Wednesday, May 23Always On-point

FinTech

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
Banks Partly To Blame For Externalization Of Funds, Bankers Association Of Zimbabwe Confirms

Banks Partly To Blame For Externalization Of Funds, Bankers Association Of Zimbabwe Confirms

Breaking News, FinTech, News
Bankers Association of Zimbabwe (BAZ) has acknowledged that banks had a significant role to play in making the externalization of funds possible. Some weeks ago, President Mnangagwa released an infamous list that implicated many organizations and individuals in externalizing $827 million worth of funds. Charity Jinya, BAZ president admitted that some financial institutions had not practiced due diligence in making sure that CD1 forms are submitted for customers and this, in turn, left many international trade transactions unreconciled. CD1 forms are documents used by companies that engage in international trade and submitted to the Reserve Bank of Zimbabwe (RBZ) for settlement. BAZ said that banks were not doing enough in assisting customers to submit the CD
Startups Offering Agritech Solutions, This Is Your Chance To Get $50 000

Startups Offering Agritech Solutions, This Is Your Chance To Get $50 000

Applications, FinTech, Start Ups
United States Agency for International Development (USAID) is calling upon interested parties to apply for the Feed the Future Partnering for Innovation program. There is one advantage or disadvantage depending on where you stand: under USAID’s program, only female entrepreneurs can apply for the support. The program will help SME(Small-Medium Enterprises) led by women in smallholder markets. The initiative is part of the Accelerating Women Entrepreneurs Prize 2018 (AWE). Two companies will be awarded $50 000 packages for their efforts. The deadline for the application is 25 April. Applications are open to women in the sub-Saharan African countries that USAID works in (fortunately Zimbabwe is a part of the list). What exactly should you be doing? To be considere
Keeping Your Bitcoin On Exchanges Like Golix, Styx24 Or Coinbase Is Not A Good Idea

Keeping Your Bitcoin On Exchanges Like Golix, Styx24 Or Coinbase Is Not A Good Idea

FinTech
Bitcoin and other cryptocurrencies were created to you give control of your money. But when you store your bitcoin on an exchange, what’s the difference from just keeping your money in a bank which does not give you control of your money? So, it stands to reason that when you store bitcoin on an exchange you are just disobeying the founding principle of bitcoin. As usual when you disobey a principle of any system it comes with its risks and costs. I don’t need to jog your memory about the recent compromise of Golix’s user accounts that obviously left some users with shallow pockets. Or maybe not. On the international scene you might remember the hacking and stealing of bitcoins on Mt.Gox, the then largest bitcoin exchange in the world. Well I have 2 factor Authentication(2FA) I do
Someone Could Be Mining Cryptocurrency Using Your Computer: Here’s How To Stay Safe

Someone Could Be Mining Cryptocurrency Using Your Computer: Here’s How To Stay Safe

FinTech, What's Hot
You are probably aware of the buzz that has been surrounding Cryptocurrencies of late. What you may not be aware of is the fact that people are mining cryptos remotely from browsers and other apps. Website owners and app developers have resorted to use of cryptocurrency mining scripts to use the CPU power of visitors to earn profits. What is cryptocurrency mining? Crypto mining is the act of using processing power to generate or make coins. Some questionable characters have resorted to browser hijacking in order to mine resources using your computers processing power. You will be using your computer or mobile phone as you normally do and then you visit a site that has some software that hijacks or harvests your processing power and uses it to generate cryptocurrencies (e.g Bitcoin/L...
Golix User Accounts Compromised

Golix User Accounts Compromised

FinTech
Zimbabwe’s most visible cryptocurrencies exchange, Golix, has been hacked. The exchange disclosed the hack this evening in an email to customers. According to the email, a limited number of account holders had their accounts accessed by “unsolicited third parties” in the past 3 weeks. The startup blames the hack on poor security practices by its users. Apparently, the hackers compromised users’ email accounts and used that to gain access to their Golix accounts. Once in, the email says, the hackers converted funds between individual users’ cryptocurrencies and USD wallets, and also bought some cryptocurrencies. They were, however, apparently not able to withdraw funds from the exchange. This implies that users didn’t lose any value. Golix says all the withdrawals that happened did
You May Be Paying For Kombis Using Cards Soon

You May Be Paying For Kombis Using Cards Soon

FinTech
Netcoms, a Gweru-based software company, is hoping they can eliminate the struggle of always keeping some cash with you for transport. I’m sure the majority of us have misplaced some coins that we had stashed in a pocket or bag as transport money at one point or another. Netcom is introducing a new tap and go smart card that you can use to pay kombi fares. When will we be able to tap and go? Testing will begin in Gweru as the system is already being installed on kombis according to Netcoms research and development officer, Mr Lovejoy Matare. The system will then come to Harare and Bulawayo before being deployed in more places if adoption is positive. You may be thinking why would they start in Gweru and not the bigger cities? Well, I think starting in Gweru allows them to better t
Zim Bitcoin exchange, Golix, goes down for hours

Zim Bitcoin exchange, Golix, goes down for hours

FinTech
Golix, Zimbabwe’s only cryptocurrencies exchange went down for several hours today. It was down since early hours today (we found out at 5AM) and has just been restored. We’ve reached out to Golix CEO, Tawanda Kembo and he’s told us they were having an issue with their hosting provider. “We were offline because we had a problem with our hosting provider earlier but it’s now resolved now.” Kembo added: In a startup with a fail-fast culture such as ourselves, disruptions will happen here and there. Some of our customers will note that this is not the first disruption, but the time it takes to come back online is getting shorter each time. We’re not there yet, but we’re getting there. The platform has suffered a few service disruptions the past several weeks, with majors ones (las
Digital coins tumble in January amid Facebook, Tether concerns Bitcoin heads for worst monthly slide in almost four years

Digital coins tumble in January amid Facebook, Tether concerns Bitcoin heads for worst monthly slide in almost four years

FinTech
For cryptocurrency investors, January is turning into a month to rue. Digital coins have mostly slid this week, with Bitcoin heading for its worst monthly decline since February 2014, as US regulators ramp up their scrutiny of one of the world’s largest digital currency exchanges while Facebook is banning ads tied to the industry. Bitcoin is down about 29% this month, trading at $10,172 as of 8:35 in London, according to composite pricing compiled by Bloomberg. Rival coins Ripple and Litecoin have respectively slid about 45% and 29%, while Ethereum has managed a 47% increase. The four coins were little changed on Wednesday. “The regulatory oversight and the clampdown is really coming to the fore right now,” Stephen Innes, head of trading for Asia Pacific at Oanda, said by phone fr
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