BUSINESS NEWS

Zimbabwe banks ditch Paynet, test own system

Relations between banks and bulk electronic payments service provider, Paynet Zimbabwe, may have irretrievably broken amid revelations that the banks are on the verge of testing an alternative system....

By Staff reporter | Published: 12 July 2019

BUSINESS NEWS

Mnangagwa travels bankrupting Zimbabwe

PRESIDENT Emmerson Mnangagwa could have blown in excess of US$200 million in travelling expenses since he came into power in November 2017, former Finance minister Tendai Biti has said.Mnangagwa, who ...

By Staff reporter | Published: 09 July 2019

FINANCIAL SERVICES

US$645m traded on interbank market

About US$645 million has been traded on the interbank market since the platform was established in February this year, Reserve Bank of Zimbabwe (RBZ) governor Dr John Mangudya has said. "As at the end...

By Staff reporter | Published: 09 July 2019

BUSINESS NEWS

Paynet suing Zimbabwe banks for US$100m

Payserv Africa Limited and Paynet Zimbabwe Private Limited have commenced legal action against the Bankers Association of Zimbabwe (BAZ) for anti-competitive practices.The company is seeking damages o...

By Staff reporter | Published: 05 July 2019

FINANCIAL SERVICES

Steward PAT up 42% on non-funded income

STEWARD Bank recorded a 42% increase in profit-after-tax to ZWL$31,9 million in the year ended February 28, 2019 from ZWL$22,5m recorded in the previous year, driven by growth in non-interest income.D...

By Staff reporter | Published: 04 July 2019

FINANCIAL SERVICES

Residents slam poor banks service delivery

BULAWAYO residents are complaining about poor service delivery at banks in the city when changing their foreign currency into local currency. The residents said they are made to wait for long hours be...

By Staff reporter | Published: 04 July 2019

FINANCIAL SERVICES

Interbank rate overtakes black market

THE interbank exchange rate has surpassed parallel market rates with some banks offering more in local currency for those exchanging their foreign currency. Government last week outlawed the use of mu...

By Staff reporter | Published: 03 July 2019

FINANCIAL SERVICES

Zimbabwe banks paying more than the black market rates

THE interbank market exchange rates have registered increases with most banks are now paying more than the parallel market rate.NewZimbabwe.com says it's market assessment shows that the once thriving...

By newzimbabwe | Published: 02 July 2019

FINANCIAL SERVICES

Agribank declares US$5,5m dividend

The Agricultural Development Bank (Agribank) has declared a US$5,5 million dividend to Government after recording a 63 percent growth in profit to $13 million in the year to December 2018, breaking aw...

By Staff reporter | Published: 02 July 2019

BUSINESS NEWS

Zimbabwe engages Afreximbank over US$70m package

THE African Export-Import Bank (Afreximbank) is working on a financial package in the region of US$70 million for the local manufacturing sector. This was revealed by Industry and Commerce Minister Nq...

By Staff reporter | Published: 01 July 2019

FINANCIAL SERVICES

Paynet escalates row with Zimbabwe banks

PAYNET Zimbabwe (Paynet), a salary payment software vendor, has offered companies a free service to wire salaries to their employees using EcoCash until August 1 2019, escalating a simmering row with ...

By Staff reporter | Published: 20 June 2019

BUSINESS NEWS

Pension payouts delayed as foreign company cuts off Zimbabwe banks

PENSIONERS might have to wait a bit longer before they receive their monthly pay outs, which were due yesterday, the National Social Security Authority (NSSA), said yesterday. It said the delay was ca...

By Staff reporter | Published: 14 June 2019

FINANCIAL SERVICES

Paynet switches off Zimbabwe banks

PAYNET, a subsidiary of Mauritian financial services provider Payserv Africa, has suspended all local financial institutions from its transacting platform after they refused to pay in foreign currency...

By Staff reporter | Published: 14 June 2019

FINANCIAL SERVICES

Ecobank doubles full-year income

ECOBANK doubled its full-year earnings to December 2018 thanks to increased investments in fixed income securities, fee and commission income and net foreign exchange income.Interest and similar incom...

By Staff reporter | Published: 03 May 2019

FINANCIAL SERVICES

Ecobank Zimbabwe standout performer among banks in F18

Ecobank Transnational Incorporated (ETI) is targeting a return on equity of over 20% in the short term for its Central, Eastern and Southern African (CESA) banking segment and is overall satisfied wit...

By Staff reporter | Published: 02 May 2019

FINANCIAL SERVICES

StanChart rolls out retail digital banking

The country's oldest financial institution, Standard Chartered Bank Zimbabwe (StanChart), is planning to strengthen its franchise by rolling out its first digital banking platform for its retail custo...

By Staff reporter | Published: 02 May 2019

ZIMBABWE

'Govt not interfering with interbank market rate'

INDUSTRY and Commerce minister Mangaliso Ndlovu, pictured, has allayed fears government is interfering with the interbank market exchange rate saying such accusations are unfounded. This comes after c...

By Staff reporter | Published: 01 May 2019

BUSINESS NEWS

IDBZ to bankroll Mat South irrigation scheme

AT least 450 hectares of farm-land in Mangwe District, Matabeleland South Province will be opened up under a planned irrigation scheme to enhance the country's food security while some of the produce ...

By Staff reporter | Published: 01 May 2019

BUSINESS NEWS

'Private sector frustrates interbank system'

INDUSTRY and Commerce Minister Mangaliso Ndlovu has blamed the private sector for frustrating the success of the interbank foreign currency market by shifting goal posts and blaming Government for the...

By Staff reporter | Published: 30 April 2019

BUSINESS NEWS

Man clones bank cards, swipes $69 000

A CHITUNGWIZA man on Saturday appeared at the Harare Magistrates' Court charged with unauthorised use or possession of debit cards after he allegedly cloned bank debit cards for CABS account holders a...

By Staff reporter | Published: 29 April 2019

FINANCIAL SERVICES

Agribank on schedule for $100m capitalisation

AGRICULTURE development bank, Agribank says it expects to attain US$100 million capitalisation by January 2020, predominantly for agriculture financing and development. This development comes on the b...

By Staff reporter | Published: 29 April 2019

FINANCIAL SERVICES

MetBank names Marandure new chairperson

METBANK has announced the appointment of a new chairperson who takes over from Wilson Manase whose tenure has expired.In a statement, the bank said Darlick Marandure took over from Manase in June 2018...

By Staff reporter | Published: 28 April 2019

OPINION

'Address interbank market glitches'

The Government should address glitches in the interbank market system to help stabilise prices of basic commodities, manufacturers and retailers have said.This follows Vice President Dr Constantino Ch...

By Harmony Agere | Published: 28 April 2019

BUSINESS NEWS

Zimbabwe industry frets over interbank forex market

INDUSTRY has called on government to fine-tune the interbank currency market for foreign exchange, saying the current conditions are not favourable to both buyers and sellers.The government launched t...

By Staff reporter | Published: 28 April 2019

BUSINESS NEWS

'Interbank market being manipulated'

CAPTAINS of Industry have implored government to allow free and efficient functioning of money markets amid fears the interbank market is being manipulated.Confederation of Zimbabwe Industries (CZI) p...

By Staff reporter | Published: 26 April 2019
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