Press Release

National Payment Systems

One of the Reserve Bank of Zimbabwe’s (RBZ) functions as provided for under Section 6(i) (e)  of the Reserve Bank of Zimbabwe Act [Chap. 22:15] is to promote the smooth operation of the payment systems. In the same vain the National Payment Systems Act [Chap: 24:23] (NPS Act) allows for the formulation and implementation of such policies to promote the establishment, regulation and oversight of  safe, sound and efficient payment, clearing and settlement systems in the country.

Pursuant to the same, the (RBZ) seeks to ensure that payment systems:

  • Have a sound legal basis and regulatory framework;
  • Have  comprehensive risk management systems;
  • Offer efficient, reliable and safe payment services to customers; and,
  • Are aligned to regional and international best practices and standards.
     

NATIONAL PAYMENT SYSTEMS (NPS) BACKGROUND

The Reserve Bank of Zimbabwe has, since 1995, been involved in collaborative efforts with the banking industry and other key stakeholders to reform the payment system in Zimbabwe. Pursuant to that, the National Payment Systems (NPS) function was established in 1998 in response to the increasing awareness on the need, by the Central Banks, to pay undivided attention to payment systems issues, given their significant contribution to financial stability and economic development. These efforts culminated in the development of the National Payment Systems Framework and Strategy in 2000. In this regard, the Bank’s overall payment system vision is to maintain and develop a payment system that is locally, regionally and internationally recognized. The ultimate goal therefore is to ensure a safe, sound and efficient payment system through the oversight role.
 

NATIONAL PAYMENT SYSTEMS OBJECTIVES

The main objectives of the NPS function are to:

  • Ensure payment, clearing and securities settlement systems have a sound legal basis,
  • Oversee payment, clearing and securities settlement systems in Zimbabwe, to ensure implementation of sound risk management practices.
  • Ensure finality and irrevocability of settlement, while facilitating the circulation of money in the economy.
  • Continue to guide the evolution of payment systems in Zimbabwe and ensure developments take place in a collaborative and coordinated manner.
  • Ensure safe, sound and efficient payment, clearing and securities settlement systems.
  • Ensure that payment systems are effectively used as a mechanism  to promote electronic transactions, consumer protection,  interoperability and financial inclusion in the country.

Financial Surveillance & Exchange Control

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Board Members

  1. Dr John Mushayavanhu, Governor & Chairman
  2. Mrs Matilda Dzumbunu, Deputy Chairperson 
  3. Dr Jesimen T. Chipika, Deputy Governor
  4. Dr Innocent Matshe, Deputy Governor
  5. Mr Edwin Manikai
  6. Mrs Emma Fundira
  7. Dr Caleb Fundanga
  8. Ms Belinda Muswaka
  9. Prof Jerry Parwada

Structure

Risk Management

Functions of the Reserve Bank

The Bank is responsible for the formulation and implementation of monetary policy, directed at ensuring low and stable inflation levels. A further core function of the Bank is to maintain a stable banking system through its supervisory and lender of last resort functions. Other secondary roles of the Bank include the management of the country's gold and foreign exchange assets. The bank is the sole issuer of currency and acts as banker and advisor to Government.

  • Monetary policy formulation and implementation
  • Issuer of bank notes and coins
  • Custodian of gold and other foreign assets
  • Banker and advisor to government
  • Bankers' bank and lender of last resort

Vision & Mission

Vision
To be a credible, transformative and responsive central bank that contributes to the economic development of Zimbabwe.

Mission
To achieve and maintain price and financial system stability to foster sustainable and inclusive economic development.

Values

  • Accountability
  • Transparency
  • Integrity
  • Efficiency
  • Teamwork

 

History

The Reserve Bank of Zimbabwe has its origins in the Bank of Rhodesia and Nyasaland which was created in March 1956 as a central bank for the Federation of Rhodesia and Nyasaland. The Reserve Bank was the successor to the Central Currency Board, which had the sole right to issue currency.

Originally, the Bank was situated in Vincent (now Mapondera) Building in Harare from where the High Court of Zimbabwe currently operates, and later moved to Bank Chambers at 76 Samora Machel Avenue, in June 1957 as its new headquarters.

Following a rapid growth in its operations and staff complement, the Bank found it necessary to construct its current headquarters complex at 80 Samora Machel Avenue. The building, billed as the most technologically advanced in Zimbabwe was officially opened on May 31 1996.

The Reserve Bank of Zimbabwe operates under the Reserve Bank of Zimbabwe Act, Chapter 22: 15 of 1964. The Act provides for the Board of Directors and the post of Governor who is responsible for the day-to-day administration and operations of the Bank. The Governor is assisted by two Deputy Governors.

The Governor and his two deputies are appointed by the State President for renewable five-year-terms. The board of directors is chaired by the Governor, and its membership includes a maximum of seven non-executive directors, appointed by the President and representing key sectors of the economy.