Tuesday, November 13Always On-point

FinTech

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
Apple Bans Cryptocurrency Mining On Both IPhone And IPad

Apple Bans Cryptocurrency Mining On Both IPhone And IPad

FinTech
Apparently, Apple is coming for cryptocurrency miners on both the iPhone and the iPad. The company announced a new update to its developer guideline where it said apps may not run on unrelated background processes, such as cryptocurrency mining. In the interest of all those who know little or nothing about how cryptocurrency mining works, it is basically all about math that can only be done by certain classes of computers. Obviously, it is not possible to mine on iPhone or IPad. Verifying transactions when trading bitcoin is a complex process, and I don’t see how that can be possible on the iPhone or an iPad. Apple’s new guidelines may not have serious implications for miners at the moment since it is almost impossible to mine cryptocurrencies on the iPhone and the iPad. However, the
CBZ’s Smartchash Now Charges A Monthly Service Fee

CBZ’s Smartchash Now Charges A Monthly Service Fee

FinTech
CBZ low-cost account Smartcash is now charging monthly service fees. Previously, Smartcash had no monthly fee charges thus offering low-cost accounts to consumers. But, customers are now having to pay $3 per month to service their accounts. The Reserve Bank of Zimbabwe introduced the National Financial Inclusion Strategywith the sole aim of improving financial inclusion. Low-cost accounts are one of some measures of achieving their goal. Smartcash is also one of many low-cost accounts banks in Zimbabwe are opening for customers so as to increase their participation in the financial sector and ensuring that every person has affordable banking. Those who already have access to the banking sector open these low-cost accounts with a savings goal in mind, that is, to jus
Ecobank Invites African Fintech Startups To Apply For Their Funding Competition

Ecobank Invites African Fintech Startups To Apply For Their Funding Competition

FinTech, Mobile Money, Start Ups
Pan African bank, Ecobank has just called startups with Fintech solutions to apply for the Ecobank Fintech Challenge 2018. The competition is in its second year and last year over 850 contestants applied so competition will definitely be stiff. Ecobank Fintech Challenge gives African startups a chance to promote their fintech solutions partner or an opportunity to partner Ecobank. If given a chance to partner with Ecobank, startups can help with solutions to be implemented in one of Ecobank’s 32 markets (Zim included). The CEO of Ecobank Transnational Incorporated stated that the company is dedicated to supporting innovations in banking and finance across the internet: We, at Ecobank, believe that the current winds of change led by technology and innovation will redefine how banks
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