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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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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ICT Ministry launches Cyber security campaign

ICT Ministry launches Cyber security campaign

Staff reporter  THE ministry of ICT, Postal and Courier Services yesterday announced the launch of the National Cyber Security Awareness Month (NCSAM), which will run from the 1st to the 31st of October under the theme “Safe surfing”. Addressing the press, ICT Minister Kazembe Kazembe said the campaign provides a perfect opportunity to promote cyber security awareness thereby instilling behavior change to protect people against cyber threats. He said the campaign is relevant as the world is almost entirely dependent on hackable technology. “Today we are almost entirely dependent on…

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SME stock exchange on cards

SME stock exchange on cards

  By Staff Reporter GOVERNMENT will soon establish a second tier stock exchange for Small to Medium Enterprises (SME) in the country, President Emmerson Mnangagwa has said. In a recent speech delivered at parliament, Mnangagwa said the alternative stock exchange will unlock value for the SME sector. “To further support the development of the financial services sector, Government has revived the issuance of treasury bills and bonds through the Auction system. In this vein, the RBZ has established Savings Bond instruments to facilitate safe and secure investment for the public….

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Currency manipulation unacceptable: ED

Currency manipulation unacceptable: ED

By Staff Reporter PRESIDENT Emmerson Mnangagwa says manipulation of the exchange rate by members of the business community should not be tolerated as this amounts to economic sabotage. This comes on the heels of a directive by the central bank to freeze the accounts of leading firms in the country including Sakunda, owned by Kudakwashe Tagwirei, Croco Motors and Spartan Security on suspicion of currency manipulation. Delivering his State Of The Nation Address (SONA) yesterday, Mnangagwa called for fiscal discipline from all sectors. “I am encouraged by the nation’s positive…

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African Sun rises above gloomy clouds

African Sun rises above gloomy clouds

By Tendai Sahondo Listed hospitality firm, African Sun continued to perform exceptionally despite the economic headwinds bedeviling the country and recent termination of the company’s management contract with Legacy Hospitality. African sun posted a profit of ZWL26.90 million compared to ZWL3.11 million recorded in the same period for the half-year ended 30 June 2019. Profit before income tax for the six months was at ZWL39.15 million (profit margin of 49%) compared to a profit of ZWL3.55 million (profit margin of 13%). Improvement in profit margin was a result of the…

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Cassava unveils bold vision for SASAI

Cassava unveils bold vision for SASAI

“The future of EcoCash is in the SASAI App!” This was the bold assertion by Cassava Smartech Zimbabwe CEO Mr Eddie Chibi, as he unveiled the SASAI App’s new features, which have been developed by Cassava Fintec International. Speaking at a Press Conference in Harare, where he announced a bumper $10 million-dollar SASAI promotion, Mr Chibi said the SASAI App was set to harness the power of smartphones to bring the ultimate user convenience. “The SASAI App was developed to unleash the full power of smartphones – which is what most of our…

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Morgan & CO. unveils exciting investment app

Morgan & CO. unveils exciting investment app

By Malcolm Meja   SECURITIES firm Morgan & Co yesterday launched a research and trading application, which seeks to simplify the investment space through cutting-edge, in depth research content in Zimbabwe’s securities and trading landscape. The app offers interaction between capital markets and investors. Additionally it has informative information about securities trading on the Morgan & Co Tv embedded in the app. The all in one digital platform will be a huge disruption in the digital age for investors, stockbrokers, traders and listed firms in the country. It is expected…

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CIO trail Ashimolowo in Zimbabwe

CIO trail Ashimolowo in Zimbabwe

By Staff Reporter Kingsway International Christian Centre (KICC) global pastor and president, Matthew Ashimolowo says members of the Central Intelligence Organisation (CIO) trailed him in Zimbabwe to validate if his philanthropic activities were not politically motivated. Ashimolowu’s church distributed thousands of food hampers, clothes and free medication to thousands of Zimbabweans that thronged KICC’s operation feed 5000 at Borrowdale race course. Speaking at one of his sermons at the Harare International Conference Centre (HICC), Ashimolowo said the donations were sourced from members of his church in the United Kingdom (UK)….

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