RBZ Freezes City Of Harare’s Forex Accounts After Council Demands USD Payments For Services 

RBZ Freezes City Of Harare’s Forex Accounts After Council Demands USD Payments For Services 

RBZ Freezes City Of Harare’s Forex Accounts After Council Demands USD Payments For Services 

 

The Reserve Bank of Zimbabwe (RBZ) ’s Financial Intelligence Unit (FIU) has frozen the Harare City Council’s forex accounts. The authorities made the move after the Council announced that some of its services will now only be paid for exclusively in USD from 1 September 2022.

The FIU said it had frozen the city council’s forex accounts as part of a crackdown on local authorities involved in illicit financial transactions.  

The central bank said this is necessary to control the parallel market rate, which had previously been spiralling out of control.  

Speaking to the Sunday Mail, FIU director-general Mr Oliver Chiperesa warned other local authorities that they were going against the law by pegging prices in foreign currency.

“We have frozen the Harare City Council US dollar accounts. In terms of the law, they are expected to allow the public to pay in either currency, but they are having a practice where they are insisting on US dollar payments without the option of paying in Zimbabwe dollars for some services. We have been engaging them, to bring them to order,” Mr Chiperesa said.

 

He also warned all public institutions not to use parallel market rates when setting prices.

 

“So we are going to be targeting public entities, not only those refusing to accept the local currency for certain services, but also businesses that are charging using parallel market rates. There’s no excuse for anyone, especially public institutions,” he said.

 

 

 

RBZ Freezes City Of Harare’s Forex Accounts After Council Demands USD Payments For Services 
Image by piviso from Pixabay

 

 

 

The City of Harare recently said the decision to charge some services exclusively in USD was part of a resolution to capacitate Council.

In a statement, the Council said,

“Council wishes to advise its valued residents and stakeholders that certain fees chargeable by Council are now payable exclusively in United States Dollars (USD) with effect from the 1sr of September 2022.

“The fees exclude all charges that are accessible through the monthly bills, i.e. water consumption, sewerage, refuse collection and rates. The above-mentioned charges will remain open to being payable using multi-currency as may be opted by the client.

“This development is in line with Council’s Resolution made on the 3’ of August 2022 and the need to capacitate Council to continue sustaining service delivery. The USD tariffs will remain as contained in the 2022 approved budget or Schedule 25A.”

 

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    DOLLARISATION? – City Of Harare Starts Charging Services Exclusively In United States Dollars [USD]

    DOLLARISATION? - City Of Harare Starts Charging Services Exclusively In United States Dollars [USD]

    DOLLARISATION? – City Of Harare Starts Charging Services Exclusively In United States Dollars [USD]

    The City of Harare has announced that some of its services will now only be paid for exclusively in United States Dollars [USD]. This is with effect from Thursday, September 1, 2022.

    According to the City of Harare, the decision to charge some services exclusively in the United States is part of a resolution to capacitate Council.

    However, for some reason, the City of Harare seems reluctant to specify the actual services, which will now have USD Tariffs.

    In a statement released Wednesday afternoon, the Council announced some of the services that will not be paid for in United States Dollars. These include:

    • Water Consumption
    • Sewerage
    • Refuse Collection
    • Rates

    Below is the full statement from the city of Harare, which iHarare is publishing in full:

    “PUBLIC NOTICE: PAYMENT OF SELECTED SERVICE CHARGES EXCLUSIVELY IN UNITED STATES DOLLARS (USD)

    “Council wishes to advise its valued residents and stakeholders that certain fees chargeable by Council are now payable exclusively in United States Dollars (USD) with effect from the 1sr of September 2022.

    “The fees exclude all charges that are accessible through the monthly bills, i.e. water consumption, sewerage, refuse collection and rates. The above-mentioned charges will remain open to being payable using multi-currency as may be opted by the client.

    “This development is in line with Council’s Resolution made on the 3’ of August 2022 and the need to capacitate Council to continue sustaining service delivery. The USD tariffs will remain as contained in the 2022 approved budget or Schedule 25A.”

     

     

    DOLLARISATION? - City Of Harare Starts Charging Services Exclusively In United States Dollars [USD]
    [Picture: Twitter/City of Harare]

     

    The statement from the City of Harare comes a few months after the Council threatened to convert all debts into USD.

    In March, the City Council threatened to convert all debts into foreign currency, arguing that it was owed a massive US$17 Billion by defaulting residents and corporates.

    The Council gave residents and corporates a three-month ultimatum to clear their debts or sign a payment plan. Failure to do so, the Council claimed, would result in the city authorities converting all current debts into USD at the official interbank rate.

    In a statement, the Council said,

    “Residents who fail to retire their debts within three months of being invited to negotiate payment plans will have their outstanding debts converted to United States dollars at the interbank rate and pay the debts in US$.

    “Council owed over $17 billion. Money owed to the Council is losing value daily, and when it is finally paid, it will not meet its budgeted targets.

    “Hedging the debts, against the United States dollar, will help council maintain value when it’s finally paid.”

    Unsurprisingly, the announcement was met with a lot of pushback.

    The move to convert debts into USD was widely condemned by residents on social media, who claimed that it was outrageous, illegal and unethical. Some even vowed to fight such a move at the courts.

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    ZUPCO Hikes Fares & Introduces USD Prices With Effect From 1 September

    ZUPCO Hikes Fares & Introduces USD Prices With Effect From 1 September

    ZUPCO Hikes Fares & Introduces USD Prices With Effect From 1 September

    The Zimbabwe Passengers Company ZUPCO has hiked fares once again and also introduced United States Dollar (USD) Fares.

    In a statement released on 29 August 2022, ZUPCO’s announced that the new fares will take effect from 1 September 2022.

    Passengers who use ZUPCO commuter omnibus kombis will now pay ZWL$400 from the current ZWL$220 for distances up to 20 km. For distances between 21 and 30 kilometres, they will now pay ZWL$550. This is an increase of ZWL$290 from the current ZWL$260.

    Those paying in USD will have to fork out USD0.75 (75 cents) for short distances of up to 20 km. For between 21 and 30 kilometres, the fare is USD1.00 per trip.

    For those who use ZUPCO buses, the fares are as follows.

    • 01-20 km ZWL$300 [the previous fare was ZWL$140] and USD0.50 [50 cents]
    • 21-30 km ZWL$400 [the previous fare was ZWL$180] and USD0.75 [75 cents]
    • 31-40 km ZWL$500 [the previous fare was ZWL$220] and USD1.00 [US$1.00]

     

     

    ZUPCO Hikes Fares & Introduces USD Prices With Effect From 1 September
    New Zupco Fares Effective 1 September 2022 [Photograph: Twitter/@NewsHawks]

     

    Passengers did not take well to the new ZUPCO fares, particularly the USD prices, accusing the state-owned company of fueling inflation.

    They argued that ZUPCO is charging 75 cents USD prices when other private motorists are charging only 50 cents USD for the same distances.  This will likely result in private players increasing their own prices to match the US$0.75 being charged by ZUPCO commuter omnibuses.

    Below are some of the reactions from social media,

     

    @Zymbrocacamios

    From 1 September 2022, a Zupco bus to town is going to be US$0.50, while a Zupco Kombie will be US$0.75 so expensive than the private players. The introduction of Zupco was for affordability and the government was subsidizing, now l wonder whether the subsidy is still there!

     

    @Major_GBless

    Nick: Prices are falling, clap hands for us

    Zupco: Prices are doubled, hold my beer

     

     

    @Mboemoyo85
    Ngigada twice to work ($550+$400)×2=$1 900 I work 21 days per month $1 900×20=$39 900 My take home is $40 000, change $100 I have 2 kids abagadayo to school, ngilo helper, ngile rent, ngile zesa, ngile bcc, ngilabazali, ngilokudla, ngile stress
    In comparison with salaries, these prices don’t make logical sense. Relatively

     

     

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    South Africa “Deportee” Joshua Maponga Attacks Zimbabwean Billionaire Strive Masiyiwa

    Joshua Maponga Attacks Masiyiwa

    South Africa “Deportee” Joshua Maponga Attacks Zimbabwean Billionaire Strive Masiyiwa

    Renowned public speaker, author, philosopher, leader, musician and social entrepreneur, Joshua Maponga has advised United Kingdom-based billionaire, Strive Masiyiwa to sell off  Econet Wireless to a younger mind.

    This comes in light of frequent poor network service from the telecommunications company which is evidenced by complaints that flood social media on a daily basis.

    Maponga – who was reportedly deported from the neighboring South Africa last year – made the remarks while addressing his flock on social media.

    How embarrassing that I have your SIM card but I don’t have the services that go with it? What’s the problem? Don’t you have money? Don’t have a network? Do you have a roll out strategy from the time you started running Econet? What did you think you were going to do in the next four, five, ten, fifteen years? Or your Econet has just become a big black cow that is eating grass in Africa and you’re busy milking it in Europe there.

    It disturbs me to see people walking in the dark to go and make a phone call next to a fallen tree or anthill. Some have to climb kopjes and hills to get a signal yet you are there with the Rockefellers

    You are embarrassing us as a country that gave birth to you. People are giving you money every month but you’re treating us like trash. Respect the people. If you don’t need the business and have made enough money give the business away to some younger brains 

     

    Meanwhile, Masiyiwa’s company, Liquid Intelligent Technologies which is a business unit of Cassava Technologies, acquired Telrad, an Israeli-based technology firm.

    Strive Masiyiwa paid 207 million Israeli shekels – which is equivalent to US$60 million – to acquire the technology company. Liquid Intelligent Technologies announced the finalisation of its 100% acquisition last Wednesday. After the acquisition, Telrad delisted from Israel’s main stock exchange, the Tel Aviv Stock Exchange.

    Telrad has a significant presence in 13 countries across the Middle East, South America, the United States, Eastern Europe, and Asia.

    South Africa “Deportee” Joshua Maponga Attacks Zimbabwean Billionaire Strive Masiyiwa

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    Insurance – Back To Basics

    Insurance – Back To Basics

    INSURANCE – BACK TO BASICS

    The business of the insurance industry is simply to provide security and peace of mind to the insuring public by paying claims.

    We hear more often of disgruntlement, unhappiness, and lack of trust from the insuring public due to unorthodox means used to sign up clients, poor policy administration and notifications during policy currency and repudiation of claims on technical grounds. 

    To restore the general public’s confidence in the insurance industry, the Regulator and insurance companies must go back to the basics of the Insurance industry viz employment of qualified and experienced personnel, proper prospect profiling, proper needs analysis, proper product recommendation and good underwriting philosophies.

    The insuring public must also remember that insurance is never meant to enrich or gainfully benefit the recipients. Its purpose is only to restore back one’s position to a pre-loss position and anything more than this position is not insurance.

    To achieve the stated position, insurance sales must be relationship based.  It must also be borne in mind that people are more willing to do business with people they know and trust especially where sensitive details such as personal health and earnings are involved. Relationship-based selling will eliminate misrepresentation by financial advisors as people are more inclined to offer professional advice if there is a relationship in existence. Established relationships will ensure frequent interactions between the policyholder and financial advisor/insurance company and will enhance excellent communication resulting in good policy management and avoiding policy lapses. For the financial advisor, relationship-based selling will also ensure unending referral business and good commission earnings.

    Because insurance is never bought but sold. The industry employs sales agents to market and sell insurance products. Commotion in the insurance industry is mostly created by financial advisors who employ unorthodox tactics to close business. This is so mostly a result of the way advisors are compensated.  Because they are remunerated by the commission, advisors will always be desperate for a sale and will misrepresent thereby bringing the name of the industry into disrepute. From time immemorial, insurance selling was for mature and retired professionals such as doctors, lawyers, and accountants. These retirees would be having a very huge database of their own clientele and will not be under any pressure to obtain a sale. By virtue of being professionals, they are bound by ethics to do the right thing when dealing with insurance clients. So, the industry must consider the age and financial standings of an individual before engaging them as sales advisors or at least come up with another acceptable way of remuneration that may not exert pressure on the sales force.

    Banks have evolved in a very marvellous way as far as technology is involved. Bank customers can access, transact, and view the status of their accounts from everywhere.  The same cannot be said of the insurance industry. It is lagging in terms of policyholders accessing policy information conveniently. This then makes people lose interest in their policies. Back then, though it was done via post offices, at least notices on policy status were dispatched to policyholders religiously and as a cost containment measure, the industry stopped transmitting notices to policyholders a situation which leads to policy owners losing interest in their insurance portfolios. The industry must evolve itself by finding ways of keeping in touch with policyholders as was the norm back then. This will generate increased interest and trust from the insuring public. 

     

    Underwriters should also have realistic retention limits which will not strain financially in the event of a claim. To go back to basics, underwriters should reinsure risks with huge sums insureds as opposed to retaining huge risks due to the selfish need of not wanting to share the premium with reinsurers. Once underwriters start to share risk with reinsurers, claims management and payment will also improve, not only will it enhance claims management, it will also increase the underwriting capacity of first-line insurers and will aid in quality risk assessments as both underwriter and reinsurer will assess the risk.

    The insurance industry should employ people with relevant qualifications, especially sales staff. All sales advisors should have the mandatory Certificate of Proficiency which will then enable the regulator to license the sales agents. Currently, the industry is flooded with unlicensed sales agent who lacks the basic understanding of insurance. This then leads to misrepresentations when advising clients.

    Premium/ price undercutting is a major problem in the industry, especially on the short-term side of things. In a bid to offer cheaper premiums and attract more clients, underwriters find themselves offering uncompetitive quotes which will later come back to haunt them at the claims stage as they would not be able to honour claims.  To curb this disease, regulators should insist on solid actuarial valuations and audits by reputable auditing firms who would be able to express an honest opinion about the state of affairs.

    The above is not exhaustive. There is still a lot of basics that the industry needs to observe in order to offer world-class service and products so as to impact positively on humanity.

     

    About the writer: Paradzai Masvingise is an Insurance practitioner with vast experience in the insurance industry. He can be contacted on email: pmasvingise.pm@gmail.com or whatsapp +263772955507

    African Views On Retirement Homes

     

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    Meet The Wealthy Zimbabwean Who Wants To Take Over The Biggest Company In South Africa

    Hamish Rudland Biography

    Biography & Net Worth Of Hamish Rudland, The Wealthy Zimbabwean Who Wants To Take Over Tongaat Hulett

    A wealthy Zimbabwean is planning on taking over one of Southern Africa’s biggest sugar producers. Hamish Rudland won a shareholder vote that gave him control of Tongaat Hulett.

    Through the entity Magister, Rudland got Tongaat shareholders’ approval to underwrite a R4 billion rights offer for the company.

    At the eleventh hour, the Takeover Regulation Panel (TRP) denied Magister’s request for a relaxation of South Africa’s takeover rules. Rudland’s group indicated that they intend to challenge the decision by the TRP.

    Background

    Hamish Rudland was born in Zimbabwe. He has a brother named Simon Rudland with whom he started a number of businesses with. Simon is also a businessman in his own right. Their mother Adrienne owns a United Arab Emirates company called Braemar.

    Education

    Rudland was educated at Falcon College in Esigodini. He then attended Massey University in New Zealand between 1991 and 1994, reading for a Bachelor of Business Studies degree in Information Systems, Management and Tourism.

     

    Hamish Rudland Biography
    Hamish Rudland [Picture: Facebook via Hamish Rudland]

    Companies

    After graduating, Hamish yearned to return to Zimbabwe and he did so in October 1994. Being business-minded, Hamish teamed up with his brother Simon and formed Pioneer Transport in 1995.

    Their business grew in leaps and bounds into Pioneer Corporation Africa through the acquisitions of other leading but struggling transport businesses, including Unifreight – owners of Swift transport – Bulwark, and Clan.

    Being ones not to put their eggs in one basket, Hamish and Simon Rudland invested in the Zimbabwe Stock Exchange. Through their investment vehicle Day River Corporation, they acquired significant stakes in assets such as Zimre and in agriculture company CFI.

    Tongaat Hulett Takeover

    Hamish Rudland won a shareholder vote to underwrite and effectively take control of Tongaat Hulett. The Takeover Regulation Panel (TRP) had initially given the green light for the deal to proceed but reversed its decision.

    Tongaat shareholders had approved the proposal by Magister, an entity led by Hamish Rudland, to underwrite a R4 billion rights offer for the company.

    The TRP was belatedly informed that Hamish’s brother, Simon Rudland’s three daughters were all indirect shareholders in Magister via a trust. The TRP reversed their original position and denied Magister’s request for a relaxation of SA’s takeover rules.

    Rudland indicated that he would be challenging the decision by the TRP.

    Networth

    In 2019, Hamish Rudland was reported to be worth around US$250 million.

     

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    The Impressive Qualifications That Landed Zimbabwe’s Ralph Mupita A Top Job At MTN In South Africa

    Ralph Mupita Qualifications

    The Impressive Qualifications & Experience That Landed Zimbabwe’s Ralph Mupita A Top Job At MTN In South Africa

    Zimbabwe-born South African engineer and corporate executive Ralph Mupita is the group president and chief executive of the MTN Group.

    He was appointed to the top post in September 2020 having previously served as the group’s chief financial officer.

    Since his appointment, Ralph Mupita has led MTN Group to great financial success. While his current exploits are well documented, his past experience which landed him the top job in South Africa‘s telecoms industry is not lauded enough.

    He holds two degrees from the University of Cape Town and is an alumnus of the Harvard Business School General Management Programme.

     

    Background

    Before diving head first into Ralph Mupita’s experience and education it is important to understand his background as it had a bearing on the decisions he made academically and professionally.

    Mupita has said that he was inspired by his parents to be successful. According to him, they instilled in him values and encouraged him to always be ambitious and aspire for greatness.

    Apart from instilling in him values, they also made him aware of all the incredible things he could accomplish in life if he had the right education. Consequently, he put a lot of energy into his studies and fortunate enough for him, he excelled academically.

     

    MTN CEO Ralph Mupita. [Photo: MTN]

    Education & Experience

    Publicly available information shows that Ralph Mupita’s first qualification is a bachelor’s degree in Civil Engineering from the University of Cape Town. He had relocated from Zimbabwe to neighbouring South Africa in his late teens in pursuit of education and chose to continue living there upon graduation.

    After he graduated, he was fortunate to land a job at Haw & Inglis Civil Engineering. He spent three years at the firm from 1996 and left in 1999.

    By the year 2000, Mupita had had enough of the engineering world and was ready for a career shift. He decided to transition to financial services.

    Ralph Mupita decided to go back to school to equip himself for the next phase of his career. He enrolled at the University of Cape Town to obtain a Master of Business Administration (MBA) degree.

    After graduating from the University of Cape Town, Mupita was fortunate enough to land a job at Old Mutual South Africa in 2001.

    It seemed Ralph Mupita had finally found his calling as he stayed at the insurance giant until January 2012. While at Old Mutual, Mupita held various positions including Strategy Director and Managing Director.

    He leveraged Old Mutual’s large size to aid in the growth of his career. In February 2012, Mupita was appointed Chief Executive Officer to oversee Old Mutual’s operations in emerging markets. He held that position for five years until 2017. Under his leadership, the Insurance Group’s Emerging Market business serviced over 19 million customers and had R1 trillion of assets under management.

     

    Joining MTN Group Ltd

    Ralph Mupita left Old Mutual for the telecoms sector. Despite the switch from the insurance and financial sector, his new job description was familiar with what he had been doing 16 years prior. He joined MTN Group Ltd as the new Chief Financial Officer.

    The structure at MTN Group was similar to Old Mutual’s as the company is a large telecom services provider which operates in about 20 different countries across Africa and the Middle East.

    In August 2020, he was announced as the incoming Group President and Chief Executive Officer of MTN Group. He took over from former Group President and CEO, Rob Shuter. He became the third Zimbabwe-born executive to be appointed MTN group president and CEO after Paul Edward and Sifiso Dabengwa.

    In 2022, MTN revealed that Mupita had “overachieved,” resulting in “improved performance outcomes”.

    This resulted in the Zimbabwean getting a massive R84.2 in total remuneration for 2021.


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    Zimbabwean Executives Leading Top SA Companies To Greater Heights

    Zimbabwean Executives With Top Positions In SA Companies

    Zimbabweans are making strides across the world, with many of them being appointed to top positions in diverse fields globally. This is evident in South Africa, where Zimbabweans occupy the top posts at many companies in the telecoms, financial and mining sectors.

    Below is a list of some of the Zimbabwean executives doing great things at top South African companies and leading them to great success.

     

    Ralph Mupita – Group President and Chief Executive Officer: MTN

     

     

    Zimbabweans Executives Leading Top SA Companies To Greater Heights
    MTN CEO Ralph Mupita. [Photo: MTN]

    The Zimbabwe-born engineer and corporate executive was appointed group president and chief executive of the MTN Group in September 2020.

    Since then, Mupita, previously the MTN Group’s chief financial officer, has led the telecoms company to great success.

    In 2021, Ralph Mupita earned a massive R84.2 million in total remuneration for 2021.

    The Zimbabwean executive was handsomely rewarded for his work after MTN reported that he had “overachieved,” resulting in “improved performance outcomes”.

    Mupita’s R84.2 million total remuneration was a 133% increase from the R36.1 million total remuneration he earned in 2020.

    According to the telecommunications giant, Mupita “overachieved” on the metrics of asset transformation and equity returns. He also met his targets in many other areas.

     

    “The difference of remuneration received in 2021 compared to 2020 was attributed to improved performance outcomes between the two years and his promotion to group president and CEO, effective 1 September 2020,” MTN explained in a financial report.

     

     

    Sitho Mdlalose – Vodacom South Africa Chief Executive Officer

    Zimbabweans Executives Leading Top SA Companies To Greater Heights
    Sitho Mdlalose – Vodacom South Africa Chief Executive Officer [Photo: Twitter via Sitho Mdlalose]

     

    In May 2022, MTN’s rival Vodacom South Africa appointed Sitholizwe’ Sitho’ Mdlalose, an executive born and educated in Zimbabwe, as its Chief Executive Officer.

    The Zimbabwean executive replaced the incumbent, Indian national Balesh Sharma, on July 1.

    Before that, Mdlalose was finance director at Vodacom South Africa between 2017 and August 2021.

     

    Tavaziva Madzinga – Santam Group CEO

     

     

    The Zimbabwean actuary and corporate executive was appointed as the chief executive officer of South African financial services and insurance giant Santam in April 2022.

    Madzinga previously served as the chief executive of Britam Holdings Plc, a financial services conglomerate headquartered in Nairobi, the Kenyan capital, with subsidiaries in Kenya, Uganda, South Sudan, Rwanda, Tanzania, Malawi and Mozambique.

    Madzinga took over from Lizé Lambrechts, who left Santam.

     

    Donovan Chimhandamba – Chief Executive Office: Nyanza Light Metals

     

    Zimbabweans Executives
    Donovan Chimhandamba [Photo: Nyanza Light Metals]

     

    Another Zimbabwean executive doing well in SA is industrial and manufacturing engineer Donovan Chimhandamba, the chief executive of Nyanza Light Metals.

    Chimhandamba previously worked for South African blue chip companies, including National Empowerment Fund and Pretoria Portland Cement. Vesuvius and Group Five.

    In 2016, Chimhandamba co-founded the Diaspora Infrastructure Development Group (DIDG), which was awarded the US$400 million 25-year concession to manage and develop the National Railways of Zimbabwe (NRZ).


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    InnBucks Is Back After RBZ Ban! Here Are The New Fees, Tariffs And Charges for August 2022

    InnBucks Is Back After RBZ Ban! Here Are The New Fees, Tariffs And Charges for August 2022

    InnBucks Is Back After RBZ Ban! Here Are The New Fees, Tariffs And Charges for August 2022

    InnBucks, Simbisa Brands’ money transfer service, is officially back, four months after the service was banned by the Reserve Bank of Zimbabwe (RBZ)

    However, the structure, fees, tariffs and charges are now different from how they were before Innbucks was banned.

    The central bank regulators authorised InnBucks to operate as a bank called Ndoro Microfinance Bank Limited.

    In a statement released on Monday morning, InnBucks said,

    LAUNCH OF INNBUCKS PRODUCT

    We are pleased to advise all our customers and stakeholders that the Regulators have authorised the launch of the INNBUCKS product. Existing InnBucks account holders will have their accounts automatically reactivated.

    INNBUCKS now operates as a product of Ndoro Microfinance Bank Limited, a registered Microfinance Bank. This arrangement will bring additional services and benefits to INNBUCKS customers.

    Members of the public are therefore able to transact and enjoy the services and benefits of Zimbabwe’s favourite, low-cost, platform through the network of over 260 Quick Service Restaurants of Simbisa Brands Limited.

    Thank you for your patience and we look forward to your continued support and use of the enhanced INNBUCKS product offering which you can explore at www.innbucks.co.zw
    Thank you to our Regulators for the constructive engagements which have resulted in the licensing of the INNBUCKS product.

     

    InnBucks Fees, Tariffs & Charges August 2022
    InnBucks Fees, Tariffs & Charges August 2022 [Picture: InnBucks via Twitter]

    So what are InnBucks’ new fees and conditions?

    Deposits

    • All deposits into InnBucks are free.
    • You can only deposit money into your own account.
    • You will need to produce your ID as well as the phone you will be making the deposit into.

    Transfers To Other InnBucks Accounts

    • For Amounts Up to US$5, there is a 1% charge for transfers.
    • For amounts above US$5, there is a 5% charge for transfers. The 5% includes the government’s 4% Intermediate money Transfer Tax (IMTT).

    Withdrawals

    • For withdrawals, there is a 2% charge regardless of the amount.

    Innbucks Account & Transaction Limits

    • The account limit is US$500.
    • The transaction limit for  transfers is US$250
    • In a month, the limit for transfer is US$1 000.

     

     

     

     

     

     


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    Good News For Average Zimbabweans As RBZ Introduces Smaller & Cheaper Gold Coins

    Zimbabwe Smaller Gold Coins

    Zimbabwe To Introduce Smaller Gold Coins

    The Reserve Bank of Zimbabwe (RBZ) has delivered good news for ordinary Zimbabweans looking to buy gold coins.

    RBZ governor Dr John Mangudya said gold coins, as small as a tenth of an ounce will go on sale in November. Mangudya said Zimbabwe’s central bank will introduce half ounce, quarter ounce and tenth ounce coins

    The smallest gold coin will weigh just over 3,11g of gold and will cost US$188,48, or local currency equivalent at the interbank rate, at one-tenth of the previous day’s price of the one ounce Mosi-oa-Tunya.

    The actual price when it is introduced will be the world price of gold for one-tenth of a troy ounce plus 5 percent minting and distribution fee. 

    Banks have so far sold 4 475 Mosi-oa-Tunya coins since the launch on July 25. Ninety percent of the gold coins were bought in local currency totalling close to $4 billion.

    In his Mid-Term Monetary Policy statement released on Thursday, Dr Mangudya said the RBZ would be releasing smaller gold coins in mid-November to allow more buyers. He said:

    Following the successful launch of the gold coins on July 25 2022 and in response to public demand, the bank shall introduce and release into the market gold coins in smaller units of a tenth ounce, quarter ounce and half ounce for sale with effect from mid-November 2022

    The gold coins have not been met with enthusiasm with former Zimbabwe Deputy Prime Minister Professor Arthur Mutambara describing them as “a self-enrichment scheme for the elites.”

    In a scathing critique on social media, the former deputy prime minister wrote,

    Gold Coin: A Self-Enrichment Scheme for the Elites

    Take your USD to the parallel market and get RTGS at, say, 1 USD to 950

    Buy gold coins in RTGS at 1 USD to 441 (gold coin exchange rate) and make a profit of more than 100%

    The Gold Coin arbitrage

    This is common sense.

    Gold Coin & the Elites

    It gets worse!

    For the elites; you take your RTGS to the RBZ and buy USD at the auction rate, say 320

    You take this ill-gotten USD to the parallel market and buy RTGS at 950

    That is a profit of 200%

    Then go and buy your gold coins at 100% profit.

    From 10K USD to 60K USD (With no Production)

    500% Profit for the Elites

    Take 10k USD to the parallel market and buy RTGS at 950

    Go to the RBZ & buy USD at 320 (auction rate)

    Go back to the parallel market & buy RTGS at 950

    Buy gold coins & pay in RTGS.

    It is shameful.


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