Central Banking

RBZ launches new payment system

ZIMBABWE - Starting on November 18, the Reserve Bank of Zimbabwe (RBZ) will introduce an electronic transfer and settlement system (ZETSS) that will link Zimbabwe's commercial banks in the movement of funds among participating banks using settlement accounts held at the central bank.

The system, linking all commercial banks through their head offices, is meant to tighten security when it comes to the movement of large sums of money, the Financial Gazette reported.

Unlike automated teller machi