FATF grey-lists Zimbabwe

FATF grey-lists Zimbabwe

By Tendai Sahondo The Financial Action Task Force (FATF) recently grey-listed Zimbabwe, a move that is likely to heap more challenges on the country’s troubled banking sector. As part of its ongoing review of compliance with Anti-Money Laundering and Counter-Terrorism Financing (AML/CFT) standards, FATF listed Zimbabwe as one of the countries with ‘strategic deficiencies that that pose a risk to the international financial system. Iceland and Mongolia were also added to the grey-list while Sri Lanka, Ethiopia and Tunisia were delisted. “In October 2019, Zimbabwe made a high-level political commitment…

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SMEs offer alternative to Zim health challenges

SMEs offer alternative to Zim health challenges

By Anyway Machani and Tendai Sahondo Charity clings to life by a thread as she struggles to breathe in a crowded hospital ward that now resembles a death chamber. The ire of death snatches both young and old, sparing no one, as doctors are unavailable to provide relive to the sick that lay scattered on the floor. Frantic calls to beg the striking doctors prove futile and soon enough, the nurses also turn a blind eye. Charity fears she could be next on heaven’s roll call; fortunately her brother is…

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CUT scoops SME innovation award

CUT scoops SME innovation award

By Anyway Machani A group of students from Chinhoyi University of Technology (CUT) scooped the young innovation award at the just SMEs International Expo held at the Harare International Conference Centre (HICC) CUT students from different departments exhibited their inventive gadgets and ideas that comprised a three-digit printer, an auto feeder and an eLearning platform. In an exclusive interview on the sidelines of the awards ceremony, CUT entrepreneurship and business sciences deputy dean Dr Nelia Eta Marima hailed the expo for grooming future entrepreneurs. “As a university which anchors on…

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Zimnat partners UK Fintech firm

Zimnat partners UK Fintech firm

By Malcolm Meja Diversified insurance group Zimnat has partnered a UK based financial technology firm to offer credit facilities to diaspora based Zimbabweans looking to invest in the country. U.K.-based financial technology company, SympliFi, has set up shop in Zimbabwe with under Zimnat’s wing. The firm plans on extending its operations to Nigeria and Tanzania. Attending the on-going SMEs international expo as one of the international speakers, SimpliFi’s Co-founder and chief executive officer Maurice Iwunze said his firm’s mission is to empower the diaspora community around the globe to build…

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ED launches USD12 billion mining sector roadmap

ED launches USD12 billion mining sector roadmap

Anyway Machani PRESIDENT Emmerson Dambudzo Mnangagwa recently launched a road map to achieving of a USD12 billion mining sector by 2023, which is expected to spearhead recovery of the ailing domestic economy. Speaking at the event, president Mnangagwa said that the roadmap is equally pivotal to the attainment of vision 2030, which is aimed at upgrading the country to Upper Middle-Income status. He said the blueprint, which was set out in 2018, would result in significant economic reforms and acceleration of the country’s reengagement efforts. “Trough the Transitional Stabilization Program…

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Simbisa brands to pursue dining restaurants

Simbisa brands to pursue dining restaurants

By Malcolm Meja  FAST food chain operator, Simbisa Brands, is looking to expand into the casual dining space after it recorded a 5% customer count decline in Zimbabwe. The Chicken Inn operator says it has identified significant market opportunities within its existing markets and food triangle for casual dining brands in the region and beyond. In a recent analyst presentation for the year ended June 2019, Simbisa said it would leverage its existing infrastructure to pursue opportunities to add casual dining brands to its portfolio. The firm reiterated that this…

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BAT ZIMBABWE APPOINTS NEW MD

BAT ZIMBABWE APPOINTS NEW MD

BAT ZIMBABWE APPOINTS NEW MD  By Staff Reporter British American Tobacco (BAT) has appointed Kimesh Naidoo as its new General Manager, Business Connect has learnt. In a brief statement posted on the Zimbabwe Stock Exchange website, BAT said Naidoo has over 11 years experience. “The Board of Directors of British American Tobacco Zimbabwe Holdings hereby notifies its shareholders that Mr Kimesh Naidoo has been appointed as the Managing Director of British American Tobacco Zimbabwe with effect from 22 October 2019. “Mr Naidoo is a qualified Chartered Accountant with the South…

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Hwange revenues soar 128%

Hwange revenues soar 128%

By Staff Reporter  Hwange Colliery posted a profit of ZW$3.5 million against a loss of ZWL$23 million recorded in 2018 for the half-year ended 30 June 2019. This was largely attributable to the company’s revenue, which increased by 128% from ZWL$30.5 million for the six months ended 30 June 2018 to ZWL$69.8 million for the period under review. On the operational front, Hwange noted that the contract miner stopped mining on or about 15 December 2018 and only resumed mining in August 2019. In addition, the company only resumed open…

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Ecocash agents thrive despite cash-out cap

Ecocash agents thrive despite cash-out cap

By Tendai Sahondo MOBILE money agents have resorted back to selling cash at a premium after the Central Bank removed a temporary ban on the Cash-out facility, instead, capping it at $100 per transaction. A snap survey conducted by The Business Connect revealed that agents, most prominently from EcoCash, were selling cash at a premium of between 35-45% for coins, while notes were being sold at a 60% premium. The development has effectively rendered useless the new cash-out cap, as agents are still able to sell cash within the $100 bracket….

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RBZ caps Cash Out at $100

RBZ caps Cash Out at $100

The Reserve Bank of Zimbabwe (RBZ) has tightened screws around the cash-out facility, capping it at $100 per transaction as a mitigatory measure against abuse of the facility, RBZ Governor, Dr John Mangudya has said. In a press statement released yesterday, Mangudya said the new measures would also ensure that abusers are bought to book. “Payment systems by their nature play an important role of providing a mechanism or highway to facilitate economic activities in the country. As such, the Reserve Bank continues to promote digital financial services which contribute…

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