$120 million held in Zimbabwe’s Universal Service Fund

Al telcos are required to pay 1.5% of annual gross revenue into the fund
Zimbabwe's Universal Service funs id currently worth around $130 million.
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Zimbabwe's Universal Service funs id currently worth around $130 million.

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Contributions worth $120 million have been paid into Zimbabwe’s Universal Service Fund (USF) since 2009, The Postal and Telecommunications Regulatory Authority of Zimbabwe (POTRAZ) has revealed.

TechZim has reported that interest on investments has pushed the total above $130 million. POTRAZ says that while the USF was first established in 1998, contributions made prior to the switch to a multi-currency system in 2009 are now virtually worthless.

All telcos are required to pay 1.5% of their annual gross revenues into the fund, which is then used to fund projects such as telemedicine, e-learning schemes and the construction of Community Information Centres (CICs), which offer ICT services to the local population. 80 CICs have been built so far, with more in the pipeline.

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