WATCH LIVE as Gambakwe looks at the banking crisis in Zimbabwe which has resuled in many banks shedding employees.
Please watch the video above this post for more details
Key events for this week
1. IMC communications Managing Director, Danny Marandure has confirmed that IMC communications has been granted an ISP licencee.
The latest bank to announce a retrenchment exercise is Steward Bank, which is struggling with a limited activity due to the stagnant economy.
Topics
1. IMC Communications has been granted an ISP licence by the POTRAZ.
2. The licence was granted this week.
3. POTRAZ DG Dr Gift Muchengete has confirmed the development.
4. IMC is reported to have paid USD 575 000 for the licence.
5. Starlink has also paid their licence fees for Zimbabwe and will soon get their licence to operate in Zimbabwe.
6. Many Banks in Zimbabwe are struggling with low business and are unable to pay staff through non interest income. Zimbabwe faces the prospect of bank failures.
7. Steward Bank is set to retrench staff. Econet has acquired the Fintech division of Ecocash. Steward Bank is the only division remaining under Ecocash Holdings.
8. CEO Courage Mashavave says this is due to new technology that has made certain processes redundant.
9. ZEC announces new Party list councillors.
10. Air Zimbabwe is running a special Harare to Johannesburg at $250 (Other specials currently running are the FlySaFair which is going for $50).
11. Passmore Nyakureba is the new board chairman of the Zimbabwe National Blood Transfusion Services.
12. Mutare Twins Tendai Sibanda and Tendekai Sibanda are dating the same woman Nyaradzo Muyambo.
13. Tendekai moved into his brother’s house in Dangamvura after he moved in from South Africa.
14. Tendai was about to marry Nyaradzo after living with her for a year.
15. Last week, Tendai was arrested by police after he beat up Nyaradzo. Nyaradzo then came to his place to collect all the stuff that she had bought for him.
16. Zimbabwe company Wise Wave has collected over $100 000 from Zimbabweans wanting to relocate to Poland using study visas.
17. The company issued fake permits to over 20 people.
18. Wise Wave has offices in Harare and Gweru.
19. Team Lozikeyi trending in Bulawayo.
20. The team is led by Detective Assistant Inspector Lethubuhle Lerato Sibanda.
21. Goolammv has been identified as 49 year old Goolam Muhammed Suliman Vadwa
Originally, Wise Wave was known for helping students in Poland obtain Temporary Residence cards. In 2022, the company expanded its services to recruit international immigrants for Polish work visas. However, due to delays at the embassy, it became difficult for both students and workers to secure appointment dates. Many applicants paid over $500 to the company to process their papers but received nothing in return. They were promised work permits within three months, but the company failed to deliver.
By November 2023, it had become extremely challenging to get appointment dates at the Polish Consulate in Pretoria. Despite this, Wise Wave continued to collect money from applicants, promising to secure dates. By February 2024, many applicants realized they were not going to get appointments and began demanding refunds. In response, the company issued fake permits to over 20 applicants. One mother of three described saving all her money to make this dream come true, only to travel from Zimbabwe to South Africa for an embassy appointment and discover her permit was fake.
Mr. Morgan, one of Wise Wave’s accountants, was unavailable for comment. He has been accused by applicants of taking their money and failing to provide any updates. The company has collected over $100,000 from these customers, and it is unlikely that this money will be repaid as nearly a year has passed since the issue began.
Top Banks in Zimbabwe
Stanbic Bank
CBZ Bank Limited
Ecobank Zimbabwe Limited
First Capital Bank Limited
NMB Bank Limited
BancABC
Nedbank Zimbabwe
Steward Bank
Below is the full list of banks in Zimbabwe
Commercial Banks:
AFC Commercial Bank
Agribank (Agricultural Development Bank of Zimbabwe)
BancABC
CBZ Bank Limited
Ecobank Zimbabwe Limited
EmpowerBank Limited (Insolvent)
FBC Bank Limited
First Capital Bank Limited
GetBucks Microfinance Bank Limited
Innbucks Microbank Limited
Lion Microfinance Limited
MetBank
Nedbank Zimbabwe Limited (formerly MBCA Bank Limited)
NMB Bank Limited
Stanbic Bank Zimbabwe Limited
Standard Chartered Bank Zimbabwe Limited ( Closed)
Steward Bank
Success Microfinance Bank Limited
Tetrad Investment Bank Limited
ZB Bank Limited
Zimbabwe Women’s Microfinance Bank Limited (Insolvent)
Building Societies:
CABS (Central Africa Building Society)
FBC Building Society
National Building Society
ZB Building Society
Other Institutions:
Infrastructure Development Bank of Zimbabwe (IDBZ)
People’s Own Savings Bank (POSB)
Small and Medium Enterprises Development Corporation (SMEDCO)
Time Bank (Information limited)
