The Perilous Trade: Zimbabwe’s Forex Dealers Under Siege
Harare – In the quiet pre-dawn hours of a recent Wednesday, Edwin Chivhima, a 50-year-old resident of Phase 2, Damofalls, Ruwa, awoke to a chilling reality. A foreign currency dealer, Chivhima found himself face-to-face with a thief in his own bedroom, a satchel clutched in the intruder’s hand. The encounter, which occurred around 2am, saw the thief flee through a window after being spotted, leaving Chivhima to discover a significant loss: US$12,000, R20,000, P3,000, along with a Tecno Spark 20 phone, a ZTE phone, a Samsung A20S phone, an Itel phone, two power banks, and the very satchel the intruder had been carrying.
This incident is not an isolated one but rather a stark illustration of a growing and dangerous trend plaguing Zimbabwe’s informal foreign currency exchange sector. The allure of quick profits in a volatile economy often forces individuals into a precarious existence, operating outside formal banking channels and, in doing so, making them prime targets for criminal elements. Chivhima’s wife, a foreign currency dealer herself, operates from Roadport, a bustling hub in Harare known for its informal currency trade. This connection underscores the inherent risks associated with the trade, where large sums of cash are handled daily, often with minimal security.
Just hours before the break-in, Chivhima had meticulously secured his home, closing all windows and locking doors before retiring for the night at approximately 8pm. The thief’s entry point, a dining room window forced open with an unknown object, highlights the determination and often sophisticated methods employed by these criminals. The violation of one’s home, coupled with significant financial loss, leaves victims not only poorer but also deeply traumatised.
Another recent case further amplifies this disturbing pattern. Judith Matiza, residing in Westgate Area D, returned home from a church service at around 7pm to find her house ransacked. An unknown assailant had forcibly opened her main door, making off with US$5,000 that had been kept in a drawer. The thief’s ability to escape unnoticed, much like in Chivhima’s case, points to a brazenness that is becoming increasingly common among perpetrators of such crimes.
Harare provincial police spokesperson, Inspector Luckmore Chakanza, confirmed both incidents, issuing a stern warning to the public. “Police are investigating unlawful entry and theft cases involving large amounts kept in homes,” he stated. Inspector Chakanza’s words serve as a grim reminder of the dangers of storing substantial cash outside secure financial institutions. He further urged, “We continue to urge people to avoid keeping large volumes of money in parked vehicles, homes or at company premises. We also urge people to avoid disclosing the amounts of money even after selling their properties to avoid robbers and thieves.”
The Economic Undercurrent: Why Cash Reigns Supreme
The prevalence of such robberies is deeply intertwined with Zimbabwe’s complex economic landscape. Decades of economic instability, hyperinflation, and a lack of trust in formal banking systems have driven many citizens, including foreign currency dealers, to conduct transactions in cash. The introduction of new currencies, such as the ZiG, while intended to stabilise the economy, often creates initial uncertainty, leading individuals to prefer holding onto more stable foreign currencies like the US dollar, South African rand, and Botswana pula.
This preference for cash is further exacerbated by the perception of high bank charges and a banking system that has, at times, struggled to meet the needs of the populace. While the Reserve Bank of Zimbabwe (RBZ) has made efforts to slash bank charges, the ingrained habit of cash-based transactions persists. This environment inadvertently creates a fertile ground for informal money markets, where large sums of cash change hands daily, often in public spaces like Roadport, making dealers vulnerable.
Furthermore, the legal ambiguity surrounding informal foreign currency trading adds another layer of risk. While authorities occasionally crack down on illegal money changers, the trade continues to thrive due to demand. This grey area means that many dealers operate without the protections afforded by formal businesses, making them hesitant to report all incidents or seek official recourse, fearing legal repercussions themselves.
A Spate of Robberies: A National Crisis
Chivhima and Matiza’s experiences are unfortunately part of a broader, more alarming trend across Zimbabwe. Armed robberies targeting individuals and businesses perceived to be holding significant amounts of cash have surged. In 2025 alone, police recorded a staggering 1,282 cases of armed robbery, indicating a significant escalation in violent crime.
Examples of other recent incidents underscore the pervasive nature of this threat:
- Bulawayo, March 2026: A Mukuru outlet on Jason Moyo Street was raided, with armed robbers making off with US$70,000 and R500,000. This incident, occurring in broad daylight, highlights the audacity of these criminal gangs.
- Bulawayo, October 2024: In what was described as the largest bank heist in Zimbabwe’s history, armed robbers stole US$4.4 million from Ecobank Bulawayo. This high-profile case involved collaboration with South African police and Interpol, demonstrating the scale and cross-border implications of such crimes.
- Beitbridge, Date Unknown: A forex dealer was held at gunpoint in his home, losing R30,000 and US$200. This mirrors the home invasion tactics seen in the Ruwa incident.
- Bulawayo, Njube suburb, April 2025: Shadrack Mandiengerei, 34, a foreign currency dealer, was shot and robbed of US$2,000. The use of violence in such robberies is a grave concern.
- Harare, January 2026: Several soldiers were arrested in connection with a US$142,000 heist, suggesting that even those entrusted with upholding law and order can be implicated in these criminal activities.
- Harare CBD, March 10, 2026: Armed robbers seized a large sum of money in a targeted operation, further illustrating the vulnerability of cash-rich individuals and businesses in the capital.
- Harare, Avenues Area, April 2024: In a particularly disturbing incident, police officers were allegedly involved in robbing a money changer of US$11,000, blurring the lines between law enforcement and criminality.
These incidents paint a grim picture of a nation grappling with a surge in violent crime, where the informal economy, while providing livelihoods for many, also exposes them to immense danger. The modus operandi of these criminal gangs often involves meticulous planning, inside information, and a willingness to use force.
The Roadport Conundrum: A Hub of Risk
Roadport, where Edwin Chivhima’s wife operates, is a microcosm of Zimbabwe’s informal financial sector. It is a place where foreign currency is readily available, but also where the risks are palpable. Dealers at Roadport often face a dual threat: police crackdowns on illegal money changing and the constant danger of being targeted by robbers. The anonymity and fast-paced nature of transactions at such hubs make them attractive to both legitimate traders and criminals.
Reports suggest that some syndicates operating at Roadport are supplied by individuals with access to bank funds, further complicating the issue. This intricate web of formal and informal financial flows creates opportunities for illicit activities and makes it challenging for law enforcement to curb the problem effectively.
Police Warnings and Public Responsibility
Inspector Chakanza’s warnings are not new. The police have consistently advised the public against keeping large sums of money at home or business premises. There are also regulations, though often overlooked in practice, that make it illegal to hold more than US$10,000 in cash outside formal banking channels. However, the socio-economic realities often compel individuals to disregard these warnings.
The police’s call for citizens to avoid disclosing their financial dealings, even after selling properties, highlights the intelligence-gathering efforts of criminal gangs. These criminals often rely on tip-offs and observation to identify potential targets, making discretion paramount for those handling significant amounts of cash.
A Precarious Future
The stories of Edwin Chivhima and Judith Matiza are a poignant reminder of the human cost of economic instability and the rise of violent crime. For foreign currency dealers in Zimbabwe, the pursuit of a livelihood is fraught with peril. The informal nature of their trade, coupled with the pervasive threat of robbery, creates a daily struggle for survival.
As Zimbabwe continues to navigate its economic challenges, the safety and security of its citizens, particularly those in the informal sector, remain a critical concern. Without comprehensive solutions that address both the economic drivers of informal currency trading and the escalating crime rates, many more individuals like Chivhima and Matiza may fall victim to the perilous trade that defines their lives.