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Ivan Zhakata-Herald Correspondent
The Postal and Telecommunications Regulatory Authority of Zimbabwe (POTRAZ) is the latest in the growing list of State authorities that have achieved a clean independent audit and has thus been recognised for its financial integrity and governance excellence.
This clean audit for the 2023 accounts, commended by industry experts, underscores the authority’s dedication to transparency, accountability, and effective financial management. POTRAZ is largely funded by the telecommunications licence and renewal fees paid by those with telecommunications networks and by internet service providers.
In a significant milestone, independent auditors issued an unqualified audit opinion for POTRAZ’s financial statements, confirming adherence to International Financial Reporting Standards (IFRS).
The Universal Service Fund, which aims to enhance ICT access in underserved communities by financing the necessary infrastructure, also received a clean audit opinion.
POTRAZ chairperson Mr Zvobgo Zvobgo expressed pride in this accomplishment, describing it as “a reflection of unwavering governance discipline and efficiency”.
“The Authority received a clean audit opinion for the period under review, with no major issues highlighted by the auditors.”
Despite shifts in exchange rates and limited consumer spending, POTRAZ demonstrated financial resilience. Although the authority experienced an 8 percent shortfall in revenue collections due to a constrained tariff regime, it still reported an operating surplus of ZiG13.3 billion, thanks to prudent resource allocation and a focus on cost management.
POTRAZ also showcased fiscal discipline by saving 30 percent of its budgeted expenditures.
“This is a testament to our ability to balance financial prudence with our core mission. We are committed to delivering on our regulatory and developmental mandate while ensuring long-term sustainability,” Mr Zvobgo said.
A robust governance framework, supported by a fully constituted seven-member board and the establishment of six operational committees, has been crucial to the authority’s success.
Additionally, POTRAZ has aligned with global accounting standards by engaging professional evaluators to revalue its assets in compliance with international accounting standards.
To support Zimbabwe’s digital transformation, POTRAZ has initiated several national programmes, including e-learning, e-health, e-Government, and smart agriculture.
These initiatives aim to modernise critical sectors and significantly benefit under-served communities.
Furthermore, POTRAZ has expanded its reach by providing digital skills training and ICT gadgets to individuals with disabilities, reinforcing its commitment to digital inclusion.
“We are excited about the future,” said Mr Zvobgo.
“This clean audit reflects our commitment to building a sustainable, digital future for Zimbabwe.”
As the nation moves towards a digitally connected future, POTRAZ said it will remain at the forefront of this transformation, setting a high standard for corporate governance and financial management within Zimbabwe’s ICT sector.
Online Reporter