LOCAL banks processed R6,09 billion (US$339 million) through the Sadc-RTGS platform in 2024, a 2% increase from previous levels, according to the Reserve Bank of Zimbabwe’s (RBZ) annual report, highlighting the country’s deepening integration into regional financial networks.
The report showed local banks maintained their participation in key regional and international payment platforms, including both the Sadc-RTGS and the Pan-African Payment and Settlement System (PAPSS).
“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 stated in its report.
The Sadc-RTGS system, operated by the South African Reserve Bank (pictured below) on behalf of Sadc member states, serves as the region’s primary cross-border real-time gross settlement platform.
Participation includes central banks and authorised financial institutions across the Sadc region.
PAPSS continues to provide African businesses with a cost-effective solution for settling transactions in local currencies, supporting the continent's economic integration agenda.
The RBZ reported strong operational performance across Zimbabwe’s payment infrastructure, with the RTGS system achieving 98% uptime in 2024.
“This reliability ensured the smooth and uninterrupted settlement of high-value transactions, reinforcing confidence in the financial markets,” the central bank said.
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The Zimbabwe Electronic Transfer Settlement System also performed effectively, supporting interbank transactions and contributing to liquidity management.
During the year, the RBZ implemented measures to promote digital transactions, including exempting electronic transactions below US$5 (or ZiG equivalent) from processing charges.
“Digital retail payments saw a 27% monthly average increase in values, demonstrating a growing shift towards electronic payment methods,” the report noted.
The central bank highlighted progress in cyber security, citing a 98% compliance rate with Europay, Mastercard and Visa security standards and successful implementation of the SWIFT Customer Security Programme and ISO 20022 migration.
