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Spray Painter (Harare)

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Legal & Compliance Manager (Harare)

Processes Analyst (Harare)

Finance Manager Corporate (Harare)

The Zimbabwe Republic Police (ZRP) enlisted the International Criminal Police Organisation (Interpol)’s assistance to track down six armed robbers who stole over US$4.4 million from an Ecobank branch in Bulawayo recently.
The suspects are believed to be local criminals residing in South Africa.
Interpol is an inter-governmental organisation that facilitates cooperation between police forces from 196 member countries, whose primary goal is to help police around the world work together to combat international crime and make the world a safer place.
According to <a href="https://www.herald.co.zw/interpol-roped-in-to-probe-us4m-heist/">The Herald</a>, special investigation teams have been sent to Bulawayo and surrounding areas to probe the robbery, probably the largest in Zimbabwe’s history.
The gang is allegedly connected to multiple robberies across the country, including a cash-in-transit heist involving nearly 12 kg of gold worth US$675,000 in October 2022.
They are suspected of robbing banks, money transfer agents, wholesalers, and grocery stores between May and October 2023.
In Bulawayo alone, the gang reportedly stole over US$858,000 and R508,000 in five separate raids within four months.
The suspects include Elijah Vumbunu (alias Mupositori), David Sawadye, Israel Zulu, Kudakwashe Mudzingwa (alias Umbro), Takafa Vumbunu (alias Naison Mahembe), Paul Chinake, and Brian Murape.
It is alleged that the gang typically flees to South Africa after committing their crimes.
Elijah Vumbunu reportedly runs a trucking business and resides in affluent suburbs in South Africa.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Pindula News

The police in Zimbabwe are working with Interpol to catch a group of robbers who stole a lot of money from a bank. The robbers live in South Africa and are connected to other crimes in Zimbabwe. They have stolen from banks, stores, and even took gold. The police are looking for six suspects, including Elijah Vumbunu and David Sawadye. The robbers usually run to South Africa after stealing. The police are working hard to catch them and make sure they don't do more crimes.

ZRP Enlists INTERPOL To Hunt Down US$4.4 Million Ecobank Heist Suspects

Ecobank Zimbabwe Limited has expressed deep concern following a robbery at its Parkade Branch in Bulawayo on October 3, 2024.
In a statement released on Friday, October 4, 2024, Managing Director and SADC Cluster Head Moses Kurenjekwa affirmed that the bank is working with local law enforcement to ensure a comprehensive investigation.
Kurenjekwa said that the bank has implemented immediate measures to ensure security and response protocols across all branches to safeguard the well-being of both customers and staff. He said:
<blockquote>
Ecobank Zimbabwe Limited regrets to inform you of the unfortunate incident that occurred at our Parkade Branch in Bulawayo on 3rd October 2024, where armed robbers targeted the branch during cash repatriation by a security company.
We are deeply concerned about this event and are actively working with local law enforcement to ensure thorough investigations.
The safety and security of our customers and staff remain our utmost priority. We therefore reassure you that we have taken immediate measures to enhance security and response protocols across all our branches.
We understand that incidents of this nature may raise concerns among our customers regarding safety and security.
We hereby reassure you that all necessary protocols are in place to protect your funds and personal information.
We are committed to keeping you informed as more details on the incident become available. Our operations will continue as usual.
</blockquote>
The Safeguard security guards, travelling in a single van, had just collected the money, US$4 million, from the Ecobank branch at the NRZ Building, with orders to deliver it to Harare.
As the guards were loading the cash boxes into their van, a white single-cab Ford Ranger pulled up. Six armed men, wearing face masks and bucket hats, jumped out with their weapons drawn.
In a rapid and coordinated attack, the robbers quickly overpowered the guards, seized the cash boxes, and loaded them into their pickup—all within two minutes—before fleeing the scene with the stolen money.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Ecobank in Zimbabwe got robbed of US$4 million. The robbers stole the money while it was being moved to another place by security guards. The bank is working with the police to investigate. They are also improving security at all branches to keep customers and staff safe. The robbers wore masks and hats, quickly took the money, and ran away within two minutes. The bank is sorry for what happened and is making sure all money and personal information are safe. They will keep updating people as they find out more information.

Ecobank Pledges To Boost Security Following US$4 Million Armed Robbery

Three Ecobank employees appeared at the Harare Magistrates Court on Tuesday on allegations of stealing US$14 000 from the vault.
Michael Nyamutswa, Tserai Nyamandwe and Aswell Chinopopota allegedly tried to hide the missing money by replacing higher denomination notes with lower value notes.
A fourth suspect, Ecobank head teller Munyaradzi Zviripi, is on the run.
Nyamutswa was the customer service manager responsible for guarding the cash vault and also responsible for central cash depot operations in the banking system.
He was Nyamandwe and Chinopopota’s supervisor. The two were employed as bank tellers.
Nyamutswa, Nyamandwe and Chinopopota appeared before magistrate Tafadzwa Miti at the Harare Magistrates Court charged with theft.
They were not asked to plead to the charges and were ordered to pay ZWL$30 000 bail each. They will be back in court on 23 March.
Prosecutor Thomas Chanakira told the court that on 2 December 2021, Ecobank corporate investigations manager Thembekile Ngungu received a report from Nelson Mandela Branch Central Cash Depot about an anomaly at the branch.
The report said a seal for a pack of US$100 notes was found in the vault with no signatures or stamps on its certificate.
Ngungu then launched an investigation and made inquiries which resulted in Nyamutswa ordering Nyamandwe, Chinopopota and Zviripi to recount the cash in the vault.
The duo reportedly found out that there were three bundles that had 80xUS$100 instead of 100xUS$100 and one bundle had US$20 notes instead of US$100 resulting in US$8 000 missing.
Other funds were then found missing. The State alleged that the four, that is, Nyamutswa, Nyamandwe, Chinopopota and Zviripi converted the US$14 000 to their own use.
More: <a href="https://www.herald.co.zw/ecobank-workers-up-for-theft/">The Herald</a>

Ecobank Employees In Court After US$14 000 Vanishes From The Vault

Four ZIFA senior officials have been acquitted of shifting US$740 000 from ZIFA’s Ecobank account into an individual account in a bid to evade creditors.
Felton Kamambo, Phillimon Machana, Farai Jere and Bryton Malandule had applied for their acquittal and their application was granted by Harare magistrate Stanford Mambanje.
The four were accused of moving the money into an account belonging to Conduit Investments, a company which is owned by Machana, sometime in 2019.
Kamambo is the ZIFA president, Machana is the board member in charge of finance, Malandule is in charge of competitions and development while Jere sits on the board by virtue of his position as PSL chairman.
In 2018, Daisy Guest House (Pvt) Limited had obtained a garnishee order against ZIFA for US$161 172, but magistrate Mambanje found that it specifically mentioned ZIFA’s account held with Steward Bank and not Ecobank. The money transferred to Machana’s account was therefore not judicial funds, he ruled. Magistrate Mambanje said:
<blockquote>
It is strange why the Sheriff rushed to the Ecobank account when the court order says Steward Bank. This was suspicious, as the Sheriff does not embark on such, on his own.
From the agreed facts, as the State alleges the offence was committed, there was no legal process. Garnishee orders are granted in specific terms and no such order (was granted) against Ecobank.
</blockquote>
The magistrate added that at that time, Ecobank account was not under any attachment and there was nothing which could stop the transfer. 
He also observed that the legal process commenced way long after the day of the alleged offence was committed.
More: <a href="https://www.zimlive.com/2021/09/28/4-zifa-bosses-acquitted-over-us740k-hidden-from-creditors/">ZimLive</a>

ZIFA Bosses Acquitted Of Moving US$740K From ZIFA Account To Evade Creditors

Ecobank has announced that its Zimbabwean unit is phasing out paper-based transactions in compliance with its regional stance which is aimed at minimising errors and increasing branch efficiency. In a public notice, the pan-African bank said :
<blockquote>Ecobank Zimbabwe Limited wishes to advise all our customers and stakeholders that effective from 2 January 2020, our branches will no longer be processing manual or paper RTGs and internal funds transfer requests.</blockquote>
The development means that transactions will now be executed through the use of Information Communication Technologies which are usually fast and convenient.
The Bank also advised its clients to register on their digital platforms such as Ecobank Omni, Ecobank Omni Lite, Ecobank online and Ecobank Mobile App.
More: <a href="https://www.chronicle.co.zw/ecobank-goes-paperless/">The Chronicle</a>

ECOBANK "Will No Longer Be Processing Manual Or Paper RTGs Requests,"

The Reserve Bank of Zimbabwe has cleared Ecobank of money laundering allegations which were raised against the bank following the circulation of a picture of $15 000 new $5 and $2 notes which the bank had allegedly injected into the parallel market.
Following the circulation of the picture, the central bank promised to embark on a probe aimed at ascertaining the facts of the matter and take disciplinary measures on Ecobank, if need be.
After the RBZ’s Financial Intelligence Unit (FIU) conducted the investigations, Ecobank issued a statement indicating that it had been exonerated. The statement reads in part:
<blockquote>Following the publication of a press release by Reserve Bank of Zimbabwe on pictures of notes circulating on social media, Ecobank Zimbabwe Limited wishes to advise that the Financial Intelligence Unit (FIU) conducted investigations into alleged diversion of cash to the parallel market.
The investigations by the FIU have shown that Ecobank complied with the regulatory processes in disbursing the ZW$15 000 cash in question. This amount was intended for purposes of procuring milk from small-scale producers by a client of the Bank.</blockquote>
The incident happened when the country is submerged in a cash crisis with the ordinary person failing to withdraw the desired money from the banks.
More: <a href="https://www.chronicle.co.zw/authorities-clear-ecobank-of-wrongdoing-in-issuing-client-15k/">The Chronicle</a>

RBZ Findings On Ecobank Money Laundering Allegations

<blockquote>Media Statement by Ecobank Zimbabwe Limited
Harare, 19 November 2019 — Following the publication of a press release by Reserve Bank of Zimbabwe on pictures of notes circulating on social media, Ecobank Zimbabwe Limited wishes to advise that the Financial Intelligence Unit (FIU) conducted investigations into alleged diversion of cash to the parallel market.
The investigations by the FIU have shown that Ecobank complied with the regulatory processes in disbursing the ZW$15, 000 cash in question. This amount was intended for purposes of procuring milk from small-scale producers by a chest of the Bank.
Investigations are now centred on the client to ascertain if the funds were used for the indicated and intended purposes, and the existence of any criminal activity on the part of our client.
Ecobank is committed to consistently adhering to the highest standards of regulatory compliance and governance and will always co-operate fully with the regulatory authorities. We will continue to play our part in providing solutions that contribute to the stability of the economy.</blockquote>

Ecobank Issues Statement Disputing Alleged Diversion Of New Notes To The Streets {Full Text}

The Reserve Bank of Zimbabwe has said that alleged money laundering activities by Ecobank warranted severe punishment both to the bank and client who withdrew money from the bank.
This comes after a picture of showing huge sums of new notes has circulated on social media suggesting that banks were injecting cash into the black market prompting the central bank to conduct investigations which fingered Ecobank in money laundering.
In a statement after the probe which revealed that one Ecobank customer withdrew ZW$15 000, the RBZ said:
<blockquote>Appropriate disciplinary measures shall be taken against the bank and the customer and anyone else found responsible for such malpractices which bring the RBZ and the entire banking system into disrepute. Such malpractices cannot and should not be condoned.</blockquote>
The availability of huge sums of cash on the parallel market when banks are issuing limited amounts of cash has triggered public outrage with some suggesting that political elites and prominent business people were the ones injecting cash into the parallel market.
More: <a href="https://zero.pindula.co.zw/full-text-rbz-issues-statement-on-picture-of-new-notes-on-black-market/">RBZ</a>

RBZ Threatens Stern Measures Against Ecobank For Alleged Money Laundering

The Reserve Bank Of Zimbabwe has issued a statement over the image of new notes which circulated on social media recently. The central bank alleges that Ecobank is the bank which released the notes in question. See the full statement below.
<blockquote>PRESS STATEMENT 
PICTURES OF NEW NOTES CIRCULATING ON SOCIAL MEDIA 
The Reserve Bank of Zimbabwe (“RBZ”) has taken note of pictures circulating on social media that show recently introduced 2 dollar banknotes in sealed packs, suggesting that the notes are already being traded on the parallel market.
The Bank has conducted investigations on the matter, and the findings are that the banknotes in the circulating pictures emanated from Ecobank. Preliminary investigations by RBZ at Ecobank indicate that an amount of ZW$15 000 was withdrawn by one of their customers. Ecobank, together with their customer, are now assisting the Zimbabwe Republic Police with further investigations on this matter.
Appropriate disciplinary measures shall be taken against the bank and the customer and anyone else found responsible for such malpractices which bring the RBZ and the entire banking system into disrepute. Such malpractices cannot and should not be condoned. 
In the meantime, the Bank would like to advise the public on how banks withdraw cash from the RBZ. The procedure is such that banks transfer the equivalent amount of their cash requirements to the RBZ through the RTGS system. The banks will then collect the cash from the RBZ to their central cash depots from where they distribute to their branch network.
Dr 3 P Mangudya Governor 
14 November 2019
<img alt="" class="media-img" data-maxheight="505" data-maxwidth="357" decoding="async" src="https://pbs.twimg.com/media/EJVtL5kWkAQ5mgH?format=jpg&amp;name=large"/></blockquote>

FULL TEXT: RBZ Issues Statement On "Picture Of New Notes On Black Market"

According to a report by Ecobank, which was based on a survey of 37 African nations,  Zimbabwe has the second most expensive mobile charges in Sub-Saharan Africa. According to the report, Zimbabwe’s data costs an average of $25 for one gigabyte which is second only to Equatorial Guinea where data costs an average of $35.47 per Gigabyte. The continental average is $7,04 per Gigabyte. Part of the report reads,
<blockquote>Ironically, the cost of data in South Africa is significantly lower than for its neighbours. Over the border in Zimbabwe, 1GB of mobile data costs $25, while in Swaziland it is $21.86…In countries like Zimbabwe, the DRC and Liberia, where mobile data is upwards of 13% of monthly GNI per capita, accessing the Internet regularly is unaffordable for most consumers, perpetuating digital exclusion.</blockquote>
More: <a href="https://www.newsday.co.zw/2018/09/zims-mobile-data-charges-second-highest-in-africa-report/" rel="noopener" target="_blank">NewsDay</a>

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