Saturday, January 19Always On-point

FinTech

Zipcash Struggles To Break Even

Zipcash Struggles To Break Even

FinTech
ZIMPOST’S money transfer service, Zipcash, is struggling to break even due to cash shortages and failure by the South African corridor to perform up to standard, acting managing director Sifundo Moyo has said. “Zimpost’s money transfer service, Zipcash, has not experienced growth to the levels that had been anticipated, mainly because the South African corridor has not been performing well,” Moyo said in emailed responses to NewsDay. “We are currently engaged in discussions with our South African counterparts so that we can come up with measures that will increase the visibility of this service,” he said. Moyo, however, said they recently concluded an agreement with Swazi post for the exchange of international financial system transfers. “The service is adversely affected by ca
Here Is How Some People Are Dodging Paying The 2% Tax

Here Is How Some People Are Dodging Paying The 2% Tax

FinTech
People are now on a spending spree as the festive season reaches its climax. Whilst we are in the festive season mood many hardly pay regard to the cost of buying things or send money because we are just elated. However, some remain cheapskates whether it’s festive or not, to the extent that they don’t even want to pay a cent of tax. The tax I’m talking about here is that 2% tax. Some pennywise people are managing to avoid paying this tax. They are avoiding the tax when they use EcoCash (simply because its used by many people), I’m not sure if other platforms are being used to do this. So my explanations will be in relation to the use of EcoCash. How are they doing it? As you well know the 2% tax starts to take effect when you spend or send above $10. So what some ‘clever’ guys are
Why Zimbabwe’s tech start-ups have it all to do

Why Zimbabwe’s tech start-ups have it all to do

FinTech, Start Ups
Zimbabwe tech start-ups are acutely aware of the challenging environment in which they compete and while funding remains limited, they continue to pitch for support and recognition. According to WeeTracker's African Startups & VC Ecosystems Report, African start-ups have raised US$168.6 million in the first half of 2018. "African start-ups have strong support system in the form of many tech hubs, incubators and accelerators. The West African nation of Nigeria has emerged as the top destination, standing next is Kenya. Trailing further are countries of Egypt and Africa," read an excerpt from the report. Although Zimbabwe did not feature in the top destinations for start-up funding according to Weetracker, the ecosystem has delivered on solutions that have the potential to disru...
The 2% Transaction Tax Could Be Effective If Implemented Less As A Punishment And More As An Encouragement

The 2% Transaction Tax Could Be Effective If Implemented Less As A Punishment And More As An Encouragement

FinTech
The recently introduced tax on electronic transactions has seen some revisions since it was announced on the 1st of October this year. These revisions have all been welcome because they make the tax a little more bearable. The first revision was that $10 and lower values would not be taxed. The last one could be the most significant so far, the government exempted bank to mobile wallet transactions from paying the tax thus removing the double taxation situation which had been created. Since the president of the republic promised that the tax will be undergoing some revision, it’s important to put thoughts out there so they can be considered as part of that review process. It’s always easier to complain after the fact instead of taking the leaders at their word and engaging in the con
Udemy Has A Forex Course Made For Zimbos By A Zimbo

Udemy Has A Forex Course Made For Zimbos By A Zimbo

Applications, FinTech, Start Ups
Last month we had a chance to sit and interview a forex trader and it seems a lot of people had an interest in knowing more about forex trading. Luckily there is a two-week course available on Udemy that has been made by a local fella. What will you be learning? The “Learn Forex Trading In Two Weeks” course by Happy Zhou includes lessons on: Forex trading language Analysing methods used to determine movement of prices on the forex market Learning the Metatrader 4 forex trading software Chart patterns Popular chart indicators Fibonacci indicator Supply and Demand Currency Correlations For how much? The course has a 3.5-star rating from 11 reviews but it has also been taken by over 500 students. To enrol for the course you need to part with $99.99 but right now the course is av
Fees: Schools urged to embrace mobile cash

Fees: Schools urged to embrace mobile cash

FinTech
GOVERNMENT has instructed schools to open mobile money accounts and create more options for parents to pay school fees besides cash and bank transfers. A snap survey conducted by The Herald in Mutare yesterday showed that most schools were accepting bank transfers and cash, but were turning away parents and guardians who wanted to pay fees using mobile money platforms. Manicaland provincial education director Mr Edward Shumba said the Ministry of Primary and Secondary Education allowed parents to pay school fees using cash and all forms of plastic money. “We have instructed schools to open EcoCash accounts in their names,” he said. “Schools need to realise that in Zimbabwe there are many ways to pay for goods and services, EcoCash is one of them and not all money is in the form of
Traveling The World With Crypto? Ten Tips To Keep You Safe

Traveling The World With Crypto? Ten Tips To Keep You Safe

FinTech, Security
Thanks to the internet and the subsequent rise of cryptocurrencies, we are living in an increasingly borderless world. Digital nomads bounce from country to country and some intrepid travelers have started using bitcoin or ethereum in order to have more control over their financial accounts. But as crypto becomes more mainstream there are more pitfalls, especially when it comes to protecting your digital security. Traveling with crypto like Bitcoin or Ethereum can be easy thanks to blockchain technology... but are you staying safe? Photo credit: Shutterstock. Whether you’re interested in exploring the crypto nomad lifestyle more, or just want to buy a beer with BTC, here are ten tips on staying safe and having fun while traveling with cryptocurrency. The t
Here’s All There Is To Know About US Dollar Cards That Work Online

Here’s All There Is To Know About US Dollar Cards That Work Online

FinTech
A lot of people have been asking us about means with which they can buy online. This article is for you. For all those who would like to make online payments (yes even buy things online) and those who want to travel but do not want to travel with large sums of money you can use a prepaid Visa card/ Mastercard. Just deposit the foreign currency you want to use and you’re good to go. You can also withdraw the equivalent amount from the bank in any country that supports visa/MasterCard in that country’s currency.  The following banks offer these services: Ecobank, Steward Bank, FBC and NMB All banks mentioned except NMB do not need you to bank with them for you to take the card Find below the charges associated with this card and the limits for each of the banks
President Opens Empowerment Bank, Zimbabwe’s First ‘Youth-Focused’ Bank

President Opens Empowerment Bank, Zimbabwe’s First ‘Youth-Focused’ Bank

FinTech
Zimbabwe’s first youth-centric bank, called Empowerment Bank (EB) has just been launched today by President Emmerson Mnangagwa. The bank, which is a microbank, in essence, has “been formed with the purpose of providing social and financial solutions to the financially excluded population with a greater focus on the youth”. EB was launched under the auspices of the government, no wonder the presence of a number of government officials. While banks today do offer junior bank accounts, this is the only institution completely focused on the youth segment. I think this type of bank is what we need to nurture the next generation of bank customers in their banking journey. Hence this is a good initiative by the government. What does EB really do? EB says; Empowerment bank offers loans t
Will Wallet-To-Wallet Transfers Really Change The Fortunes Of OneMoney And Telecash?

Will Wallet-To-Wallet Transfers Really Change The Fortunes Of OneMoney And Telecash?

FinTech, Telecomms
It is no secret that the government is not too chuffed about EcoCash’s dominance in Zimbabwe. The minister of ICT, Supa Mandiwanzira is on record multiple times saying as much. The fact that the government has two products of its own in direct competition with EcoCash and yet combine to command a pitiful 2% market share makes it harder to swallow. EcoCash came out swinging and has an extensive agent and merchant network to show for it. Network effects then made it so that Netone’s OneMoney and Telecel’s telecash cannot compete. The government decided to use its unfettered powers to even the playing field. How did OneMoney and telecash fall behind? It is true that EcoCash is too dominant but that is because of the misplaced priorities and lack of foresight from the competition. We foun
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