Recently, I got a tip from a Standard Chartered Bank user who pointed out that Swipe Into EcoCash was not working for them and actually hadn’t been for a while. Interestingly, this comes at a time when Standard Chartered Bank now has a direct link to OneMoney. Let’s backtrack a bit… So there’s always been this ‘tension’ between some local banks and EcoCash. Remember how customers for a long time requested that banks integrate with EcoCash (or its the other way round) but still nothing seemed to move. What makes it interesting is that it was always the other party’s fault. If you asked EcoCash, they’d give you the vibe that banks felt threatened by their existence and if you asked the banks, they’d tell you that EcoCash had some unreasonable expectations. Nonetheless, depending on
If you have been following bitcoin news then you have no doubt heard about Golix. When news spread that bitcoin was trading at a premium in Zimbabwe reference was made to Golix, the platform where the bitcoin trade was and is happening. Golix however is more than just a bitcoin exchange, it is a cryptocurrency exchange or platform where various other cryptocurrencies like Ethereum are traded. Bitcoin just happens to be the most popular. Golix actually had to rebrand from BitFinance when they made the move from being just a bitcoin exchange. Golix is the only such exchange in Zimbabwe but it is not necessarily the only way one can get their hands on cryptocurrencies. There is a peer to peer platform called LocalBitcoins for example where prices are usually lower than those quoted on G...
The cash crisis in Zimbabwe has everyone turning to use plastic money almost all the time and Commuter omnibus owners seem to have jumped in to make life easier for their customers. A commuter omnibus owner of the Pamushana Africa Transport, AKA Old Trafford has recently adjusted from using hard cash to using plastic money, making it easier for residents of Warren Park Suburb. The director of the Trafford commuter omnibuses Hardlife Chipika has adjusted to plastic money in a bid to make it easier for his customers who are facing challenges in getting cash. Chipika is believed to have made this decision after observing that financial challenges in the country were not going to be resolved overnight. In my opinion I would call him a ghetto hero. Most people in the ghetto rely on publi...
Last week we looked at the reasons why bitcoin’s price is rising fast. This was after the price of bitcoin had surpassed $20,000 internationally. We identified one of the reasons as the coming bitcoin futures contracts to be offered on regulated exchanges. Bitcoin futures are set to be offered on Nasdaq, the second largest stock exchange in the world from 2018. Investors do not have to wait until 2018 to deal in bitcoin futures though. The Chicago Board Options Exchange (Cboe) started trading in bitcoin futures yesterday, the 10th of December. Now, note that the Cboe is the largest U.S. options exchange. Oh and what a start it was for the new futures, volumes exceeded expectations with about 2300 contracts changing hands in just hours. There was so much interest that Cboe’s website
Zimbabwe’s only online Golix.com is currently facing challenges with its order book with its customers failing to place and withdraw orders. The problem has been noticed since Wednesday 6 December 2017 and a notification on their website acknowledged that there was a challenge and was being looked in to by their technical team. Users who have got in touch expressed frustration with the downtime as the exchange was not fulfilling any orders at the moment. Information from Golix state that their technical team are attending to the matter and are expectant that they will be up and running “soon”. No exact time is being committed to. Golix has become a lifesaver for users in the diasporans who send money home as the premium on BTC fetches at much as 100%, way more than what the stree
We have been religiously following the events on the Zimbabwe Stock Exchange(ZSE) over the last few weeks, for good reason. The experts say the stock market reaction is one of the primary indicators which speaks to investor sentiment. We have also been keeping an eye on the black market bond note to the USD exchange rate. We were interested to see what effect the events that unfolded in this country over the last few weeks would have on the markets. What was it like before the transition? ZSE The ZSE was on a bull run, fancy speak for on the rise. Investors saw themselves with limited options to preserve the value of their monies. They flocked to the ZSE and this led to increase upon increase of stock prices. It was a simple case of demand driving prices up.
Barclays bank, one of the few banks that were still taking DStv payments in Zimbabwe has just announced that with effect from the 1st of December 2017 (2 days from now) it will not be taking DStv payments. Here’s the notice from the bank: Dear customer, we kindly advise that we will temporarily suspend the DStv payment service with effect from 1 December 2017. This suspension arises from the need to effectively allocate limited foreign currency to other critical needs For any queries, kindly call our 24-hour contact centre on (04) 250579 or email us at firstname.lastname@example.org This is particularly important because Barclays account holders had the privilege of using the bond notes in their accounts to make DStv payments. They did not not have to prefund with USD first before maki
Bitcoin reached new highs internationally today as it reached a high of $9732. This was after it opened at $9326.59 and that was the lowest the cryptocurrency traded for today. These values are according to Coindesk, CEX actually has the price at $9849.83. These prices are quite remarkable especially considering how some experts have been foretelling a crash ever since Bitcoin started to gain traction. Even when news broke that it was nearing $10000, the experts were on hand to warn people that the bubble is closer to bursting than ever before. The reason they say this is of course because no one really understands Bitcoin or at least how it can have a valuation of over $160 billion. Yes, Bitcoin has a market cap of about $160 billion right now. That is more
For some time now Techzim has wondered whether Bitcoin is legal or not. In fact, a number of people from in and out of the country have contacted us and enquired. Our standard response has been that the Reserve Bank of Zimbabwe (RBZ) has been lax towards regulating the cryptocurrency and our assumption has been that they don’t really understand it and hence would just let it ride. Seems they’ve increased in knowledge, somewhat, as at a recent event, a representative from the central bank, Norman Mataruka, director and registrar of banking institutions, stated that bitcoin is illegal and the regulator will not allow this in the country. In his words: In terms of the bitcoins, as far as we are concerned, it’s not actually legal. In Southern Africa, what we
Just a few weeks ago we were astonished when we learned that the Reserve Bank of Zimbabwe (RBZ) had recorded $11 billion worth of transactions in 9 months i.e January to September 2017. Well, it only gets better. According to The Source, in the last week of October 2017, Zimbabwe transacted a total of $2 billion via electronic payments. That’s like 18.18% of the amount transacted in 9 months all in just a week! This can be interpreted as both good and bad. Good in that this figure indicates the high adoption of plastic money in Zimbabwe and bad in that it could be an indication that the cash crisis is actually worse than we thought. Zimbabwe has/was never really big on plastic money, even when we became trillionaires at some point along the way in 2009, we maintained print. We ‘pref