Zimswitch, a company set up and owned by Zimbabwean banks, has been designated as the national payment switch and providers of mobile money transmission and mobile banking now must be connected to Zimswitch by 15 August. This extension of Zimswitch’s range by the Reserve Bank of Zimbabwe in terms of SI80 of 2020 means that EcoCash, OneMoney and Telecash will now be in the Zimswitch universe and that all electronic financial transactions, regardless of where they originate or end, can be made through Zimswitch. This designation of Zimswitch as the national payment switch, announced by Reserve Bank Governor Dr John Mangudya yesterday, is part of the moves to bring mobile money services under control of monetary authorities, as set out in the regulations issued at the end of March.
ZIMBOCASH account holders have been unable to transact using the digital currency for over a week and a half now. Earlier today ZIMBOCASH sent an email out to the subscribers explaining the cause of downtime. It seems scammers who were creating multiple accounts were the main reason why ZIMBOCASH decided to hault payments. The email reads sent to account holders reads; We, unfortunately, have had to put the payments gateway in maintenance mode – you won’t be able to make transactions for the time being. We have had some challenges with respect to identity validation of our users – some users were creating multiple accounts. We had originally been relying on cellphone numbers as a proxy for identity – but a few subscribers were creating scam accounts. Unfortunat
Zimbabwe’s state-run Sunday mail reported that Zimbabwe has sufficient foreign currency reserves to sustain the reintroduced foreign currency auction system, citing the Central Bank Governor, John Mangudya. According to the governor, local lenders have almost $1 billion in their Foreign Currency Accounts (FCA). “It’s about sufficient resources utilization of resources,” Mangudya was quoted as saying in the Harare-based newspaper. “The first thing is that we do not expect the exchange rate to continue to go up because there is now a formal market of foreign exchange,” he said. Zimbabwe reintroduced the foreign currency system on June 23, the first time in 16 years, in a bid to curb the local currency rout that was introduced a year ago. “Just to put things into perspective, t
DOMINANT mobile money service provider, EcoCash, says all of its agent and bulk payer lines have been suspended until further notice in compliance with the Reserve Bank of Zimbabwe (RBZ) directive. While the directive also affects cash-in and cash-out services, other individual mobile transactions remain permissible as usual, said EcoCash in a public notice to its customers. “Following communication from the Reserve Bank of Zimbabwe, please be advised that with immediate effect, the following changes apply; “All agent and bulk payer lines are suspended. This, therefore, means that cash-in, cash-out services have been suspended until further notice. “However, please be advised that, all other Ecocash services continue and are operational normally,” said the company, a subsidiary
In a stunning development, the government has banned EcoCash and all mobile money services. President Emmerson Mnangagwa’s government has suspended all mobile money platforms with immediate effect in an effort to stop the collapse of the Zimbabwe Dollar and to limit the effect of the black market. This was announced in a press statement which was released issued by the Permanent Secretary in the Ministry of Information, Publicity and Broadcasting Services, Nick Mangwana on Friday night. iHarare is publishing the full statement in its entirety below, Government has, with immediate effect, undertaken a series of prudent and coordinated interventions to deal with malpractices, criminality and economic sabotage perpetrated by the “wolves in sheep skins am
First it was EcoCash and now ZIPIT is getting the same treatment. The Financial Intelligence Unit (previously an arm of the RBZ but now operating independently) has issued a directive to ZIPIT CEO Cyril Nyatsanza placing a daily and monthly limit on ZIPIT transactions. The Directive dated 27 May reads; Dear Mr Nyatsanza. Temporary Downward Review of ZIPIT Limits to ZW$20 000 per Day and ZW$100 000 per Month The FIU has noted that the existing ZIPIT transaction limits which have no monthly cap are being misused, primarily for illicit foreign currency transactions. The current limits of ZW$100 000 per day allow a customer (subject to any bank-specific limits) to move about ZW$3 million per. month using a single account, and much more if he/she is multi-...
Natalie Jabangwe Cassava Smartech like the rest of the Zimbabwe Stock Exchange listed stocks, has continued to record significant gains, shrugging off serious allegations and litigations levelled against its biggest subsidiary and cash cow, Ecocash. Since the release of the Financial Intelligence Unit (FIU) letter addressed to Ecocash chief executive officer Natalie Jabangwe, in which she and Cassava chief executive Eddie Chibi, are facing possible charges against money laundering, Cassava has gained 12,5 percent as at Wednesday last week. In a letter to Jabangwe, the FIU said it plans to impose administrative penalties against her and Chibi under the Money Laundering and Proceeds of Crime Act. So damning was the FIU in its letter to Jabangwe, which ...
Earlier this week, ZIMBOCASH – a local decentralised cryptocurrency- listed their token ZASH on Bithumb Global (a cryptocurrency exchange headquartered in South Korea). In marketing material, ZIMBOCASH is marketing the ZASH token as a replacement to Zimbabwe’s flailing Zimbabwe Dollar. A total of 4.5 billion ZASH tokens have been created with 950 million currently in circulation. The Zimbabwe dollar was already collapsing with 500% inflation, before this crisis dealt a debilitating blow. We believe that ZIMBOCASH is perfectly positioned to solve this problem by fixing the amount of money in the country using blockchain technology. Our aim is to provide sound-money. Philip Haslam, Head of Communications at ZIMBOCASH I believe Philip’s comments about ZIMBOCASH b
Dr Mangudya Tawanda Musarurwa Senior Business Reporter The Reserve Bank of Zimbabwe (RBZ) introduced more measures yesterday affecting EcoCash agents as part of what is now seen as a policy to bring EcoCash agents into the formal banking system and ensure they are controlled. Banks holding mobile money trust accounts are now only allowed to let their account holders pay into those trust accounts and have to enforce the know-your-customer standards of the banking system. The Reserve Bank’s Financial Intelligence Unit believes large money transfers by EcoCash agents are being used to fuel black market deals in foreign exchange and has already imposed limits on business the agents can transact. In a letter to Steward Bank, the RBZ has directed that bank
THE High Court judgement that compels those owed money in United States dollars to be paid in that currency could result in a litany of lawsuits, especially against financial institutions. Evans Mathanda The fiscal and monetary changes that were announced by the Reserve Bank of Zimbabwe (RBZ) on October 1, 2018, on money transfers and conversion of account balances into Real-Time Gross Settlement (RTGS) balances were nullified by the High Court in a judgement delivered on Thursday last week. The ruling was made in a matter where Penelope Douglas Stone from The Stone/Beattie Studio represented by prominent lawyer Tendai Biti, who is also the country’s former finance minister, took CABS, the RBZ and Ministry of Finance to court over a US$142 000 deposit. In nullifying the RBZ