The Reserve bank of Zimbabwe (RBZ) has embarked on initiatives to establish the financial technology businesses (Fintech) to provide an opportunity for innovators to connect banks and other financial system players said Governor John Mangudya while presenting the midterm Monetary Policy Statement yesterday.
As advised in the 2019 Mid Term Monetary Policy Statement the initiative came in the wake of heightened increase of technological innovations that have significantly transformed the financial landscape and the way financial institutions offer services and products.
“Further to advice in the 2019 Mid Term Budget the Bank has embarked on several initiatives and in the process of finalizing a regulatory sandbox framework “he said.
“The sandbox provides an opportunity for innovators to connect banks and other financial system players “.
The focus on Fintech alluded to last September in the mid-term monetary policy. The RBZ decided to create a National Fintech Steering Committee which would provide policy direction in the Fintech space.
Government Ministries held the inaugural Fintech meeting on 31 May 2019, culminating in the establishment of a National Fintech Steering Committee supported by an Interagency Fintech Working Group (IFWG.
Mangudya also emphasized on the adoption of new technologies in the banking sector.
“Technology and innovations have significantly altered the financial landscape, in this regard; banking institutions are required to upgrade their ICT systems consistent with development in the fourth industrial revolution “he said.