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ZB Financial Group Says Zimbabwe’s Mono-Currency Targets Needs Gradual Transition

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ZB Financial Holdings (ZBFH) has called for a phased and carefully managed approach toward Zimbabwe’s goal of adopting a mono-currency system by 2030, warning that rushing the process could undermine economic stability.

 

The group’s strategy executive, Trymore Muhlanga, made the remarks this week as the financial institution prepares to roll out its 2026–2030 mid-term strategy, which aligns with government’s broader vision of consolidating the Zimbabwe Gold (ZiG) as the country’s sole legal tender by the end of the decade.

 

Muhlanga said the government’s currency transition must be supported by consistent policy measures and gradual market adaptation.

 

“As a group, we are fully supportive of government initiatives,” he said. “What the central bank will likely do between now and 2030 is to steadily increase the use of our domestic currency. At the moment, around 90% of transactions are conducted in United States dollars or other foreign currencies, so it’s important to rebalance that gradually.”

 

He explained that the process should involve a step-by-step reversal of the current foreign currency dominance, moving from a 90/10 ratio in favour of the US dollar to 70/30, then 50/50, before eventually transitioning to full use of the ZiG.

 

“If we don’t manage that transition properly, we may not achieve the level of success that the economy desires,” he cautioned.

 

Muhlanga’s remarks come as the authorities press ahead with the controversial plan to scrap the multi-currency system by 2030, a move that has drawn mixed reactions from the business sector and the general public amid concerns over currency confidence and inflation stability.

 

Meanwhile, ZB Bank’s SSCI certification — officially recognised during the Global Sustainable Finance Conference held on September 25, 2025, in Germany — was hailed as a major milestone for the group.

 

Reserve Bank of Zimbabwe (RBZ) deputy governor Jesimen Chipika commended the institution for integrating sustainability into its corporate operations.

 

“Allow me to extend my heartfelt congratulations to ZB Bank on attaining this comprehensive sustainability certification,” Chipika said. “This achievement is a testament to the institution’s resolve and commitment to embed holistic sustainability principles across all aspects of its operations.”

 

The certification aligns with ZB Bank’s long-term goal of embedding environmental, social, and governance (ESG) standards into its strategy, reinforcing its position as one of Zimbabwe’s leading financial institutions championing sustainable growth.

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Lower Gweru Miner Rises From Artisanal Beginnings to Multimillion-Dollar Gold Venture

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A miner from Lower Gweru has risen from humble beginnings to become the owner of a multimillion-dollar gold operation—progress he credits to the empowerment initiatives rolled out under the Second Republic.

Latest figures show that small-scale miners now account for roughly 75 percent of Zimbabwe’s yearly gold deliveries, underscoring the sector’s growing influence.

Tawanda Muchenurwa, born 52 years ago in rural Chivi, Masvingo, discovered his love for gold prospecting as a young student, spending much of his time searching for the precious mineral along the Runde River.

He later joined Zim Alloys, where he sharpened his understanding of mining techniques. Eventually, he left formal employment to pursue artisanal mining in the Shurugwi mountains, a bold step that would lay the foundation for his future success.

Through persistence and careful saving, Muchenurwa managed to register a mining claim in Lower Gweru—land that he would transform into a thriving gold operation.

Today, his venture, Birthday Mine, employs more than 100 people and contributes over 1.5kg of gold to national reserves each month.

“It has been a long road. When I bought this place in 2016, it was nothing but a mountain. Using savings from my artisanal mining work, I slowly built the operation. The real turning point came after 2018, when the Second Republic opened more doors for local miners. I accessed a loan and began structured mining,” he said.

“With the President’s Vision 2030 in mind, we are pushing even further. We now have modern underground mining machinery, and by next year I’m targeting at least 10kg of gold every month.”

The mine has also brought relief to nearby communities, creating jobs and improving household incomes.

“For many of us, securing employment here has changed our lives. I can now support my husband and help my siblings with school fees,” said employee Mrs Brilliant Shumba.

Another worker, Mr Ikabot Chadza, echoed the sentiment: “This job has equipped me with new skills and eased the burden of supporting my family. It has truly empowered me.”

Muchenurwa’s rise from artisanal miner to major gold producer highlights the power of determination and hard work. And as Zimbabwe exceeds its 40-tonne annual gold target, miners like him—who make up about 75 percent of bullion deliveries—remain central to the sector’s continued growth.

 

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Alfred H Knight Shows Interest in Zimbabwe’s Metals and Minerals Sector

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Global inspection and technical consultancy firm Alfred H Knight has signalled its intention to expand into Zimbabwe, a move expected to boost investment in the country’s mining industry.

The company, known worldwide for its work in inspection, analysis and advisory services for the metals and minerals trade, recently sent a delegation to Zimbabwe to explore business opportunities. During their visit, company representatives commended the country’s improving investment environment and its openness to international investors.

Regional Business Development Manager Jonas Kamonere said Zimbabwe’s stable investment climate under the current administration makes the country an appealing location.

“We appreciate the investment environment that has been established by the new leadership,” he said.

Kamonere added that Zimbabwe’s rich mineral endowment—including precious metals, gemstones, base metals and industrial minerals—positions it as a significant market for the company.

From the Asian division, Business Development Manager Simon Sun highlighted that Zimbabwe’s mineral deposits offer strong revenue-generating potential. He noted that ongoing government efforts to encourage foreign investment in mining are likely to yield positive economic results.

“Zimbabwe is a strategic market when you look at the mineral wealth beneath its soil,” Sun said.

The company’s interest reflects confidence in government policies and its commitment to building a supportive business environment. Sun also emphasised that the favourable operating conditions make Zimbabwe a competitive choice for international investors.

Alfred H Knight provides a range of services essential to the metals and minerals supply chain, including sampling, weighing, laboratory analysis and quality control. The firm also offers technical consulting on mineral processing, plant design and operational efficiency, promoting responsible and sustainable mineral production.

With more than 140 years of experience and operations in at least eight African countries—such as Angola, Botswana, the DRC, Mozambique, Namibia and South Africa—the firm has a strong international presence across more than 60 countries.

The company’s entry into Zimbabwe is expected to stimulate economic activity by creating jobs, supporting local industries and encouraging further foreign investment. The government will also benefit through increased tax revenue and royalties.

The interest shown by Alfred H Knight further demonstrates that initiatives under the Second Republic—such as tax incentives, regulatory reforms and improvements to transport and communications infrastructure—are helping to attract global players to Zimbabwe’s mining sector.

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ZIMRA REMINDS TAXPAYERS TO SUBMIT FOURTH QUARTER PROVISIONAL RETURNS

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Harare, Zimbabwe  11 December 2025: The Zimbabwe Revenue Authority (ZIMRA) has urged all taxpayers earning income from business or investments to submit their Fourth Quarter Provisional Tax Returns and settle payments for the 2025 tax year on time.

All taxpayers deriving income from business or investments, including self-employed professionals such as architects, engineers, legal and health practitioners, and real estate agents.

Submission of Fourth Quarter Provisional Tax Returns and payment of the corresponding tax. Taxpayers are also advised to reconcile any shortfalls from previous quarters or settle outstanding arrears.

Returns are due by 15 December 2025, while payments must be made on or before 20 December 2025.

At the nearest ZIMRA offices or through the online Taxpayer Revenue Management System (TaRMS).

ZIMRA said the reminder aims to encourage voluntary compliance and ensure all taxpayers meet their obligations under the Self-Assessment System, which now includes certain self-employed professionals previously paying presumptive tax.

Taxpayers should calculate provisional tax by estimating annual tax liability, apportioning income and expenses, converting excess USD income to ZWL, and applying the 35% rate for the fourth quarter.

ZIMRA also thanked taxpayers who have already submitted returns and payments, encouraging continued compliance in future years. Taxpayers facing challenges are urged to consult the nearest ZIMRA office for assistance.

“My Taxes, My Duties: Building My Zimbabwe,” the authority said, wishing all residents happy holidays.

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