FINTECH

Financial Technology is rapidly advancing innovation in financial services with new risks and emerging threats as well as new business models and technology use cases. All of which may have implications for financial stability and monetary policy.

In this regard, the Reserve Bank is taking a collaborative approach through interagency arrangements to understand and assess the impact of Fintech on the economy and to enable responsible innovation in the financial services sector through experimentation and testing in a controlled environment.

BACKGROUND

• The world has experienced a proliferation of technology and innovations that have significantly altered the digital landscape and the way which economic agents offer services and products.

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INSTITUTIONAL ARRANGEMENTS

In view of the multi-dimensional nature of Fintech innovations, Zimbabwe has adopted a collaborative and consultative approach. The Reserve Bank, other financial sector regulators and relevant Government Ministries held the inaugural Fintech meeting on 31 May 2019, culminating in the establishment of a National Fintech Steering Committee supported by an Interagency Fintech Working Group (IFWG).

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INTERAGENCY WORKING GROUP

The Working Group’s duties and responsibilities are to:

1. conduct a scoping exercise to gain a general understanding of the major FinTech innovations in the country;
2. assess to benefits, risks, challenges and opportunities arising from digitization and use of financial technology;

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NATIONAL STEERING COMMITTEE

The Committee’s responsibilities includes:

1. spearhead the development of a National Fintech Strategy;
2. critically analyze the regulatory regime of Fintech across all the sectors in Zimbabwe;

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