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Econet set to spin off Cassava to create Fintech giant

Business Reporter ECONET Wireless Zimbabwe (EWZ)’s new stand-alone unit Cassava, born out the unbundling financial technology (fintech) businesses to be listed separately on the Zimbabwe Stock Exchange, is set to become one of the biggest companies in Zimbabwe. Cassava group chief executive Darlington Mandivenga said the company may not yet …

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Minister Explains Wheat Shortage

By Zvamaida Murwira At least 980 National Railways of Zimbabwe wagons had been loaded with wheat as of yesterday and most of them were now docked at millers as Government moves to ease the shortage of the cereal grain, a Cabinet minister has said. In an interview yesterday, Transport and …

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Zimbollar – A Guide to Zimbabwe’s Black Market

By Ray Mwareya In only two months an anonymous Twitter account has grown to over 21,000 followers As Zimbabwe suffers severe money shortages, businesses are closing, food shelves in Harare are emptying and prices of basic commodities, fuel and medicines are soaring. The price of a two-litre bottle of cooking …

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Local authorities need $2,3bn for water systems

ZIMBABWE’S local authorities need a combined $2,338 billion investment in water supply and solid waste management in the next five years, Local Government Investment Conference (Logic) chairperson George Makunde has said. BY MTHANDAZO NYONI Makunde, who is also Chitungwiza town clerk, said service delivery was in a sorry state for …

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Card cloning fraud cases on the rise

THE Zimbabwe Information and Communication Technologies (ZICT) says 154 cases of bank card cloning have been reported in the country so far as more people use electronic payment systems in the absence of cash. BY TATIRA ZWINOIRA Card cloning, fraud, identity theft, money-laundering through electronic vandalism, among others, are the …

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Cabinet meeting disrupted by power cuts

THE ongoing power outages that have ravaged Harare since Tuesday interrupted a Cabinet meeting, NewsDay has learnt. BY FIDELITY MHLANGA Energy minister Joram Gumbo told NewsDay yesterday that he was aware of the prevailing power blackouts that have affected Harare residents. “Zesa has made an announcement that there is a …

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ZADT disburses $87,5m to support farmers

  THE Zimbabwe Agricultural Development Trust (ZADT) has so far disbursed a total of $87,5 million to agri-businesses through micro-finance institutions (MFIs) and banks, officials say. By Freeman Makopa The fund, which started in 2012 with a seed capital of $3,8 million from donour partners — Danish International Development Agency …

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ACCA marks Global Ethics Day

Business Reporter The separation of bank accounts into FCA and RTGS FCA accounts is a cause for concern for the accounting profession in terms of reporting in particular for companies that report globally, a breakfast meeting to mark the Global Ethics Day heard yesterday. Participants at a round-table breakfast meeting …

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Zim power generation project bears fruit

Africa Moyo Senior Business Reporter Zimbabwe’s deliberate focus on investing in electricity generation since 2009 is beginning to bear fruit amid indications that all of last week, the country relied solely on locally generated electricity. The move saw a break from the importation of about 350MW from South African power …

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NetOne posts $10m revenue in September

Africa Moyo Senior Business Reporter NetOne, one of the State-owned enterprises lined up for privatisation, has posted $10 million revenue in September driven by a 3 percent jump in its subscriber base last month. The revenue achieved in September is 6 percent above what was budgeted for. Critically, the performance …

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