The Zimbabwe business landscape has always been dynamic, and the past year has been no exception. As the country navigated the Covid-19 pandemic, businesses had to adapt to the changing environment to stay afloat. Here are the top five Zimbabwe business news headlines you need to know.
1. Zimbabwe Rolls Out New Currency
In June 2020, Zimbabwe made a bold move to introduce a new currency to combat hyperinflation. The Zimbabwe dollar replaced the multi-currency regime that had been in place since 2009. The move has been met with mixed reactions. Some businesses have had to adjust their pricing strategies to keep up with currency fluctuations, while others are struggling to stay afloat.
2. Econet Wireless Launches Payment System
As the pandemic forced people to turn to online shopping, Econet Wireless launched its mobile payment system, EcoCash. The system has seen a surge in usage as people opt for cashless transactions to reduce the risk of contracting the virus. EcoCash has also helped small businesses to stay afloat by providing a platform for online payments.
3. Steward Bank Partners with WhatsApp
In a move to make banking more accessible, Steward Bank partnered with WhatsApp to launch banking services on the messaging platform. The service allows customers to check balances, pay bills, and transfer funds without having to visit a bank branch. The move has been lauded as a game-changer for Zimbabwe’s banking industry.
4. Old Mutual to Delist from Zimbabwe Stock Exchange
In July 2020, Old Mutual announced its intention to delist from the Zimbabwe Stock Exchange (ZSE). The move was prompted by the Reserve Bank of Zimbabwe’s directive that Old Mutual, which has operations in both Zimbabwe and South Africa, could no longer trade its shares at a premium on the Zimbabwean bourse. The delisting has sparked controversy, with shareholders seeking legal action.
5. Zimbabwe Approves Cannabis Production
In April 2020, Zimbabwe legalized the production of cannabis for medicinal and scientific purposes. The move has created opportunities for entrepreneurs to invest in the sector. However, the industry faces regulatory hurdles, and some stakeholders have expressed concern over the lack of clarity in the licensing process.
In conclusion, these top five Zimbabwe business news headlines highlight the challenges and opportunities facing the country’s business community. As the pandemic continues to shape the business landscape, it is crucial for businesses to stay informed and adapt to the changing environment to thrive.
(Note: Do you have knowledge or insights to share? Unlock new opportunities and expand your reach by joining our authors team. Click Registration to join us and share your expertise with our readers.)