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Zimbabwe cracks down on currency dealers as dollar collapses

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BY RAY NDLOVU

Zimbabwean authorities are arresting informal currency traders who they blame for fuelling the latest collapse of the local unit on the black market.

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The arrests come four days after Vice President Constantino Chiwenga warned the traders that their activities were undermining government efforts to revive the economy.

Seventy-seven offenders have been arrested since September 28 and barred from accessing any financial services for two years with immediate effect.

The arrests are the latest attempt by the government to try and keep control of its currency, the Zimbabwe dollar, through two decades of economic turmoil.

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The local unit was scrapped after a bout of hyperinflation in 2009 and trade in the greenback and other currencies was permitted.

It was reintroduced in 2019 at parity with the American currency but quickly plummeted.

Attempts to keep the official rate stable have often seen the gap with the black-market rate widen.

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“The runaway parallel market rate is a concern and it causes dislocations on how the final product is priced,” Kurai Matsheza, president of the Confederation of Zimbabwe Industries, the country’s biggest business group, said by phone.

The Zimbabwe dollar changes hands on the streets of Harare, the capital, for Z$170 per U.S. dollar, while the official rate is Z$88.55.

Its recent drop in value has fuelled inflation, with businesses raising prices to hedge against the currency volatility.

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The official inflation rate rose for the first time in eight months in September, reaching 52%.

The Financial Intelligence Unit accused the traders of abusing mobile telecommunications services and social media platforms to promote and facilitate illegal foreign-exchange transactions and money laundering activities, according to John Mangudya, the governor of the central bank.

“The FIU has also requested the Postal and Telecommunications Regulatory Authority of Zimbabwe to bar the said individuals from operating mobile-phone lines,” he said in an emailed statement.

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Lawmakers discussed the widening gap between the official and parallel market exchange rate at a pre-budget seminar on Wednesday.

The central bank had to urgently act against companies that accessed foreign currency at the official rate at weekly auctions, but priced their goods and services based on parallel market rates, Gift Mugano, the executive director at Africa Economic Development Strategies, which does policy research, told the seminar. – Bloomberg

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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.

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.  

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.”

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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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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