Breaking News

RTGS system to send money in 5 seconds

by Staff reporter
23 August 2019 | 1351 Views
THE Reserve Bank of Zimbabwe (RBZ) is working towards ensuring that the Real Time Gross Settlement (RTGS) system sends money in five seconds.

This emerged on Wednesday in Binga during a consumer and community engagement outreach programme organised by the Postal and Telecommunications Regulatory Authority of Zimbabwe (Potraz), which also featured the Consumer Council of Zimbabwe (CCZ).

RBZ head oversight and risk management (National Payment Systems financial market) Mr Douglas Muranda, said they want the RTGS system to work efficiently and boost confidence among transacting public.

"If you are paying a lot of money to another person's account or a company account, we want all that, if all goes well, to happen in five seconds," said Mr Muranda.

"It's called RTGS, which means 'there and there'.

"In the worst case scenario, we want to have a system whereby when one sends money today, the recipient should get the money in an hour or tomorrow."

This comes as a number of depositors are complaining that they are taking long to receive their money when a transfer has been made. The challenges followed a stand-off between Payserve Africa and local banks over about US$400 000 owed.

Meanwhile, Mr Muranda said the RBZ was concerned about the high costs being incurred by mobile money users to access physical cash.

"The issue of high (cash out) charges is giving us headaches too.

"It's illegal and it's not allowed," he said.




Mr Muranda said they were working "flat out" to ensure the menace is addressed.

"We hope the situation would be addressed soon, but we are grappling with it.

"It's an illegal practice and people can report businesses that put a percentage on cash out transactions to the RBZ department called Financial Intelligence Unit.

"You can also report to Ecocash, Telecash and OmeMoney," he said.

Citizens are being creamed off of their hard earned cash by mobile money transfer agents who are demanding up to 50 percent of the amount one would be cashing out in notes while the premium about 35 percent to access some coins.

Shortages of physical cash in banks, following the practice of hoarding cash by illegal street currency dealers, has exposed people to the unscrupulous dealers.

The consumer and community engagement outreach programme held in Binga was a first if its kind, which falls within the International Telecommunications Union (ITU) standards and recommendations where collaboration of regulators is encouraged.

Zimbabwean authorities have been encouraging the use of electronic money, but demand for cash payments for transport among other demands has seen many people going to the illegal dealers for cash.

RTGS System Money

Source: the herald

Comments

Latest News

Magombeyi: Abduction mystery deepens

by Staff reporter | 22 September 2019 | 1 Views

Mnangagwa swoops on ally, nephew as Zimdollar plummets - President Em...

by Staff reporter | 22 September 2019 | 1 Views

Zimbabwe's cost of living skyrockets

by Staff reporte | 22 September 2019 | 1 Views

Mtukudzi's secrets revealed - The late jazz icon Oliver Mtukudzi had p...

by Staff reporter | 22 September 2019 | 1 Views

UN says Zimbabweans being targeted in South Africa - Zimbabweans are a...

by Staff reporter | 22 September 2019 | 1 Views

Fresh scandal brews at NSSA - A fresh scandal is brewing at the Nation...

by Staff reporter | 22 September 2019 | 1 Views

'Agriculture will be Zimbabwe's trump card' - Zimbabwe must use the ag...

by Staff reporter | 22 September 2019 | 1 Views

Zimbabwe diamond production plummets - Zimbabwe's diamond production d...

by Staff reporter | 22 September 2019 | 1 Views

Mnangagwa to protect Grace Mugabe's business empire - FORMER First Lad...

by Staff reporter | 22 September 2019 | 1 Views

Remembering Dr Mzee: Soul of the nation - CDE SIMON Muzenda, who had h...

by Staff reporter | 22 September 2019 | 1 Views

Bulawayp parking tender saga continues - A TENDER for the installation...

by Staff reporter | 22 September 2019 | 1 Views

Rampant price increases must end, says Mnangagwa - I ADDRESS you this ...

by Emmerson Mnangagwa | 22 September 2019 | 1 Views

Who will pay for Bosso's expatriate coach, asks Tshinga Dube - HIGHLAN...

by Staff reporter | 22 September 2019 | 1 Views

Warriors face Lesotho in Chan qualifier - AFTER sobering up from what ...

by Staff reporter | 22 September 2019 | 1 Views

'We will not switch off Kariba' - Water levels in Kariba Dam have drop...

by Staff reporter | 22 September 2019 | 1 Views

Mugabe's life crystallises anti-hegemony fight - It is with sadness th...

by Dr Obert Mpofu | 22 September 2019 | 1 Views

Mugabe family solely in charge of funeral

by Staff reporter | 22 September 2019 | 1 Views

'Prove abduction or go to jail'

by Staff reporter | 22 September 2019 | 1 Views

Zimbabwe to ratify trade pact with Brexit threatened UK - Zimbabwe wil...

by Staff reporter | 22 September 2019 | 1 Views

Whodunnit? And Why? - Two of the country's dumbest and dummest crimina...

by Bishop Lazi | 22 September 2019 | 1 Views

Mnangagwa urges farmers to plant early - Farmers should work hard duri...

by Staff reporter | 22 September 2019 | 1 Views

Unwriting Mugabe's white narrative - They thought Mugabe was their poo...

by Ranga Mataire | 22 September 2019 | 1 Views

The truth about the 'abductions' - In a predictable fashion typical of...

by Staff reporter | 22 September 2019 | 1 Views

Sadc stands with Zimbabwe at UN - Sadc leaders are expected to use the...

by Staff reporter | 22 September 2019 | 1 Views

Mnangagwa arrives in New York for global indaba - President Mnangagwa ...

by Staff reporter | 22 September 2019 | 1 Views

Zanu-PF in landslide Zaka East election victory - Zanu-PF has retained...

by Staff reporter | 22 September 2019 | 1 Views

Remembering Robert Mugabe; A personal encounter

by Josiah Mucharowana | 22 September 2019 | 1 Views

BCC parking tender saga continues

by Patrick Guramatunhu | 22 September 2019 | 1 Views

What good is 95% literacy without common sense to stop Mugabe madness ...

by Patrick Guramatunhu | 22 September 2019 | 1 Views

Black market forex rates tumble

by Staff Reporter | 22 September 2019 | 4 Views

Entertainment

'Majaivana is not my real father!'

by Staff Reporter | 22 September 2019 | 1 Views

Janet Manyowa arrives ahead of Friends in Christ gospel extravaganza

by Tidi Kwidini | 19 September 2019 | 820 Views

Hip-hop top 10 spansers

by Staff Writer | 12 September 2019 | 948 Views

Victoria Falls cancels Babes Wodumo gig over xenophobia

by Mandla Ndlovu | 12 September 2019 | 1619 Views

Harare Wellness Festival a huge success

by Mandla Ndlovu | 09 September 2019 | 667 Views

BREAKING: Dr Malinga cancels Skyz Metro FM gig over xenophobia

by Mandla Ndlovu | 05 September 2019 | 1887 Views

Mlindo the Vocalist fears xenophobic attacks in Zimbabwe

by Mandla Ndlovu | 04 September 2019 | 7943 Views

Green dupes Bindura fans - AFRO FUSION musician Carlos Green aka "vaku...

by Simbarashe Sithole | 01 September 2019 | 830 Views
iBlog

Greatsoftline For All Of Your Software Needs

coupon and promo codes: greatsoftline for all of your software needswhile some online sellers have promotional services that reduce the overall amount you spent, others do not .you need to be on the lookout for the best outlets in order to chase th... Read More
ITnews 25 February 2015 ago

Apple Watch Teardown Reveals Unique Hardware And Replaceable Parts

The apple watch may not be fine jewelry, but bill detwiler cracks it open and shows you why he thinks it's a fine piece of tech. the apple watch may be beautiful on the outside, but how about on the inside? in this cracking open installment, we go in... Read More
Sergey 11 June 2015 ago