Zimbabwean banks reported major disruptions to a key payment channel after the Reserve Bank of Zimbabwe (RBZ) suffered a network failure, which it is still trying to resolve.
- Zimbabwean banks are experiencing disruptions due to a network failure at the Reserve Bank of Zimbabwe (RBZ).
- The real-time gross settlement (RTGS) payment system has been impacted, affecting multiple institutions.
- The RBZ is working to resolve the issue but its website remains offline, causing exchange rate availability problems.
- Key entities including large retailers and councils are affected due to reliance on RBZ’s exchange rate guidance.
Zimbabwean banks reported major disruptions to a key payment channel after the Reserve Bank of Zimbabwe (RBZ) suffered a network failure, which it is still trying to resolve.
Lenders, including Central African Building Society Ltd., the nation’s largest mortgage provider and a unit of South Africa’s Old Mutual Ltd., told clients on Tuesday that the real-time gross settlement (RTGS) platform was down, according to Bloomberg.
The RBZ, which on Monday acknowledged a “technical challenge” that could delay some banking services, has struggled to restore full operations. Its website remained offline throughout Tuesday, leaving the official dollar exchange rate for the local gold-backed ZiG currency unavailable.
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Stock exchange affected
Large retailers, local councils, and other institutions that depend on the RBZ website for exchange-rate guidance to set prices were also affected. The Zimbabwe Stock Exchange was unable to settle trades.
Lawrence Nyazema, president of the Bankers Association of Zimbabwe, said the outage of the main system had disrupted payments across the market, though some services have since been restored.
