Zimbabwe processed Point of Sale (POS) transactions worth US$2.9 billion in 2016 with POS volumes increasing by 260% during the same period. POS transactions are all payments made at swipe machines […]
The Zimbabwean government is putting together funds for the importation of more Point of Sale (POS) machines which will be used to promote plastic money use and cashless transactions across […]
Techzim today came upon a notification published in The Herald by one of Zimbabwe’s internationally owned banks, Standard Chartered, stating that the bank has cancelled the use of its Visa […]
Econet’s US$130 million rights issue which was recently approved by its shareholder has attracted the attention of the government and could result in the revision of a shareholding arrangement that has […]
According to a report published in the Newsday earlier today, the Reserve Bank of Zimbabwe has in the past five months (August 2016-December 2016) utilised more than $300 million in current transactions […]
On Monday 12 December 2016, the Reserve Bank of Zimbabwe decreased all local banks cash withdrawal charges with immediate effect to 1% for ATM withdrawals and 1.25% for Over-the-Counter withdrawals. According to the […]
In the same retrospective spirit, we took a look at what happened in the local technology space and came up with our list of the 10 most influential in this space.
MMM Zimbabwe made a lot of people rich but eventually made a lot more poor, typical of any pyramid/ponzi scheme that has come into existence. Yes, the whole concept was to […]
The Reserve Bank of Zimbabwe has decreased bank charges for cash withdrawals with immediate effect following public outcry over exorbitant fees being charged to account holders. The new withdrawal charges […]
In an article in the state weekly, The Sunday Mail, it is reported that the Reserve Bank of Zimbabwe (RBZ ) will introduce a new fee structure tomorrow (Monday, 12 […]
In the 2017 national budget statement for Zimbabwe which was shared recently by the Minister of Finance Patrick Chinamasa, it was announced that formal remittances for 2016 are projected to […]
Following up on Stanbic Bank Zimbabwe’s reversal on its decision to change client terms and conditions due to the misunderstanding with the public and its customers, new information we have gathered brings […]
Earlier this week President Mugabe gazetted Statutory Instrument 133 of 2016 providing the necessary legal framework for the “legal” introduction of bond notes as accepted legal tender in Zimbabwe. Following the […]
Zimbabwe’s currency woes affected Econet’s operations, but they also pose challenges to the telecoms industry
According to the RBZ, an estimated $1 billion in diaspora remittances entered Zimbabwe through informal channels in 2015.
One such Uber-inspired taxi service, Rwanda’s 250 Taxis which was launched in early 2016 recently announced its entry into the Zimbabwean market with the launch of cab hailing service called 263 Taxi.
The Reserve Bank of Zimbabwe issued a public statement yesterday, 25 August, warning the public against participating and investing in Ponzi and Pyramid schemes. According to the RBZ, Ponzi and […]
With dwindling foreign direct investment (FDI inflows fell by 23% between 2014 and 2015 from US$545 million to US$421 million), remittances are now the second largest form of capital inflows for Zimbabwe behind exports, emerging as Zimbabwe’s leading FDI alternative.
At the recent Mobile Money & Digital Payments Conference held in Harare, one of the issues raised by the bankers was the prohibitive costs of e-payments infrastructure like POS terminals and Automated Teller Machines (ATMs).
Zimbabwe’s total number of Point of Sale (POS) terminals has increased from 17,069 recorded at the end of March 2016 to a current figure of 20,000.
At the Mobile Money & Digital Payments Conference, Josephat Mutepfa, the RBZ’s Director of NationalPayments pointed out that while cryptocurrencies might be a global phenomenon and there might be a number of Bitcoin initiatives that now offer specific services in Zimbabwe, the central bank hasn’t devised regulation for cryptocurrencies.
The second edition of the annual Mobile Money and Digital Payments Conference Zimbabwe organised by Oxlink Capital has just kicked off in Harare. The first presentation was made by the […]
CBZ Bank has so far registered at least 100,000 low cost banks accounts customers since the launch of their agency banking in June last year. The accounts, called SmartCash accounts, became a […]
Theme: “Leveraging technology to achieve socio-economic transformation” Date: 14 July 2016 | Venue: CELEBRATION CENTRE, HARARE | COST: USD 250 per delegate Topics to be discussed: 1) Policy & Regulation […]
Even after the recent downward review of the bank charges, the truth is that RTGSs (and people looking to access their cash have to make a lot of them) at […]
In the same week, RTGS transaction volumes also shot up by 51%, and ATM activity rose by 38% and cheque activity went up by 17%. Interestingly mobile money activity was down 8% during the period.
The assumption was that the as the high cost of electronic transactions has been highlighted as a barrier to a “cashless society”, the charges for sending, receiving and cashing out money from mobile money wallets would also immediately come under review. That is yet to happen.
The government – represented by the Reserve Bank of Zimbabwe which is the industry regulator, and the entire collective of bankers – unified under the banner of the Bankers Association of Zimbabwe are the two entities – the collection of officials, that should have responded to the crisis with emergency measures.
We’ve come up with a list of 11 things that everyone who is struggling to get their hands on their cash from the bank can do to weather the cash crisis storm.