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RBZ boss warns big firms ‘manipulating exchange rate’

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Reserve Bank of Zimbabwe (RBZ) governor John Mangudya has urged large corporates to stop “manipulating the exchange rate” by exploiting the gap between the parallel-market and official currency prices for profiteering.

The governor expressed concern that companies are snapping up more foreign currency than they are allowed to through the Reserve Bank of Zimbabwe’s auction system, then selling it on at inflated prices.

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“They are manipulating the auction system through arbitrage behaviour.

“Some of them are coming to the auction with more than 50 surrogate entities and we have picked that up,” Mangudya said in an interview Monday.

“They come to the auction and they are allocated the foreign currency at $86 (for one United States dollar) but they offload it at $140 on the parallel rate,” he said.

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Under the auction rules, primary producers are allowed to bid for as much as US$500,000 during the weekly auction while secondary producers can bid for a maximum of us$100,000.

Mangudya said the entities are also pricing their goods and services using the parallel rates, despite having accessed the dollars at the auction system.

“At the end of the day, it’s the consumer who will be forced to pay more and that is simply not fair,” he said.

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Zimbabwe’s central bank last year abandoned a currency peg and set up a weekly auction to ease a severe United States dollar crunch that forced companies to turn to the parallel market for foreign currency. Since then, officials have regularly raised concern over the abuse of the auction system.

President Emmerson Mnangagwa has previously issued warnings to private companies he blames for undermining his efforts to turn around an economy plagued by annual inflation of 50% and foreign-currency shortages.

In May, he published penalties for companies and individuals for currency manipulation that include fines of $1million (US$11,620) as well as a “total ban” from the auction. – Bloomberg

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Tourist hospitalised after elephant attack

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BY STAFF REPORTER 

A 65-year-old Japanese tourist has been seriously injured after being attacked by an elephant near Victoria Falls, according to the Zimbabwe Parks and Wildlife Management Authority (ZimParks).
In a statement on Thursday, ZimParks spokesperson Luckmore Safuli said Hidetoshi Matsumoto was attacked on Wednesday morning while walking alone along Big Tree Road, a route frequently used by visitors near the Victoria Falls Big Tree.

“A 65-year-old Japanese man by the name Hidetoshi Matsumoto, who was staying at the Rainbow Hotel in Victoria Falls, was attacked and injured by an elephant while walking along the Big Tree Road,” Safuli said.

He said the incident occurred at around 8 am.

“The circumstances surrounding the incident are that on 22 April 2026 at around 0800 hours, Hidetoshi Matsumoto was alone walking along the Big Tree Road when an elephant emerged from nowhere and attacked him. Hidetoshi sustained severe injuries all over his body and was immediately rushed to Health Bridge Private Hospital for medical treatment,” he added.

Matsumoto was taken to Health Bridge Private Hospital, where he is receiving treatment.

ZimParks said rangers had been deployed to track down what it described as the “problem elephant”.

“Meanwhile, ZimParks rangers are on the ground searching for the problem elephant,” Safuli said.

He added that further details would be released as investigations continue and efforts to locate the animal progress.

Wildlife authorities have previously warned visitors to exercise caution when walking in areas bordering national parks, where wild animals can roam freely.
SOURCE: CITE

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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.

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.

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.

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.

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”.

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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.

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.

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

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.

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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”.

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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