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Zimbabwe *transacted* billions of dollars in both the local Zig and United States dollar currency in transactions during the year 2024.
The values of transactions processed through the RTGS System culminating to, “ZiG$266,89 billion and US$29,02 billion, with volumes at 5,52 million and 5,83 million, respectively.”
This was revealed by the Reserve Bank of Zimbabwe RBZ’s latest monetary policy statement (MPS), which indicated that the real-time gross settlement (RTGS) system was upgraded in November 2024 to ensure that the system complies with ISO (International Organisation for Standardisation) 20022 standards.
“This was aimed at enhancing the efficiency, security, and effectiveness of the system, ultimately benefiting financial institutions, customers, and the economy,” said Governor Dr John Mushayavanhu.
The RBZ Governor said, “access devices, except for ATMs, recorded growth during the year 2024.”
The apex bank boss said the, “values for retail digital transactions reached the ZiG$1,8 billion mark in December 2024, a significant increase from less than ZiG200 million in June 2024,” noting that retail and the banking community continued to work towards full compliance with SWIFT cross-border payment processes for the ISO 20022 programme after successfully implementing incoming and outgoing cross-border payments and reporting plus (CBPR+) in terms of interoperability.
Dr Mushayavanhu also highlighted that in order to mitigate risks associated with cyber threats and technological disruptions, the Reserve Bank is strengthening the regulatory framework governing these National Payment Systems that make both rtgs and usd$ transactions possible through swipe for instance.
“Regular assessments of system resilience and the implementation of best practices in cybersecurity will continue to be prioritised,” the RBZ Governor said during his MPS.
Governor Mushayavanhu also said all stakeholders in the financial services sector are expected to effectively collaborate, embrace the risk-based approach, and work towards ensuring the success of the related cyber control measures.
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