The central bank continues to have quite an amount of fear and skepticism regarding fintechs. Here is one of the introductory paragraphs: Notwithstanding the benefits, the new technological innovations bring to the fore additional risks that should be mitigated in a manner that balances innovation and financial stability. This underscores the significance of constantly reflecting on the emerging fin-tech trends and broader changes affecting the financial services industry. There is a lot of fintech interest in Zim We have always known that due to the unique levels of cashlessness in Zimbabwe, there is quite an interest from around the world to offer solutions to this market. Some global startups see Zimbabwe as a potential test ground for their innovations. The RBZ acknowledged this l...
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 declared to be the sole legal tender in Zimbabwe effectively moving from the multicurrency regime of the past 10 years. So is it against the law to hold the USD? Well, the answer to that is no. The authorities are still encouraging you to open the so called nostro accounts to keep any forex you have. I do not hesitate to advise you against such. The flip flop in something as basic as the name of the currency itself should tell all of us not to trust the said authorities. Legal tender s
Whilst we were busy ranting about the fuel prices, a war was happening on Twitter between Kuda Musasiwa and Natalie Jabangwe. Kuda Musasiwa is that guy behind Fresh In A Box and Natalie Jabangwe is the CEO of EcoCash– both popular figures. What started as a threat to sue EcoCash for ignoring the practice of its agents to charge premiums by Kuda Musasiwa ended up being a personal attack on him by Natalie Jabangwe. How did it start? Everybody knows the modus operandi of many EcoCash agents these days- they are selling cash. Perhaps out of anger of buying cash from an EcoCash agent, Kuda Musasiwa ran a poll asking people to join him in a class action against EcoCash for allowing this practice to happen under their nose. He went on to say that EcoCash was reluctant to stop this practice
ClicknPay has now joined the ever growing list of service providers selling through WhatsApp. They’ve introduced a bot they are calling Clickie, and this bot will be able to facilitate your ticket purchase from start to finish without human intervention. If you want to buy tickets on ClicknPay using WhatsApp you simply do the following: Send “Tickets” on WhatsApp to 0713380777; Clickie will prompt you to enter the name you would like to be referred by; A list of available tickets will be presented to you, choose your preferred option The types of tickets for that particular event are listed, choose your preferred option; Select the number of tickets you would like to buy; Enter your EcoCash number; An EcoCash prompt will come up asking for your pin and you can complete the p
With the current confusion around currencies in Zimbabwe, it’s not easy to pay for your DStvsubscriptions to Multichoice. If you don’t have US Dollars in your hands in Zimbabwe or you don’t have relatives in South Africa who can make payments for you (for South African registered accounts), you will miss out on all those engaging programmes on DStv. But not anymore, you can now simply pay in RTGS Dollars right here on Techzim. How do you pay for your subscription on RTGS Dollars? To pay for your DStv in RTGS dollars follow these simple steps: Visit or click the following link: www.techzim.co.zw/product/dstv-by-ecocash/ Select the package you want Enter the SmartCard number for your DStv (SmartCard number not account number) Enter the surname of the DStv Acco
The first time we wrote about the ZSE website back in 2013, we couldn’t help but admire how USEFUL the site was. Unfortunately, things took a turn for worse; the website was taken down and what came back in 2016 was a shell of its former self. It ceased to be useful and though it took the ZSE some time to realise this, they seem to have come to that realisation now. Finding what you need when you need… ZSE redesigned their website once again and they have gone back to basics this time around. Gone are the irrelevant tabs like “corporate announcements”, “My ZSE”, “FAQs” welcoming. Instead you have an accessible dashboard with the latest shifts on the markets front and centre. This means as soon as you land on the site you already have Top gainers, top losers and an index
So Standard Chartered Bank have started charging customers for depositing soiled notes i.e dirty USD notes. It’s not little money they are charging too: 10% of the total deposit! How did we get here? Zimbabwe has quite the concentration of dirty US dollar notes. We adopted the currency in 2009 without much of an arrangement with the Federal Reserve Bank of the United States, the guys who actually mint the notes. So we obviously just kept on recycling those same notes without anyone who would swap them out for fresh ones. Then problems Zimbabweans soon realised that the dirty notes we had gotten used to were not readily accepted outside our borders. My colleagues discovered this reality when they went to Capetown a few months ago. Clever guys were now dumping dirty notes with the ban
Dramatic title aside, automation has been a very touchy subject over the past few years and recent developments at Standard Bank SA won’t do anything to halt people’s animosity towards the digital transition the world is going through right now. The bank has announced that they will be closing off 91 branches and this is expected to affect 1200 jobs. Why? Well, put simply the bank has said they are revising their business model and because similar measures were taken in Zimbabwe last year (though not at a similar scale), this doesn’t come as too much of a surprise. Standard Bank had the following to say about this move: As part of the implementation of the new banking delivery model, some of the roles currently being performed in our branches will change. These changes will impact ap
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 Presidential (Temporary Measures) Powers Act. What does The Presidential (Temporary Measures) Powers Act say? The Presidential (Temporary Measures) Powers Act empowers the President to introduce legally binding laws in an emergency without going through a parliamentary process, with the law only holding for six months. The law will remain in force for a statutory period of six months, during which a Bill will have to be processed for consider...
While Zimbabwe certainly still has a biting foreign currency crisis one thing appears to have gotten less severe for some reason: The Cash crisis, which is still definitely a problem appears to have gotten less severe. In June last year whenever I wanted to cash out money from my Ecocash wallet I had to part with “20%” on average. I have Ecocash agents seem to have a weak grasp on how percentages work. Often what they mean by 20% is that they will charge 20% on the amount that you actually Cash Out. For example, if you get to an agent and cash out $100 you will get $80 In cases like this, they claim they are charging 20% when in actual fact they the cost would be 20/80 i.e. 25% Sometimes they get it right, especially if instead of asking them how much you get if you cash out a certai