Zim processed US$2.9b worth of POS transactions in 2016

FBC Bank Mobile Moola, Swiping, Card transactions, e-banking, Zimswitch, swiping

Photo Credit: Techzim

Zimbabwe processed Point of Sale (POS) transactions worth US$2.9 billion in 2016 with POS volumes increasing by 260% during the same period. POS transactions are all payments made at swipe machines using plastic money in the form of debit and credit cards.

According to the Reserve Bank of Zimbabwe 2017 Monetary Policy Statement, the value of POS transactions jumped from US$1.72 billion in 2015 to the US$2.9 billion total recorded in 2016. Read more

Unilever in 50pc salary cuts

Unilever Zimbabwe has slashed salaries by 50 percent as part of a restructuring exercise the company has embarked on after it was affected by Government’s move to restrict the imports of some of its products and the challenges with foreign currency payments.

Unilever Zimbabwe is a net importer after it scaled down manufacturing at the country at the start of dollarisation.

However, fast moving consumer goods importations are not on top priority in terms of foreign currency allocation. Read more

Strive Masiyiwa’s Liquid Telcoms buys Neotel

Neotel CEO

Africa’s largest fibre network will be formed as Liquid Telecom buys South African converged network operator Neotel.

The deal, valued at ZAR 6.55 billion (USD466m), has received unconditional approval from the Independent Communications Authority of South Africa (ICASA).

This follows approval from South Africa’s Competition Commission in October 2016; the transaction will create the largest pan-African fibre network and B2B communications services provider. Read more

Dangote to transform Dangote Group into a $100B business empire

With a track record exhibiting profound resilience and foresight, it comes as no surprise that Dangote Group and its Founder and CEO, Aliko Dangote, are ardent on building the multinational conglomerate into a $100 billion market capitalization business.

A Growing Business

Established in May 1981, such goals may not always have seemed possible from the outside looking in. Dangote Group started as a trading business with an initial focus on cement. Read more

TelOne to aggressively pursue debtors after US$123 million recoveries in 2016

STATE-owned fixed line operator, TelOne expects to recover US$165 million in debts this year after collecting US$123 million last year, an official said on Monday.

The parastatal, which is owed $271 million by various players across the economy, including the government, said in 2016 it managed to collect US$123 million after an aggressive debt collection strategy.

“TelOne is currently owed US$271 million by debtors who include government, corporates and residential clients. The company was able to collect US$123 million in 2016 and is targeting to collect US$165 million in 2017,” said Melody Harry, the company’s corporate communications manager.  Read more

Huge problem of ‘fake money’ in Nigeria

About 20% of the Nigerian currency, the naira, in circulation in the West African state is fake, an ex-deputy governor of the central bank, Obadiah Mailafia, has said.

Speaking at a budget hearing in the National Assembly yesterday, Obadiah Mailafia called on the authorities to crackdown on fake money to protect the economy:

When fake currencies of that magnitude circulate, original currencies become scarce. Bad money chases away good money.”

Read more

Air Zimbabwe to get new planes

THE Government is in the process of procuring a new fleet of small aircraft for Air Zimbabwe at an estimated cost of $770 million, Transport and Infrastructural Development Minister Dr Joram Gumbo has said.

Of late, concerns have been raised that Air Zimbabwe was operating old equipment compared to its competitors and this was increasing the airline’s operating costs and compromised on service quality and reliability. Read more

Retailers yet to reduce 15% VAT

Patrick ChinamasaTHE 15% value-added tax (VAT) introduced by the government recently on all meat products and cereals is still effective despite Finance minister Patrick Chinamasa claiming to have suspended it, business officials have said.

The government recently imposed a 15% VAT on all meat products and cereals under Statutory Instrument 20 of 2017, a move that triggered a sharp increase in the prices of most basic foodstuffs, as retailers passed on the cost to end users. Read more

Farming tips: sugar beans

Image result for sugar beans plantsSugar beans are popular with both subsistence and commercial farmers countrywide but many are not able to maximise their yield because of poor farming skills. The following are tips to help increase productiveness.

Preparing the land

The land should be well prepared in order to leave the soil loose enough for planting seeds. This loose topsoil should be about 15cm deep.

To add manure to the soil the farmer may use garden compost as artificial compounds may contain too much nitrogen. Beans produce nitrogen so it is important not to use too much fertilizer. Read more

Zimbabwean Mr. Mushosho to head Old Mutual Africa business

Old Mutual Zimbabwe managing director, Jonas MushoshoOld Mutual Emerging Markets has appointed Jonas Mushosho to the position of chief executive for their Rest of Africa business.

The appointment is with immediate effect.

Old Mutual Rest of Africa includes all countries in Africa, except South Africa.

The 13 countries falling under this banner are Zimbabwe, Malawi, Swaziland, Botswana, Namibia, DRC, Tanzania, Rwanda, Kenya, Uganda, South Sudan, Nigeria and Ghana.

Prior to this appointment, Mr Mushosho doubled as CEO for Old Mutual Southern and East Africa (OMSEA), as well as for Old Mutual Zimbabwe. Read more

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