Controversial Zimbabwean banker and businessman Wicknell Chivayo has allegedly submitted requests to Ecobank to increase the monthly cash withdrawal limit on his companies’ accounts to US$20 million—an unprecedented move raising alarms about potential financial irregularities.
In a letter dated December 5, 2024, Chivayo, representing IMC Technologies Incorporated, allegedly cited a newly secured government contract valued at US$100 million with the Ministry of Information Communications and Technology.
The contract entails substantial supplies of hardware, software, and other essential consumables.
Chivayo allegedly emphasized the necessity of consistent access to foreign currency for various transactional needs, particularly for cash payments related to transportation, customs, and other local obligations. “This equipment will be imported from China, Dubai, India, and Europe, necessitating the requirements for access to considerable amounts of foreign currency, a major priority,” he stated in his correspondence with the bank.
Adding to the scrutiny, Chivayo has also allegedly requested a similar increase for another of his companies, Edenbreeze Pvt Ltd, claiming to have secured contracts worth US$120 million. This series of substantial requests has drawn criticism given Chivayo’s checkered history as a businessman, including previous convictions..
As of now, Ecobank has not publicly commented on Chivayo’s requests, which are emblematic of systemic issues within the tendering process in Zimbabwe.
Chivayo is already embroiled in controversy, having received millions from the government for a contentious US$40 million tender to supply the Zimbabwe Electoral Commission with election materials for the 2023 harmonized general election. The combination of his past dealings and the scale of his current requests continues to raise significant concerns among citizens and critics alike.
