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Author: Albert Nangara
Albert is an experienced business writer specializing in stock exchanges, financial markets and technology. He has a deep understanding of the dynamics of the global economy and a keen interest in analyzing investment trends, market trends, and the impact of investments on stock prices especially in the Southern African region.
The latest data from the Zambia Statistics Agency (ZAMSTATS) has placed Switzerland as the dominant force in Zambia’s export market. Switzerland accounted for a staggering 45.9 per cent of Zambia’s export earnings for September 2023.
ZAMSTATS’ October monthly bulletin reveals Switzerland’s dominant position as Zambia’s primary export destination. This is primarily driven by the export of copper anodes for electrolytic refining. Copper exports constitute a significant 73.4 per cent of total export earnings.…
Africa is a continent of diverse religions, cultures, and intricate histories. Christianity is one of the major faiths that has shaped the lives and identities of millions of Africans. The continent has also evolved beyond its spiritual dimension to encompass a thriving business aspect.
Numerous churches and religious organizations have ventured into various economic activities, generating income and wielding significant influence. Consequently, some churches have become mega-churches with thousands of members and millions of dollars in revenue. They often own businesses such as schools, hospitals, media outlets, and real estate investments.…
- Econet Wireless Zimbabwe, a Telecommunications company founded by Strive Masiyiwa, has introduced the country’s first eSIM service.
- eSIM is a digital SIM card embedded in smartphones, eliminating the need for a physical SIM card and allowing users to have multiple phone numbers on one device.
- Econet’s adoption of eSIM technology aligns with global trends and promises to bring numerous benefits to both consumers and the company itself.
Econet Wireless Zimbabwe, one of the country’s leading telecommunications companies, has taken a bold step by introducing the country’s first eSIM service. This innovative technology, known as eSIM (Embedded Subscriber Identification Module), is a digital SIM card that is embedded in smartphones, eliminating the need for a physical SIM card.
Econet Wireless Zimbabwe’s introduction of eSIM technology is not merely a technological advancement but a strategic move to provide its customers with a better, more flexible, and sustainable communication experience.
Econet’s eSIM technology…
The energy crisis gripping South Africa is set to intensify as rising global oil prices, coupled with a heavy dependency on oil imports, threatens to trigger economic fallout in the country. The expected announcement of fuel price increases for October, will put further strain on the country's economy.
According to data from the Central Energy Fund (CEF), the Automobile Association (AA) has issued a stark warning to South Africans about the impending hit on the economy starting October.…
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- Zimbabwe's economic history has been turbulent with hyperinflation, currency devaluation, and a shortage of the Zimbabwean dollar.
- To cope with these challenges, Zimbabweans embraced digital payments.
- In H1 2023, digital payment values rose by 40%, with transaction volumes seeing a slight 4% decline.
- Mobile money services such as EcoCash, OneMoney, Innbucks, O’mari, and Telecash are now crucial for transactions in Zimbabwe.
For years, Zimbabwe has grappled with a severe shortage of physical currency. The nation's economic turmoil commenced with hyperinflation, forcing the abandonment of its own currency in 2009. Instead, a mix of foreign currencies, primarily the US dollar, came in helping to steady the economy.
However, by 2015, the US dollar began vanishing from formal banks, resulting in a significant scarcity. Consequently, individuals and businesses started hoarding US dollars. The USD was considered a safe investment rather than a means of exchange.
Introduction of Bond Notes in Zimbabwe
- RBZ Governor John Mangudya revealed that as of July 21st, the bank had conducted 11 issuances of GBDT.
- The Governor noted that the bank received 590 applications to purchase tokens equivalent to 325.02Kg of gold.
- In 2022, as the international economic environment worsened, Zimbabwe turned to gold coins were introduced to tame runaway inflation.
Zimbabwe’s struggles with hyperinflation has since been making headlines for decades. In 2009, inflation was so devastating that the country issued a new Zimbabwean dollar (ZWL), shedding twelve zeros from the earlier currency (ZWD).
By November 2022, the annual consumer price inflation for a compressed basket of goods was at 107 per cent in the country and in June, inflation rose to 175.8 per cent following devaluations of the local currency.
According to the Reserve Bank of Zimbabwe (RBZ) mid-term monetary policy statement, inflation increased to 86.5 per cent and 175.8 per cent in May and…
The COVID-19 pandemic drastically altered the global education landscape. Consequently, it pushed educators to innovate rapidly and adapt to new modes of teaching and learning. In Southern Africa, the pandemic prompted a swift shift towards blended learning. This involved a combination of in-person and online education, as schools and universities temporarily closed their physical doors. The need to ensure continuity in education while minimizing the risks of virus transmission drove this unprecedented change in the education sector. Among the various approaches adopted during this period, e-learning emerged as a powerful tool with the potential to revolutionize education in Southern Africa. As such, the region’s education sector can harness the power of gamification to shape a brighter future for its students.…
- Commodity exchanges are organized marketplaces that facilitate the trading of agricultural commodities such as grains, livestock, and even precious metals.
- These exchanges provide a structured environment for buyers and sellers to come together and exchange commodities based on standardized contracts.
- In Southern Africa, these exchanges have taken on a transformative role in empowering farmers and bolstering the agricultural sector.
Southern Africa's agriculture is marked by its rich diversity of crops and products. According to International Fund for Agriculture (IFAD), agriculture is the largest sector in the East and Southern Africa region, employing 65 per cent of Africa’s labour force and accounting for over 30 per cent of the region's GDP.
But it's not without its hurdles. Smallholder farmers, who constitute a substantial portion of the agricultural workforce, often grapple with unpredictable market prices. They also suffer from limited access to credit, and inadequate information on market trends.
The first quarter of 2023 witnessed a significant shift in communication trends in Zimbabwe. Voice traffic experienced a sharp decline while mobile internet and data traffic continued to surge. According to the quarterly bulletin released by the Postal and Telecommunications Regulatory Authority of Zimbabwe (POTRAZ), the country’s mobile internet and data traffic witnessed a 12.3 per cent increase. It reached 37,690.4 Terabytes by the end of Q1 2023, compared to 33,576.4 in the previous quarter.…
FBC Holdings Limited (FBCH) has finalized an agreement with Standard Chartered Bank to acquire its business in Zimbabwe. However, this transaction remains subject to regulatory approvals, including that of the Reserve Bank of Zimbabwe (RBZ), and marks a strategic move for both entities.
Standard Chartered Bank had previously decided to divest from several markets. These include Lebanon, Angola, Cameroon, Gambia, Sierra Leone, Zimbabwe, and Jordan. Additionally, the bank has planned to exit the Consumer Private and Business Banking (CPBB) business in Côte d’Ivoire and Tanzania. Standard Chartered Bank’s business sale in Jordan came to light earlier in March this year, aligning with the bank’s strategic realignment efforts.…