By Rudairo Mapuranga
The payments are being funded by a dividend from Mutapa Gold Resources under a Government arrangement established in 2020 to compensate pensioners whose benefits were affected by the currency conversion.
At a glance
- Beneficiaries: 8,600 private occupational pensioners
- Payment per beneficiary: US$200
- Funding source: Mutapa Gold Resources dividend
- Payment channel: EcoCash wallets
- Current phase: Not all affected pensioners will be covered
Selection and scope
IPEC said beneficiaries were selected through a means-tested process that prioritises pensioners who received the lowest benefits during the 2019 conversion, with older pensioners given priority.
The current phase will not cover all affected pensioners. Further payments will depend on additional dividend receipts.
Government position
Finance Minister Professor Mthuli Ncube said the original allocation of a shareholding in Kuvimba Mining House to IPEC was intended to create a continuing source of funding for compensation.
“The allocation of shareholding in Kuvimba Mining House to IPEC on behalf of pensioners in 2020, now Mutapa, was intended to provide a source of funding for compensation through dividend payments and this will be done on an ongoing basis,” Ncube said.
The arrangement links mining-sector dividend income to the Government’s efforts to address losses suffered by pensioners during the currency reforms, although the US$200 payments do not necessarily restore the full value of benefits lost.
Previous compensation phase
IPEC Commissioner Dr Grace Muradzikwa said the current disbursement follows an earlier compensation phase funded by a US$400,000 dividend received in 2021, which enabled the commission to pay 4,000 pensioners in 2021 and 2022.
“Eligible pensioners have already started receiving their compensation payments of US$200 through their EcoCash wallets. Beneficiaries who receive the funds can cash out at any EcoCash kiosk,” Muradzikwa said.
The commission said further payments would be made as additional dividends were received, leaving the timing and scale of subsequent compensation phases dependent on future funding.
In 2020, the Government allocated IPEC a 5% shareholding in Kuvimba Mining House on behalf of pensioners affected by the 2019 currency reforms, with dividend payments designated as the source of compensation.
Following the unbundling of Kuvimba Mining House in early 2026, IPEC’s shareholding was transferred into five specialised entities:
- Mutapa Gold Resources
- Mutapa Base Metals
- Mutapa Energy Minerals
- Mutapa Platinum Group
- Mutapa Frontier
The current payments relate specifically to the 2019 currency reforms and are separate from compensation for losses associated with Zimbabwe’s pre-2009 currency changes.
Muradzikwa said the pre-2009 compensation process would proceed once the relevant regulations had been gazetted.
