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Less Than Half of Adults Have Bank Accounts

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Less Than Half of Adults Have Bank Accounts
TN CyberTech Bank has raised alarm over Zimbabwe’s widening financial exclusion, revealing that only 46% of adults hold a formal bank account amid high fees, limited rural access, and lingering mistrust of traditional institutions. The digital-first bank aims to expand inclusion through affordable, tech-driven solutions. (Credit: Hurumende News Hub)

TN CyberTech Bank has raised concerns over Zimbabwe’s deepening financial exclusion, revealing that only 46% of the country’s adult population holds a formal bank account, according to its latest six-month results ending 31 August 2025.

The figure underscores more than just economic metrics, reflecting decades of mistrust, systemic inefficiencies, and structural barriers.

Historical experiences with hyperinflation, abrupt currency changes, and the loss of savings and pensions have left many Zimbabweans wary of formal banking institutions, often preferring cash holdings or informal savings groups like mukando.

High costs and charges further limit participation.

Traditional banks in Zimbabwe typically impose steep fees for account maintenance, transactions, and balance inquiries, offering minimal returns on savings.

Additional levies, such as the Intermediated Money Transfer Tax (IMTT), a 2% tax on electronic financial transactions, have compounded the burden for low-income earners and informal sector workers, who often find alternative financial solutions more practical.

Accessibility remains another barrier. Bank branches and ATMs are largely concentrated in urban areas, leaving rural populations underserved.

Mobile money networks, by contrast, have expanded rapidly, with agent networks up to ten times denser than bank branches, providing financial access in even the most remote areas.

The proliferation of mobile phones has further accelerated the adoption of digital platforms such as EcoCash, offering low-cost alternatives that bypass traditional banking obstacles.

Frequent currency reforms and volatile macroeconomic conditions have also made long-term financial planning through formal banks unpredictable, prompting many Zimbabweans to rely on foreign currencies or informal systems to preserve wealth.

Rigid account requirements, including mandatory payslips or minimum balances, continue to exclude a significant portion of the population, particularly those in informal employment.
Against this backdrop, TN CyberTech is positioning itself to address the nation’s financial inclusion challenge.

“Our strategic blueprint seeks to tackle financial exclusion, a challenge evidenced by the fact that only 46% of Zimbabwe’s adult population holds a formal bank account,” said Group Chief Executive Officer Tawanda Nyambirai.

The bank, a subsidiary of TN CyberTech Investments Holdings Limited (formerly EcoCash Holdings Zimbabwe), is emerging as Zimbabwe’s first fully-fledged neobank.

Its digital-first, low-cost model has produced strong financial results: net interest income rose to ZWL106.6 million, tripling from ZWL31.8 million the previous year, while profit after tax surged 184%, supported by higher loan volumes, robust deposit growth, and operational efficiency.

Deposits increased 25% to ZWL5.9 billion, and the loan book expanded 19% to ZWL1.1 billion.
Following a 2024 corporate restructuring that divested non-core subsidiaries such as EcoCash, Vaya, and MARS Zimbabwe, TN CyberTech has repositioned itself as a digital banking powerhouse.

Its transformation is guided by the IDIFOH ethos, Innovation, Dignity, Industry, Faith, Originality, and Humility, which underpins both the brand and customer engagement strategy.

In May 2025, the bank launched a low-KYC core banking system, reducing dependence on foreign software vendors and cutting costs for onboarding new customers.

Looking ahead, TN CyberTech plans to expand nationwide financial access through digitalisation of remittances and card services, consolidation of e-commerce platforms for SMEs, and rollout of nano-loans targeting financially marginalised groups.

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Zimbabwe Bets Big on Biotech to Fuel Industrial Revolution

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Dr. Eng. Willie Ganda

 

By Enia Dube

The Minister of Higher and Tertiary Education, Innovation, Science and Technology Development, Hon. Dr Fredrick Shava, has thrown his weight behind biotechnology as a key driver of the country’s industrialisation and modernisation agenda.

Speaking at the National Biotechnology Authority (NBA) Strategic Planning Workshop in Kadoma, Dr Shava urged the Authority to identify biotechnology-led opportunities that can boost national production and accelerate economic growth.

“Biotechnology serves as a key catalyst for NDS2 implementation, advancing inclusive economic growth, job creation, and sustainable industrial development,” Dr Shava said, emphasising the need to integrate biotechnology into national value chains to unlock a biotechnology-driven economy. He added that this would turn innovation into industry, knowledge into enterprise, and science into jobs.

The NBA has made notable progress in establishing a strong regulatory framework, promoting biotechnology research and commercialisation, and raising public awareness about the sector’s potential. The Authority has successfully commercialised products such as Mapfura wine and Cofsol cough syrup, and has several other biotechnology products in the pipeline.

Incoming NBA Board Chairperson, Professor Idah Sithole-Niang, echoed Dr Shava’s sentiments, emphasising that the Authority’s five-year strategic plan must meaningfully contribute to the attainment of Vision 2030. “This event marks a significant milestone in the Authority’s ongoing efforts to enhance the role of biotechnology in Zimbabwe’s socio-economic development,” she said.

The workshop aimed to realign priorities and resources in response to emerging technologies and global biotechnology trends, and develop a strategic roadmap to strengthen biotechnology as a key driver of Zimbabwe’s socio-economic transformation. The rapidly evolving global biotechnology landscape, including advancements in gene editing, bio-manufacturing, and climate-smart innovations, presents both new opportunities and challenges for Zimbabwe.

“We recognise the pressing need for an inclusive and forward-looking strategic plan that can navigate the complexities of the biotechnology landscape,” Professor Sithole-Niang noted. The workshop was attended by researchers, government officials, and NBA staff, who are optimistic about the potential of biotechnology to drive Zimbabwe’s economic transformation and achieve Vision 2030.

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GAS COMPANY, DIRECTOR IN COURT OVER ALLEGED TAX VIOLATIONS

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Court Awards Nearly US$49K to Farmer Shot During Patrol

A Harare-based liquefied petroleum gas retailer, Prompt Gas, and its director, Gift Patsika, have appeared in court on allegations of breaching tax and exchange control regulations involving more than R8 million.

The pair appeared before regional magistrate Marewanazvo Gofa on Wednesday.

According to prosecutors, detectives from the CID Asset Forfeiture Unit were deployed on Monday under an operation code-named “Pressure Valve,” which focused on inspecting fuel and LPG businesses for compliance in areas such as licensing, pricing, funding sources and banking transactions.

Investigators visited Prompt Gas premises at 1170A3 Mutare Road, where initial checks indicated that the company had imported gas from Mozambican supplier IPG between January 1 and November 18 this year at a cost of R8,006,055.75.

The State alleges that Patsika failed to furnish proof that the imports were processed through formal banking channels as required. Authorities further claim the company made offshore payments without Reserve Bank of Zimbabwe approval, in violation of exchange control regulations.

The court also heard that the origins of the funds used for the purchases could not be accounted for, raising possible money laundering concerns.

The matter is expected to continue as investigations proceed.

 

 

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Zimbabwe Slashes Energy Costs in Bid to Boost Economy

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The Zimbabwean government has taken a significant step towards reducing business costs and attracting investment by slashing a range of licenses, levies, and fees in the energy sector. This move is part of a broader effort to modernize regulation and make the country a more competitive destination for capital.

The reforms are a direct response to the need to reduce the cost of doing business and accelerate growth in key energy subsectors, said Information Minister Dr. Jenfan Muswere, announcing the measures after Tuesday’s Cabinet meeting. The review followed extensive consultations with ministries, government agencies, and energy sector players, and forms part of the broader reform package approved by Cabinet in July last year.

The Zimbabwe Energy Regulatory Authority licence application fee has been reduced from US$2,500 to US$2,000, while the solar generation licence fee of US$2,875 has been completely removed. The petroleum import procurement license has been cut by half from US$30,000. In rural areas, the fuel retailing license has been reduced from US$200 to US$150, and the LPG retail license fee is being reduced by 50% from the current US$230.

The government recognizes that energy investment had been largely carried by the state, a position that had become unsustainable due to limited fiscal space. The new fee structure is intended to open the sector to more private investors by lowering barriers and eliminating outdated charges. “Government continues to prioritise reforms that improve the ease of doing business in order to attract and retain investment,” Dr. Muswere said.

The announcement adds to a growing list of business reforms underway across multiple sectors, including sweeping license consolidations and fee cuts in retail, hospitality, and financial services. These broader measures have included merging fragmented shop licenses, eliminating redundant permits, capping SME license fees at US$500, and cutting hotel license fees by 50%. Additional refinements to the new energy fee schedule will be finalised before gazetting once ministries complete the necessary legislative and administrative adjustments.

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