

NetOne, the state-owned mobile operator and the country’s second largest network by subscriber numbers has published its unaudited financial results for the half year ended June 2015. Despite a 13.8% increase in revenue, it recorded a $5,8 million loss during the period.

Winter is coming

My dear geeky friends, it is with this in mind, and with a heavy heart that I tell you: Winter is coming and it is almost upon us. None of us will be spared and you would do well to heed the Stark words and make your preparations. Go in hibernation mode like Polar bears and save whatever little money your startup has and spend it wisely for I fear this winter will be long m’lords.