The Reserve Bank of Zimbabwe has had to adjust the processing times for RTGS transfers during the lock-down period. While individuals and small businesses prefer using ZIPIT which is an instant method of transferring money from one account to another, a lot of corporates still prefer doing things the old way using the RTGS system. Mainly this is for control reasons, the ZIPIT system is inherently insecure as it would allow a single person to move money if they have the pin. With RTGS the process might require several signatures which will then be scrutunised by the bank in order to reduce chances of fraud.
For this to happen the transactions have to be submitted to the bank which then goes on to manually process each one of these transactions. This takes time and there is a deadline each day. All transactions submitted before the deadline are processed on that day and usually the money appears in the receiving account the following morning or later that evening. All transactions submitted after the deadline are processed the following day instead. It is this deadline that the RBZ has changed since bank operating hours have been reduced as well.
We advise of a change in the RTGS operational timelines during the current National Lockdown period as per guidance from RBZ. All our valued customers and clients are now required to transact from 8am to 11.45am, Monday to Friday to meet the new requirement. Any transactions initiated outside of these timelines will be carried forward to the next business day excluding Saturday.First Capital Bank’s statement on the issue.
Although this notice was posted by First Capital Bank it’s content implies that the order affects all banks as it is coming from the Central Bank. Not only is the RBZ the governing authority there are the ones in charge of the RTGS system.