Zimbabwe banks process R6bn via regional payment systems

Zimbabwean banks processed transactions worth R6.09 billion (approximately US$339 million) through the Southern African Development Community Real-Time Gross Settlement System (SADC-RTGS) in 2024, marking a 2% increase from the previous year, according to the Reserve Bank of Zimbabwe's (RBZ) latest annual report.

The increase highlights Zimbabwe's strengthening participation in regional and international payment systems, underlining the country's growing role in facilitating cross-border financial flows within the SADC bloc.

"The value of payments processed via the Sadc-RTGS increased by 2% to R6.09 billion, reinforcing Zimbabwe's role in regional financial integration," the RBZ said in the report.

The SADC-RTGS platform, managed by the South African Reserve Bank on behalf of member states, is the region's key high-value settlement infrastructure. It enables real-time processing of cross-border payments in a secure and efficient manner, with participation from central banks and authorised financial institutions across the Southern African region.

Zimbabwean banks also continued their engagement with the Pan-African Payment and Settlement System (PAPSS), which facilitates intra-African trade by allowing businesses to settle transactions in local currencies — a key pillar in Africa's wider economic integration strategy.

The RBZ noted significant operational resilience across the country's payment systems. The domestic Real-Time Gross Settlement (RTGS) platform maintained a 98% uptime, ensuring the smooth settlement of high-value transactions and reinforcing market confidence.

"This reliability ensured the smooth and uninterrupted settlement of high-value transactions, reinforcing confidence in the financial markets," the central bank stated.

The Zimbabwe Electronic Transfer Settlement System (ZETSS) also performed effectively in supporting interbank liquidity management.

To accelerate the adoption of digital financial services, the RBZ implemented several policy measures during the year, including the removal of processing charges on electronic transactions below US$5 (or ZiG equivalent).

As a result, digital retail payments saw a 27% average monthly increase in value, indicating a strong shift by consumers and businesses toward electronic payment channels.

The RBZ highlighted major strides in cybersecurity and payment security compliance, reporting a 98% adherence rate to international standards, including Europay, Mastercard, and Visa (EMV) requirements. The successful implementation of the SWIFT Customer Security Programme and the ISO 20022 migration further enhanced the resilience and security of Zimbabwe's payment ecosystem.

The RBZ's 2024 report paints a picture of a rapidly modernising financial sector increasingly aligned with regional and continental payment networks, driven by digital innovation, robust systems infrastructure, and proactive policy support.