WATCH| Popular Money Transfer Platform InnBucks Is Back, Announces Return In Dramatic Fashion

InnBucks Announces Return

InnBucks Is Back, Announces Return In Dramatic Fashion

Simbisa Brands Pvt (Ltd)’s money transfer platform, InnBucks, has announced that it is back, three months after Zimbabwe’s central bank banned it.

When it was banned, InnBucks had become one of Zimbabwe’s leading US dollar transfer platforms.

In a video shared on its official Twitter handle on Thursday, InnBucks announced it is returning in August 2022 though no exact date was given.

InnBucks said it is coming back bigger, better and stronger.

The video announcement by the money transfer platform was met with approval on Twitter. iHarare presents some of the reactions below:

Douglas Mwanza:

Happy for you. It’s good to have many alternatives to send and receive money

Mukomana weairtime:

Itai mudzoke please I’m waiting for you

Amos Mupfapairi:

HOPE YOU ARE COMING BACK ON REMITTANCE NOT TRANSFERS TINOREMADZWA NEMA4% aMTULI…

You can watch the video of InnBucks announcing its return below:

In April this year, the Reserve Bank of Zimbabwe (RBZ) banned InnBucks stating that it had failed to register despite repeated efforts to get it to comply with the regulations.

Customers were given 30 days to withdraw their funds or use them. They were no longer allowed to deposit funds into InnBucks accounts or transfer the funds to third parties.

In response, Simbisa Brands said there was an impasse with the central bank over licensing of its platform.

They went on to assure InnBucks customers that their funds were secure and that the money transfer platform would honour all product purchases and cash withdrawals.

InnBucks’ parent company said they would engage with the central bank with respect to its ADLA license. From the announcement on Thursday, it seems InnBucks and Zimbabwe’s central bank have finally reached a consensus.

Efforts to get the exact date when InnBucks will be returning were fruitless at the time of publishing.


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    5 Reasons Why a Multi-language Site Benefits Your Business

    Earn money online by teaching English online business

    When you have a business site, there will be a lot of visitors from different countries. They will all not understand english. So, you should use a multi-language that will help you to expand your business. Today we will discuss all these issues in detail. 

    You will need to know which language the visitors of your website prefer. If you use English, then this means that you are going to have your own audience. If this happens, then your website will not be very useful. Some people only use English, and others prefer to read it in French, German, etc. So, you will need to include several translation options on your website.

    In addition to this, you will be able to translate text on your website into other languages. 

    When you know about a targeted language then it is easy for you. Here you can give a try for life tutors and there you will get the right type of solution from Online Tutor Platform. It will be complicated at the beginning, now you decide you need an online English course and AmazingTalker comes with the right solution in just a click away. 

     


    Reason for using Multi-Language in Business

    It helps a lot to generate more traffic, SEO and in other options. So, you can do it for your business expansion. We will talk about it in detail. So, let’s discuss them that we can use for our future business cases.

     

    1. Help international search engine optimization

    When you are working with a new website, you have to focus on SEO. So, we have more benefits there. Keep the idea of SEO in mind and use multiple languages. 

     

    With the increase in demand for products online, you can see that the demand for different languages has increased as well. If you’re looking for ways to get your website noticed, you need to make sure that you take advantage of the various languages that are available.

     

    1. Improving conversion rates

    There will be a lot of traffic coming to your website from different countries, but they will need better contents. When you have a multi-language option, then they can read it only. So, when they can read your content, they can understand the business and you will get more clients.

    For your web site to be successful, you will need to make sure that it is accessible to your visitors from different parts of the world. Even if you have your web site available in one language, you will still need to have other languages included. Your audience will probably be coming to your site from various countries, and if they don’t speak English, they will find it much more difficult to use your site.

    1. Help generate more audience

    As much as easy your website content will be, there will be more clients. You can get their positive response and there will be the client’s engagement with your site and business. Keep your eye on how many clients have converted. 

    For every site you build, you should focus on how to convert it into customers. It is important to get a clear understanding of what you should be doing to get more visitors to your website. There is no easy way to get a lot of people to visit your website. It is easy for people to come to your site and get the information you have on it, but it takes work to get them to stay.

     

    1. Improving brand image

    When clients come to your site, they try to understand your business. They understand it better when they have multi language options then they can both have understanding and a good impression on your Brand. So, they will return for further business opportunities. 

    Multilingual websites will help to increase your client base. It’s important to have a website with different languages so that your target audience can get the information they need. If your site has only one language, the client will have trouble understanding what your company is all about. It will also be difficult for them to get the best service.

    1. Builds client trust

    Clients love to do business with others, on whom they can rely. So, when they look at the website, when they get the trust and faith in your website, they will come back to you for better collaboration and more business. 

     

    There are a few things that can help you to create a website that is beneficial to you. Your website must be user-friendly. Visitors will want to come back to your website if they feel that they can rely on what they see on your website. You will need to provide easy navigation and a simple way to navigate from one page to another. 

     

    Summary

    Now we know that it is better to use multiple languages on your website. When you enable more language on your site, foreign traffic will be more addressed and they will get more attached with your business, so use this benefit and become a market leader. When you need guidance from an online course  or even need a math tutor then you can try out the services of AmazingTalker, we bet you will be satisfied with it.


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    Zimbabwe’s Mosi Oa Tunya Gold Coin Released, Official Price Finally Revealed

    Zimbabwe Gold Coin Price

    Zimbabwe’s Mosi Oa Tunya Gold Coin Official Price Finally Revealed

    The Reserve Bank of Zimbabwe (RBZ) has revealed the official price of the Mosi Oa Tunya gold coin.

    The Mosi Oa Tunya gold coin was released on Monday and is being sold in both local and foreign currency.

    The price of the gold coin in Zimbabwe will be published on a daily basis at 0800 hours by the central bank. The gold coins shall be sold at the prevailing international price of gold plus 5% to cover the cost of production and distribution of the coin on a Payment vs Delivery basis.

    In terms of the actual cost of the Mosi Oa Tunya gold coin in Zimbabwe, the central bank said the price:

    ….shall be based on the previous day’s London Bullion Market Association (LBMA) PM Fix plus the cost of producing the coin.

    The LBMA Gold price is set twice daily at 10:30 and 15:00 in an auction independently operated and administered by ICE Benchmark Administration (IBA). The price is set in US dollars per fine troy ounce. Sterling and Euro prices are available but they are indicative prices for settlement only. IBA also publish the price in a range of other currencies.

    If one wants to purchase the Mosi Oa Tunya gold coin using the Zimbabwe dollar they will do so at the prevailing willing-buyer willing-seller exchange rate.

    Banks in Zimbabwe are allowed to conduct foreign exchange transactions of up US$1 000 on a willing-buyer willing-seller basis.

    Other currencies that can be used to purchase gold coins in Zimbabwe include the British Pound, the Euro, Australian Dollar, Botswana Pula and Rand.

    According to information gathered by this publication, the Mosi Oa Tunya gold coin’s buying price is set at US$1,823.80.

    Below is the official price for the gold coin as of 25 July 2022:

    Zimbabwe Gold Coin Price
    The opening price of Zimbabwe’s Mosi Oa Tunya gold coin (Image Credit: Nick Mangwana)

    Zimbabwean buyers including individuals may buy in local currency or foreign currency. Zimbabwean corporates including institutional investors will be allowed to buy gold coins in local currency or foreign currency, subject to quantity restrictions where it is deemed necessary.

    Zimbabwean exorting entities shall buy Mosi-oa-Tunya gold coins in foreign currency, from their retained export portions.

    Non-resident (international) buyers shall only buy the Mosi-oa-Tunya gold coins in denominated foreign currencies.


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    Dairibord CEO Retires After 43 Years, Handpicks Second Wife To Succeed Him

    Dairibord new ceo

    Outgoing Dairibord Boss Picks Wife As New CEO

    Anthony Mandiwanza retired as Dairibord Holdings Limited group after 43 years at the helm.

    In a move that has been criticised by a prominent shareholder, Mandiwanza is set to be replaced by his alleged second wife Mercy Ndoro.

    Mandiwanza is retiring from the company with effect from September 30, 2022, after serving Dairibord Holdings Limited group for 43 years.

    Anthony Mandiwanza is accused of orchestrating the appointment of his alleged second wife.

    Dairibord shareholder and former Institute of Directors board member Engineer Jacob Kudzayi Mutisi who is against the appointment of Ndoro as Mandiwanza’s successor has since issued a statement highlighting the irregularities associated with Ndoro’s appointment.

    Kudzayi states that Ndoro’s appointment as the new Dairibord CEO is an act of nepotism and misconduct.  He adds that Mandiwanza should have known better given his experience.

    Part of his statement reads:

    We are the only country where shareholders are taken for fools. How in the world can a board allow the appointment of the former CEO’s second wife? Anthony Mandiwanza has appointed his second wife Mercy Ndoro as the CEO for Dairibord Zimbabwe which is an act of nepotism and a misconduct according to corporate rules.

    As a former board member and chairman of Institute of Directors (IODZ), the home of corporate governance, Anthony should know better that these kinds of appointments are illegal.

    Kudzayi requests an explanation from the Dairibord board on why they allowed Ndoro to take over as the new CEO adding that the company “is not a family business. It is a listed institution which should adhere to corporate governance and this kind of action does not reflect respect of the rules.”

    He also requests that the Zimbabwe Stock Exchange investigate Ndoro’s appointment and charge the board of Dairibord with misconduct.

    When Mandiwanza was contacted for comment by a local publication, he could neither confirm nor deny his alleged second wife’s appointment


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    Mosi-oa-Tunya Gold Coins: RBZ Lists Documents You Need To Make A Purchase

    Zimbabwe Gold Coin Price

    Mosi-oa-Tunya Gold Coins: RBZ Releases Documents You Need To Make A Purchase

    The Reserve Bank of Zimbabwe (RBZ) has released a list of documents you need to purchase the Mosi Oa Tunya gold coins.

    According to the central bank, the gold coins will be sold to individuals and corporates where KYC and CDD assessments have been done.

    Individuals who want to purchase a Mosi Oa Tunya gold coin should have a valid identification document. Minors can make purchases if they have a birth certificate.

    A buyer should also produce proof of address of not less than three months old or an affidavit in the form of a sworn statement from a commissioner of oaths.

    Individual buyers should also produce an original bank statement, not older than three months. In the event that an individual is buying coins on another person’s behalf, the identity of the other person will be verified and the client’s authority to conclude the transaction on behalf of the other person will be established.

    iHarare presents the full statement published by the RBZ regarding the purchase of gold coins:

    KYC DOCUMENTS FOR GOLD COIN TRANSACTIONS

    Preamble

    All appointed agents should ensure that gold coins are sold to buyers where KYC and CDD assessments have been done. In instances where such an agent does not have the KYC assessment for the buyer, the following guidelines shall apply: –

    (i) Individual Buyers

    The RBZ shall require Agents to ensure that individual buyers have any of the following documents to purchase the gold coins

    a. National Identity Card;

    b. a valid passport;

    c. a valid driver’s license;

    d. a birth certificate for a minor not yet in possession of an identity document.

    Proof of address of not less than three months old (e.g. telephone account, rates and taxes account, levy account and retail accounts). If the buyer is unable to provide proof of residential address, an affidavit may be considered instead. An affidavit should be in the form of a sworn statement from a commissioner of oaths such as the police Service attesting to the correctness of the information given under oath.

    Bank statements: an original bank statement, not older than three months, or a bank statement not older than three months obtained over the counter and stamped by the issuing branch.

    (ii) Proxy

    In cases where a buyer is acting on behalf of another person, the identity of the other person will be verified and the client’s authority to conclude the transaction on behalf of the other person will be established.

    (iii) Company

    In the event of the lawful owner being a company, the registered name as well as the trading name should be provided if the two differ. The physical address from which the company operates should also be provided (if there are multiple addresses, the street address of the office wishing to sell the coin and the Head Office address must be obtained and verified). In order to verify the identity of the above, the following documents will be sufficient:-

    i. Company: Certification of Incorporation and Memorandum of Incorporation, and any other forms amending company information, as applicable (e.g. certificate of change of name of company).

    ii. Listed and public companies: No verification documents are required. iii. Other legal entities such as organs of state: A valid identity document of the person representing the company must be provided. iv. In order to verify the address of the company/close corporation, any of the following documents will be acceptable:

    a. A bank statement on official bank documentation or utility bill (municipal water and electricity account or a letter from a property managing agent;

    b. Recent lease or rental agreement;

    c. Municipal rates and taxes invoice;

    d. Telephone or cellular telephone account; or

    e. Valid ZIMRA Tax clearance certificate.

    (iv) Deceased estate For the deceased:

    i. Certified copy of death certificate;

    ii. Confirmation letter of the estate account from the bank.

    (v) For the executor(s)

    i. A national identity card, a valid passport, a valid driver’s license

    ii. Letter of executorship; and

    iii. Proof of address not older than three months.


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    Mthuli Ncube Threatens Stern Measures Against Companies Channeling Funds To Parallel Market

    Mthuli Ncube Threatens Stern Measures Against Companies Contributing to Exchange Rate, Price Instability

    Mthuli Ncube Threatens Stern Measures Against Companies Contributing to Exchange Rate, Price Instability

     

    Finance Minister Mthuli Ncube has threatened to take stern measures against all companies contracted as government suppliers who are contributing to exchange rate and price instability.

    According to the Finance Minister, the companies are contributing to this instability by diverting the funds they receive from the government to the illegal parallel market.

    Some of the stern measures that the government will take include freezing bank accounts, blacklisting companies and directors, and seizing the funds of those convicted.

     

     

     

    Below is the statement released by Finance Minister Mthuli Ncube on Monday night,

     

    ZIMBABWE PRESS STATEMENT MEASURES TO DEAL WITH GOVERNMENT CONTRACTORS WHO CHANNEL FUNDS TO THE ILLEGAL FOREIGN EXCHANGE MARKET

    Government has noted with great concern that some suppliers who supply goods and services to government institutions are channeling the funds they receive to the illegal foreign exchange market, thereby contributing to exchange rate and price irmtability.

    Government will, with immediate effect, implement the following measures to each this form of abuse of manipulating the exchange rate:

    1. The Financial Intelligence Unit will follow up and scrutinise all payments made to government suppliers, to establish how the funds have been utilised.
    2. Where it is determined that funds were channeled to the illegal foreign exchange market —

    (a) the bank accounts involved will be frozen indefinitely pending criminal investigations and prosecution of the companies concerned and their directors and officers;
    (b) proceeds from the illegal transactions will be forfeited to the State in terms of the Money Laundering and Proceeds of Crime Act (Chapter 914);

    (c) the suppliers concerned, their directors and related companies will be blacklisted with the Procurement and Regulatory Authority of Zimbabwe and will be banned from participating in any government tenders.

    3. In addition to the above measures, Government is setting up a process to scrutinise all awarded tenders to ensure that government is getting all and fair value.

    Hon. Professor Mthuli Ncube Minister of Finance and Economic Development
    18 July 2022


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    Watch: Zimbabwean Millionaire William Sachiti Buys US$4.7 Million Cold War Radar System To Hunt Aliens In Space

    Watch: Zimbabwean Millionaire William Sachiti Buys US$4.7 Million Cold War Radar System To Hunt Aliens In Space

    Watch: Zimbabwean Millionaire William Sachiti Buys US$4.7 Million Cold War Radar System To Hunt Aliens In Space

     

    Zimbabwean-born United Kingdom-based tech millionaire William Sachiti has bought a Cold War-era radar system to hunt for aliens in space.

    The Zimbabwean techpreneur, famous for his numerous inventions, bought the radar system from the Royal Air Force.
    The abandoned radar station was advertised for sale in 2010 for US$4.7 million.

    In an interview with Mail Online, Sachiti said after he brings the radar system back to working condition, there is no reason not to hunt aliens in space.

    “I will find a way to bring this to life and let the people choose the best way to use it.

    “If people want to hunt UFOs, I guess it is hunting UFOs.

    “My expensive hobby will be finding UFOs. If that is what the world wants, who am I to judge.”

    In another interview with VICE, the Zimbabwe millionaire reiterated that looking for aliens would be harmless fun.

    “There’s obviously the UFO hunters,” he said. “It’s not for me to decide what the best use in the modern world is for it. So long as it doesn’t harm and it’s not intrusive… I’ve got the tech… let’s give it a life.”

     

    Watch: Zimbabwean Millionaire William Sachiti Buys US$4.7 Million Cold War Radar System To Hunt Aliens In Space
    William Sachiti [Pictures: Instagram via William Sachiti]

     

    William Sachiti, the founder and CEO of the driverless car manufacturer Kar-go, purchased the 250,000 square feet abandoned air force base to test his ‘spaceship alien-looking autonomous vehicles.

    Sachiti got the decommissioned AMES Type 84 radar unit along with the land from the abandoned Royal Air Force (RAF) radar station.

    The Type 84 is on the National Heritage List for England and cannot be demolished due to its historical value.  The AMES Type 84 radar unit was operational from 1962 to 1994 and utilised microwave technology to detect nuclear bombs.

    Sachiti declined to reveal how much he had actually paid for the site, which was previously listed for US$4.7 million.

     

     

    Below is Sachiti’s interview with Fox News, in which he speaks about using his radar system to find aliens in space.

     

     


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    Zimbabweans React To The Introduction Of Gold Coins

    Zimbabweans React To The Introduction Of Gold Coins

    Zimbabweans React To The Introduction Of Gold Coins
    Image Credit (Nick Mangwana/Twitter)

     

    In light of reports that the Reserve Bank of Zimbabwe (RBZ) is set to introduce gold coins, Zimbabweans have taken to social media to share their thoughts on this new development.

    In a statement on Monday, Governor John Mangudya said the gold coins will be introduced as part of measures to ensure investors and the general public have alternative means to preserve value.

    He revealed that gold coins will be minted by Fidelity Gold Refineries and will be sold to the public through normal banking channels.

    Part of the statement released by Governor Mangudya read:

    The MPC resolved to introduce gold coins into the market as an instrument that will enable investors to store value. The gold coins will be minted by Fidelity Gold Refineries (Private) Limited and will be sold to the public through normal banking channels.

    However, Zimbabweans are not really interested in the idea of introducing gold coins as they feel it will not help the economy in any way. Netizens believe that just like many failed measures that have been introduced, the gold coins will also meet the same fate.

    Here are some of the reactions

    @MajestueusTyson;
    Fiat currency in the modern world ndiyo yakushanda izvi zvekudzokera 1923 azvishandi.kusara kwekuda kuba maUS$ edu to fund your campaigns chete chete.we know these big shops nd Cos ndiwo mafunders enyu they put pressure kt mudzose us$ kt vawane zvekkupayi nxt year
    @TinayeEdwellYAV
    These gold coins are not a currency but certificates just like bond notes. They will come & go. Another experiment that doesn’t work at all. If Mthuli is behind all these he knows the consequences. Another way to silence the people ahead of 2023 harmonised election.

     

    @Pocahon68070461;
    Which Zim dollar? Bond iri? Gold iroro could have been invested into the betterment of health care delivery, text books in schools or proper roads etc, list is endless. But well, tingadii hedu?
    @__Brixton__MD;
    Zvekuinspire confidence zvaremaka, now makunyebera kungwara-ngwara. When the politics is right and the funtamentals are right the economy will drive itself. But then again you don’t learn, or you don’t want to learn. Itai tione

     


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    Zimbabwe To Introduce Gold Coins, Interest Rate Increased To 200% From 80%

    Zimbabwe Gold Coins

    Zimbabwe To Introduce Gold Coins, Interest Rate Increased To 200% From 80%

    Zimbabwe Gold Coins

    The Reserve Bank of Zimbabwe (RBZ) announced on Monday that it is set to introduce gold coins.

    In a statement on Monday, Governor John Mangudya said the gold coins will be introduced as part of measures to ensure investors and the general public have alternative means to preserve value.

    The gold coins will be minted by Fidelity Gold Refineries. They will be sold to the public through normal banking
    channels.

    The Monetary Policy Committee (MPC) resolved to have the gold coins introduced.

    Part of the statement released by Governor Mangudya read:

    The MPC resolved to introduce gold coins into the market as an instrument that will enable investors to store value. The gold coins will be minted by Fidelity Gold Refineries (Private) Limited and will be sold to the public through normal banking channels.

    At the time of writing, iHarare could not establish when the gold coins will be introduced into the Zimbabwean market.

    While the design of the gold coins has not yet been released by the Reserve Bank of Zimbabwe, they are expected to be made of 90–92 per cent gold (22 karat) in line with international standards.

    In related news, Zimbabwe’s central bank also increased the interest rate. It was increased from the current 80 per cent to 200 per cent per annum.

    The central bank policy rate (CBPR) is the rate that is used by the central bank to implement or signal its monetary policy stance and provides an indicator of the minimum level of lending rates for banks.

    The Medium Term Accommodation interest rate increased from 50 per cent to 100 per cent per annum.

    The RBZ also increased the minimum deposit rate for local currency savings to 40 per cent per annum from 12, 5 per cent.

    The time deposits minimum rate for Zimbabwe dollars was increased to 80 per cent per annum from the current 25 per cent.


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    WorldRemit Terminates Bank Transfers To Zimbabwe

    WorldRemit Terminates Bank Transfers To Zimbabwe

    World Remit Terminates Bank Transfers To Zimbabwe 

    WorldRemit Terminates Bank Transfers To Zimbabwe

     

     

    One of the world’s leading remittances firms, WorldRemit, has announced that it is terminating bank transfers to Zimbabwe bank accounts.

    The Global money transfer service provider said the removal of bank transfers from Zimbabwe is with effect from 29 June 2022.

    According to WorldRemit, the money transfer company made the decision because it does not believe that it can provide the best quality service in Zimbabwe.

    However, other money transfer services from WorldRemit are still available, including cash pickup, mobile money and airtime.

    Below is part of the notice from WorldRemit on the move to cancel bank transfers to Zimbabwe.

     

    At WorldRemit, we pride ourselves on offering the best possible service to our customers. Sometimes that means removing services where we don’t believe we can provide the best-quality service or the widest range of options for you.

    We’ve decided to remove bank transfers from our service in Zimbabwe. From 29/06/2022, you won’t be able to send money to bank accounts in Zimbabwe.

    We do apologise for any inconvenience this causes to you or your loved ones. The good news is that our other money transfers, including cash pickup, mobile money and airtime, will still be available. Have a look at our website and app for more information.

    WorldRemit also terminated its relationship with the government-owned National Building Society (NBS).

    NBS is a wholly owned subsidiary of the National Social Security Authority (NSSA), a statutory corporate body tasked by the Government to provide social security. NSSA is wholly owned by the Government of Zimbabwe.

    In another communication, WorldRemit said,

    At WorldRemit, we pride ourselves on offering the best possible service to our customers. Sometimes that means removing services where we don’t believe we can provide the best-quality service or the widest range of options for you.

    We’ve decided to remove National Building Society from our range of services. From 29/06/2022, you’ll no longer be able to send cash to be picked up at National Building Society locations.

    If you have sent a cash pickup transfer to National Building Society locations, please make sure your receiver picks up their cash before 13/07/2022.

    We do apologise for any inconvenience this causes to you or your loved ones. The good news is that you can still send cash pickup transfers to many other locations.

    Just 2 years back, WorldRemit partnered with Mukuru to offer extended services to customers.

     


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