In a tweet by First Capital Bank, RTGS operating times have been changed as per guidance from the Reserve Bank of Zimbabwe.
The tale of Nedbank’s employees who are being charged with defrauding a million dollars from the bank seems to have got more theatrical. A recording of a meeting that was held by some people claiming to be the accused bank tellers, discussing how the bank was operating, has been leaked. Here’s the transcript of the […]
Zimbabwe’s Central Bank has issued a set of operational guidelines “to provide instructions and direction to persons intending to carry on the business of Bureaux de Change in Zimbabwe.” The guidelines include details regarding; Regulatory framework Licensing and Registration of Bureaux De Change Operational Modalities for Bureaux De Change Corporate Governance Supervision and Monitoring of […]
The starting exchange rate between the USD and recently introduced RTGS dollar will be 1:2.5. This was announced by the governor of the Reserve Bank of Zimbabwe, John Mangudya at a monetary policy review meeting this morning. The governor said this was agreed to by the central bank and the banks. The rate itself is […]
Yesterday the governor of the Reserve Bank of Zimbabwe delivered his first Monetary Policy Statement of 2019. This was one of the most awaited statements to date. That in itself is a tell tale sign of where we are in our economy, the last time a monetary policy statement delivery stopped every show in Zimbabwe […]
While parsing the latest Monetary Policy statement from the RBZ something caught my eye: hidden beneath the exciting announcement that the RBZ has finally found Jesus and accepts bond notes, RTGS and USD are not equal peers, was the announcement of a local settlement platform. This was announced a few weeks ago A few weeks […]
The Reserve Bank of Zimbabwe (RBZ) has just told financial institutions that its RTGS platform can now also handle Foreign Currency Account (FCA) RTGS settlements. Before today, the RTGS platform only handled transaction of bond notes but not foreign currency or US dollars. So if a company wanted to move money from one account to […]
Perm Sec In Ministry Of Finance Says Separation Of FCA/RTGS Accounts Was Done To Protect Exporters & Remittances
The separation of foreign currency accounts and real time gross settlement accounts came as quite the surprise to most of us. For years we had been told that bond notes and USD’s are equal but on the ground no one bought into the pipedream and because that was the case USD supply dried up whilst […]
It’s 2018 and it’s also very clear that bond notes and USD’s are not the same. The government has finally admitted as much. Because banks were given two weeks to have actually separated the accounts it’s now set in set in stone. CABS already sent out information regarding the types of FCA accounts they can open […]
Two weeks ago, it was declared that there would be separate accounts for RTGS money and forex. This announcement came much to the irritation of everyone but the government did not budge and now banks are notifying customers how exactly these accounts will work. CABS has been sending customer’s information concerning the types of FCA […]
President Mnangagwa Says Mthuli Ncube’s Measures Are Necessary And That There Are No Easy Fixes, We Have To Be Patient
It’s exactly 8 days after the Finance Minister announced the introduction of a new tax whenever we transact on electronic platforms. He of course made the announcement at the same event where the Governor of the Reserve Bank of Zimbabwe announced the separation of bank accounts into a dedicated RTGS funds account and another for […]
The major highlight of today’s monetary policy statement was the directive that banks must now separate the Nostro foreign accounts and local RTGS or Bond with effect from 15 October 2018. What it means This means that unofficially Zimbabwe has two currencies, that’s US dollars and RTGS/Bond. Consequently, banks will allow depositors to hold separate accounts […]
Mathematics mathematics mathematics!!! We are always told how critical it is to pass mathematics in high school. In Zimbabwe particularly, failure to pass it could make life difficult for one to get a job (to some extent) or get a place at a higher tertiary education institution (to a greater extent). Zimbabwe has bragging rights […]
CBZ Bank Going Exclusive To Internet And Mobile Banking, Looks Like Zimbabwe Is Going Paperless Not Just Cashless
CBZ Bank joins a growing number of banks in Zimbabwe that are no longer processing manual (paper) transactions for the transfer of funds whether internally or across to other banks. Here’s their notice to customers: Discontinuation of acceptance of manual RTGS and Internal Funds Transfers CBZ Bank would like to advise its valued clients and […]
Dr John Mangudya always has a way of making me write articles even when I have planned not to. Yesterday he again declared that there is no cash crisis in Zimbabwe because there is a lot of money in the RTGS system. He is of course telling the truth and lying at the same time. […]
In the latest Reserve Bank of Zimbabwe (RBZ) report on National Payments Systems which covers the third quarter of 2017 it was revealed that both values and volumes of transactions processed increased. Transactions worth $26.26 billion were processed in the three months to September 2017 from 287.5 million transactions meaning the average transaction was worth […]
Now that the government has become clear about not giving ‘non-exporters’ cash, the need for reliable electronic banking systems skyrockets – after all, the bulk of us are ‘non-exporters’. A cashless society can be achieved, only if trust comes into play. Unfortunately, trust is not something we have in Zimbabwe, we have become a broken […]
Caution: Layman writing. Last week, Ruvheneko had an interview with the Hon Patrick Chinanamasa who is the Minister of Finance and Economic Development on Capitalk FM. I listened or rather watched it (because it was live streamed on Facebook – interesting, I know!) and picked out a few things but for this article, I will […]
When confronted about the rampant ‘illegal’ cash sales in Zimbabwe, this is what the minister had to say…
So back in Uni whenever we’d get to the deadline of an assignment and realise that we haven’t actually completed (or even started) the assignment we had two options; we could either look confused or lazy. Confused was more like “I had no idea there was an assignment due” or “I had no idea what […]
ZB Bank recently announced that they will no longer be processing manual RTGS and Internal Transfer application forms. The change will take effect from 1 October 2017. According to ZB Bank, this development is in line with their strategy to go paperless as a bank. As a ZB Bank account holder, you will have to […]
In the same week, RTGS transaction volumes also shot up by 51%, and ATM activity rose by 38% and cheque activity went up by 17%. Interestingly mobile money activity was down 8% during the period.
The Reserve Bank of Zimbabwe (RBZ) has finally announced a new set of bank charges following an agreement between the regulator, the providers of payment platforms and the Bankers’ Association of Zimbabwe.
A big factor in the booming popularity of these services is the fact that now, senders can now transfer up to US$10,000 instantly (the cap has been raised from $1,000.) Further, Zimswitch has transaction charges that add up to only $0.20 flat.
According to the RBZ, in 2015, monetary transactions totaled $57 billion and mobile payments accounted for 87.9% of these transactions in terms of volumes.
The latest monthly economic review from the Reserve Bank of Zimbabwe has displayed the strains that the national economy is facing. However alternative channels of payment seem to be rallying with some positive change particularly through increases in card, mobile and internet based payments in the month.