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Lupane State University’s finances in disarray: Auditor General’s report reveals significant concerns

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BY NOKUTHABA DLAMINI

The Office of the Auditor -General’s (OAG) report on Lupane State University’s financial statements for the year ended December 31, 2022, reveals significant concerns. The report states that the University’s financial statements are incomplete, inaccurate, and do not reflect the true financial position of the institution.

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One of the main concerns tabled before the parliament is the University’s academic fees income. “Academic fees comprise a significant part of income generated by the University from its operations,” the report notes.

However, the auditor general was not provided with all the supporting documents for the academic fees income recognized. “I was unable to perform alternative audit procedures to satisfy myself on the completeness, accuracy, and occurrence of academic fees income amount during the audit,” the report states.

“The University could not provide accurate and complete student statistics to evaluate recalculation of academic fees using numbers of active students and the authorised tuition fees for each program per semester, to assess if the academic fees income amount of ZWL$ 2.4 billion presented in the financial statements was accurate.”

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The report also highlights issues with trade receivables. “In the absence of sufficient audit evidence, the University’s records did not permit the application of alternative procedures and therefore no assurance could be obtained that the student receivables had actually existed and were accurately recorded,” the OAG writes.

Furthermore, the report notes that the University’s property, plant, and equipment valuation does not meet the fair value criteria as per International Financial Reporting Standard (IFRS) 13. “The revaluation was performed in USD and translated to ZWL using the Reserve Bank of Zimbabwe (RBZ) interbank rate for financial reporting purposes. This did not meet the fair value criteria as provided for in International Financial Reporting Standard (IFRS) 13 – Fair Value Measurement,” the report states.

Governance issues are also a concern. “The University did not have lease agreements on the buildings leased to the University by a commercial bank,” the report notes. “This was attributable to inadequate due diligence and maintenance of the University filing system.”

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In addition, the report highlights procurement issues. “The University made advance payment amounting to ZWL$22.6 million to a supplier for the purchase of heifers in May 2022. However, the heifers had not been delivered as at December 31, 2022,” the OAG writes.

Overall, the report raises significant concerns about the reliability and accuracy of Lupane State University’s financial statements. As the auditor general states, “I was unable to obtain sufficient appropriate audit evidence to provide a basis for an audit opinion on these financial statements.”

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National

Malaria surge persists in Zimbabwe despite interventions, rural communities struggle

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BY NOTHANDO DUBE

Zimbabwe is experiencing a sharp rise in malaria cases in 2026, with health experts warning that funding gaps, climate pressures and persistent transmission in high-risk areas are reversing years of progress.

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Latest figures from the Ministry of Health show that by mid-April, the country had recorded over 65 000 malaria cases and 174 deaths, nearly double the numbers reported during the same period in 2025. The increase follows the premature closure of the Zimbabwe Assistance Programme in Malaria (ZAPIM), which had supported key prevention and control efforts.

Save the Children said the end of the programme has contributed to shortages of insecticide-treated mosquito nets, delays in vector control operations and weakened disease surveillance, particularly in vulnerable rural communities.

The Community Working Group on Health (CWGH) also warned that Zimbabwe recorded 154 000 malaria cases and 423 deaths in 2025, linking the continued spread of the disease to erratic rainfall, flooding and rising temperatures that have expanded mosquito breeding sites.  

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In malaria-prone districts such as Binga, frontline health workers say the disease remains difficult to contain despite ongoing interventions.

Village health worker Margaret Bernard from Tindi said communities continue to receive support, including mosquito nets, medication and other supplies, but challenges persist.

“We do get assistance to fight malaria because Binga is prone to the disease. We receive mosquito nets, medication and other support,” she said. “But even with these interventions, it is still difficult to fully contain malaria here. The cases keep coming, especially during the rainy season.”

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Zimbabwe had previously made significant progress in reducing malaria cases, with infections dropping sharply between 2023 and 2024 due to sustained investment and coordinated efforts. However, experts warn that without renewed funding and stronger community-level responses, those gains could be lost.

“Malaria remains preventable and treatable, but deaths are rising again,” CWGH said, calling for urgent action to strengthen prevention, improve treatment access and secure long-term funding.

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National

EcoCash launches all-in-one super app

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BY STAFF REPORTER 

Leading fintech platform EcoCash has launched an all-in-one “super app” integrating payments, chat and lifestyle services into a single platform, in a push to deepen digital financial inclusion.

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Developed by Sasai Fintech, a unit of Cassava Technologies, the app signals EcoCash’s shift towards a fully integrated digital and social ecosystem that goes beyond traditional payments.

In a statement, EcoCash said the platform responds to growing demand for seamless, mobile-first solutions that combine communication and transactions.

“With mobile devices now central to how people live, work and transact, we have reimagined the EcoCash app to deliver a secure, convenient and integrated digital experience,” the company said.

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A key feature is social payments, allowing users to send and receive money within chat conversations without switching apps. The platform also includes automated bill-splitting, enabling users to divide shared costs in real time.

The app integrates merchant payments, bill settlements, and airtime and data purchases into a single interface, aiming to reduce transaction time and data costs.

EcoCash said the platform also supports content monetisation, allowing users to create and earn income directly, targeting Zimbabwe’s growing community of digital creators and small businesses.

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The company said the super app forms part of a broader innovation pipeline that will include stablecoin-based remittances and other digital financial services, supported by investments in artificial intelligence.

Sasai Fintech recently partnered with Circle, an internet financial platform company, to advance stablecoin adoption in Africa.

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Zimbabwe approves US$92 million Victoria Falls infrastructure deal

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BY WANDILE TSHUMA

The government has greenlit a major public-private partnership (PPP) to develop critical bulk infrastructure within the Masuwe Special Economic Zone (MSEZ), a move aimed at transforming Victoria Falls into a premier international hub for finance and tourism.

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The project, approved during the Tuesday cabinet meeting, establishes a commercial joint venture (CJV) between the state-owned Mosi Oa Tunya Development Company (MTDC) and the JR Goddard (JRG) Consortium.

According to the government briefing, the MSEZ is a “flagship national development project” established to “transform Victoria Falls into a diversified, high-value hub integrating tourism, financial services and sustainable real estate”.

Under the terms of the agreement, the JRG Consortium—which includes JR Goddard Pvt Ltd, Sesani Pvt Ltd, Stewart Scott Zimbabwe Pvt Ltd, and GGF Africa Pvt Ltd—will provide funding of US25.6 million.

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This arrangement results in a shareholding structure of 39% for MTDC and 61% for the JR Goddard Consortium.

The infrastructure roadmap for the 1 200-hectare site is extensive. Planned works include the surfacing of 8 km of internal roads, the upgrading of 9 km of existing gravel roads, and the construction of a 13 km water pipeline designed to serve both the economic zone and neighbouring communities.

Additional developments will feature a package water treatment plant, a sewerage reticulation system, a power sub-station, and effluent re-use storage ponds.

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Cabinet said the project was subjected to a “rigorous evaluation” in compliance with the Zimbabwe Investment and Development Agency (ZIDA) Act.

Officials believe the partnership will “catalyse high-value investment” and provide a “sustainable fiscal contribution to gross domestic product (GDP)” while creating downstream jobs.

The government said the project is expected to “catapult the transformation of Victoria Falls into a modern and vibrant economic development city, fulfilling the attainment of Vision 2030”.

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The joint venture includes a 25-year structured profit recoup period and will be overseen by a board chaired by the MTDC to ensure alignment with the country’s National Development Strategy 2.

Located within the Kavango-Zambezi Transfrontier Conservation Area (KAZA-TfCA), the Masuwedevelopment is seen as a strategic pivot for Zimbabwe to diversify its tourism-dependent economy into a more robust financial services and real estate centre.

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