EcoCash partners MoneyGram

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Econet Wireless Zimbabwe through Ecocash has partnered with MoneyGram to establish the first mobile-centric money remittance service in Africa. MoneyGram which operates in more than 200 countries worldwide says the new offering means that more than 4.9 mln Ecocash subscribers and MoneyGram customers can receive funds through Ecocash. Speaking at the launch of the partnership, Econet Chief Operating Officer Fayaz King said the partnership will enhance remittances to Zimbabwe and improve liquidity in the economy. – Financial Express (Online)

Local micro-finance institution GetBucks Zimbabwe will soon launch an initial public offering on the Zimbabwe Stock Exchange in order to raise $3,75 million. It will be the first IPO since Phillip Chiyangwa’s Zeco Holdings listed during the Zim dollar era in 2007. GetBucks is owned 55 percent by GetBucks Limited, a South African company, and 45 percent by investment holding firm Brainworks Capital Management. The company commenced operations in 2012 as a credit only micro-finance institution. It currently has 13 branches in all the major centres of the country. Its loan book as of June 30, 2015 stood at $11,6 million. GetBucks was licenced as a deposit taking micro-finance institution in July this year and is currently finalising the infrastructural and operational requirements before commencing banking operations.  Sources said that GetBucks is pursuing the IPO to comply with the shareholding structure prescribed by the Reserve Bank of Zimbabwe under new guidelines. Other reasons for the IPO include the need to strengthen and enhance the visibility of GetBucks Zimbabwe brand to both public and private sectors and to further strengthen the corporate governance structures of the company by adhering to the rigors of a listing. – The Herald, 22 October 2015

A Reserve Bank of Zimbabwe official last week said prices should go down by 45 percent for local industries to become competitive, after an appreciating green buck slowed exports and threatened to escalate a severely deteriorating economic crisis. Head of exchange control, Morris Mpofu, said the price reduction should not only target goods but even services, including interest rates, utility and labour costs and raw materials. – Daily News, 22 October 2015

A nine-member Chinese delegation arrived in Zimbabwe yesterday for site visits and meetings with senior Government officials as the implementation of the deals sealed last year intensifies. The delegation is led by the China International Trade representative Zhang Xiangchen and includes director generals and deputy director generals of various Chinese government arms. The Asian country has agreed to immediately bankroll a number of selected infrastructure projects sealed during President Mugabe’s State visit to China last year, with experts from the National Development and Reform Commission the economic planning body of China visiting Zimbabwe recently to verify the bankability of the projects before financing them.  – The Herald, 22 October 2015

Government yesterday said it will soon review its economic blueprint ZimAsset to factor in views from developmental partners such as United Nations agencies. Chief Secretary to the President and Cabinet Misheck Sibanda told stakeholders that the process will start in the coming three weeks. The meeting held in Harare was attended by journalists, top government officials and representatives of various UN agencies. He said UN agencies will provide the much needed support to enable the goals to sail through. – NewsDay, 22 October 2015

The National Social Security Authority will free up funds locked up in non-performing equity and money markets and redirect them to longer capital projects as part of the institution’s restructuring drive while at the same time withdrawing executives of NSSA from all boards of investee companies.Chairman Robin Vela told journalists yesterday that freeing up funds will help support strategic national goals while securing sustainable returns.He said NSSA will take the lead as an active shareholder.Vela said the board had undertaken a major restructuring which began on Monday aimed at improving corporate governance, cutting operational costs, improving service delivery and accountability. – Financial Express (Online)

By |October 22nd, 2015|Categories: Headlines|

About the Author:

Kudzanai Sharara
Kudzanai’s background in financial journalism with ZFN, combined with a continuing education in financial management, provide a solid grounding for his work in the research department.