She was 63 and died from cancer which had spread since 2003.
Elizabeth died on December 24, a day before celebrating her last Christmas.
In his message to the Chanakira family President Mugabe said he had known Elizabeth since the 1960s when she was a nurse.
But he said he had grown fond of her during her term as the spouse of Dr Chanakira in Bonn, Germany from 1993 until 1997, when he retired from government. Elizabeth was buried at the Chanakira Village in Seke Communal lands about 25km out of Harare.
“She was a strong woman and always supported her husband,” Mugabe said in his short message accompanying the US$5 000 in cash.
Dr Chanakira thanked Mugabe and said the money would go a long way to help pay for various items used during the funeral in Borrowdale, Harare.
Elizabeth is survived by her husband, three children (Ngoni, Fadzo and Teurai) and three grand children (Mathilda Junior, Elijah Junior and Elizabeth Junior).