Zim banks go paperless

HARARE - Zimbabwean banks are phasing out paper-based Real Time Gross Settlement (RTGS) transactions, with Standard Chartered (Stanchart) being the latest in announcing the move.

This comes as banks have recorded a massive surge in RTGS transactions due to the deepening cash crisis.

Some of the banks which have migrated from paper-based RTGSs to processing electronic ones only include the CBZ and Ecobank.

On Thursday, Stanchart notified its clients that they were stopping paper-based RTGS transactions with effect from September 1, 2017.

“Paper RTGS and TT (telegraphic) transactions will not be accepted from tomorrow,” it said.

A TT is used for transferring funds primarily for overseas wire transactions. While banking Zimbabweans have been eager to adopt self-service transactions due to convenience and flexibility, with many flocking to online and mobile banking, they have largely been reluctant to switch to paperless statements.

Banks currently offer self-service platforms such as mobile banking, online banking, e-statements, although many ATMs have been rendered useless by the prevailing cash shortage.

Comments (1)

Yes they've done it! Paper money was the first to go!

citizen - 20 September 2017

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