By 
The Reserve Bank of Zimbabwe (RBZ)’s National Payment System (NPS), which facilitates interbank transfers via the Real-Time Gross Settlement System (RTGS), has been down since Friday, the 15th of August, up to today, the 19th. This disruption has thrown the entire financial system into chaos, with millions of payments left hanging in the system.
The RTGS system handles both USD and local currency (ZiG) transfers between banks, including daily contra payments that allow banks to balance their positions. These are critical for settling both business and private transactions — a vital service the RBZ has now failed to provide for over 48 hours of business time, all without issuing any apology or explanation to the millions of Zimbabweans who depend on the system.
These payments, which are still pending settlement, are effectively being held hostage in suspense accounts, causing significant financial prejudice to the business sector. The RBZ is now seen by many as neglecting its national mandate to ensure a smooth, reliable, and convenient payment mechanism for the country.
This has greatly diminished confidence and trust within the banking system — an already fragile sector — and has forced millions of Zimbabweans to totally abandon banking at all costs, making it an even riskier endeavour from August 2025 till today, the 19th, with still no official comment from the national bank.
Most Zimbabweans who have been anticipating payment settlements from one bank to another have been left in the dark and are facing serious financial prejudice and obligations. This has thrown the entire financial sector into a serious crisis, while bank treasury departments are overwhelmed with workload piling up in their back offices.
Millions of dollars are traded every day across the banking sector, with bank-to-bank payments (RTGS) forming the bulk of these transactions. These include business settlements, tax payments, and critical end-of-day entries — such as contra entries — all of which are essential for financial stability.
However, many Zimbabweans both businesses and private individuals — expecting incoming payments are not receiving any credits to their bank accounts due to what is widely being viewed as gross technical incompetence at the RBZ’s National Payment System.
“Imagine the serious inconvenience this has caused us — we are now being charged penalties for late payments and forced to buy at higher costs simply because we have failed to meet our obligations,” decried one businessman.
Besides businesses running into potential losses, individuals who were also highly anticipating their payments have been left stranded, with no resources or remedy, as they wait for banks to credit their accounts.
Such levels of national inconvenience would be punishable in other jurisdictions. With potential revenue losses and unfulfilled obligations, the RBZ could face lawsuits or be compelled to pay interest for causing such inconvenience to citizens who rely on it for daily transactions.
This crisis has further diminished confidence in Zimbabwe’s banking system, prompting a growing number of citizens to abandon formal banking entirely. For many, relying on the banking system has now become a highly unreliable and risky venture.
A quick visit to the RBZ website reveals another disheartening sign — the site is currently displaying a “website under maintenance” message. This suggests either the hosting server is down or the bank is incapable of running even a static page to keep Zimbabweans informed during such a critical national disruption.
Comments