The Zimbabwe Electricity Transmission and Distribution Company (ZETDC) says its prepaid electricity vending system is temporarily offline.
In a public notice, ZETDC said this downtime is necessary to facilitate the transition from the existing Zimbabwean dollar (ZWL) to the newly introduced currency, ZiG. ZETDC said:
The Zimbabwe Electricity Transmission and Distribution Company (ZETDC) would like to advise its valued clients that the prepaid electricity vending system is temporarily down to allow for the transition from ZWL to the new currency (ZiG), following the announcement of the Monetary Policy Statement.
We would like to appeal to our valued clients to bear with us during this transition period. We will update once normal service has been restored.
The shift to ZiG aims to align the country’s financial system with the evolving economic landscape. As Zimbabwe adapts to this new currency, adjustments are being made across various sectors, including banks and mobile money platforms.
On Friday, 05 April 2024, Zimbabwean authorities announced they were replacing the Zimbabwe dollar with a new unit called the ZiG backed by a basket of foreign currency and gold.
Reserve Bank of Zimbabwe (RBZ) Governor John Mushayavanhu told a press conference in Harare that all Zimdollar prices in the shops must now be converted to the new ZiG.
Mobile operators, such as money transfer services, have until Monday to shift their platforms to the new ZiG. All Zimdollar balances will now be converted to this new currency.
ZiG will be launched on April 8 at an introductory level of 13.56 per dollar and a new interest rate set at 20%.
