Zimbabwe is working on a payment network that could let people send cash between banks and mobile wallets in real time. The Reserve Bank of Zimbabwe (RBZ) is in advanced talks with India's NPC International Payments Limited (NIPL), though neither side has signed a deal yet.
At the center of the plan is India's Unified Payments Interface (UPI). The tech could help link Zimbabwe's banks, mobile money firms, and other payment services through one shared network. Faster transfers and lower fees are the main goals.
Here's the part that could make shopping easier. A customer could walk into a store, scan one QR code, and pay from any supported bank account or mobile wallet. The shop would not need a different code for each participating payment provider.
And sending money could get simpler as well. Instead of using separate routes for each bank or wallet, people could move funds across participating services through the same network.
Another feature under review is a single app that could give users access to several bank accounts and wallets. A phone number, email address, or payment ID might also work as a way to send cash without typing long account details. The final design will decide which features make it.
RBZ Governor Dr John Mushayavanhu says the current setup has a lot of gaps. Payment firms have made progress with digital tools, yet moving money between services can still take time and cost more than users would want.
But cheaper fees are not a done deal. Mushayavanhu has made clear that the central bank cannot promise exact savings before the system goes live. Cutting costs remains a key aim, not a fixed result.
The plan could help banks and mobile money firms share payment links instead of each building separate connections. Fintech firms and other regulated providers could join the network as well, which may cut repeat costs and reduce the need for some middle services.
Existing payment apps and banking systems would stay in place. The new network would work alongside them, giving providers a common way to move funds while keeping their current services.
Zimbabwe also has a QR payment standard in place. Rather than scrap it, the RBZ wants to add the tech needed to route payments between providers. Shops could then use one compliant QR code once the required tests and setup are complete.
Small traders stand to gain from the plan. They might be able to take digital payments without buying costly card machines or signing up for several payment tools. Customers could pay straight from their accounts, while cards would remain an option.
Local fintech firms could also build new services on the shared network. For people who have limited access to banking, simpler tools and lower charges might make digital payments easier to use.
Talks with NIPL have a target for completion, but an agreement is still pending. The RBZ has yet to give a launch schedule or confirm how long it would take to link banks, wallets, and other providers.
For Zimbabwean users, the proposed features remain plans rather than services they can use today. The final deal, technical setup, and provider testing will determine what the national payment network can deliver.
At the center of the plan is India's Unified Payments Interface (UPI). The tech could help link Zimbabwe's banks, mobile money firms, and other payment services through one shared network. Faster transfers and lower fees are the main goals.
Here's the part that could make shopping easier. A customer could walk into a store, scan one QR code, and pay from any supported bank account or mobile wallet. The shop would not need a different code for each participating payment provider.
And sending money could get simpler as well. Instead of using separate routes for each bank or wallet, people could move funds across participating services through the same network.
Another feature under review is a single app that could give users access to several bank accounts and wallets. A phone number, email address, or payment ID might also work as a way to send cash without typing long account details. The final design will decide which features make it.
RBZ Governor Dr John Mushayavanhu says the current setup has a lot of gaps. Payment firms have made progress with digital tools, yet moving money between services can still take time and cost more than users would want.
But cheaper fees are not a done deal. Mushayavanhu has made clear that the central bank cannot promise exact savings before the system goes live. Cutting costs remains a key aim, not a fixed result.
The plan could help banks and mobile money firms share payment links instead of each building separate connections. Fintech firms and other regulated providers could join the network as well, which may cut repeat costs and reduce the need for some middle services.
Existing payment apps and banking systems would stay in place. The new network would work alongside them, giving providers a common way to move funds while keeping their current services.
Zimbabwe also has a QR payment standard in place. Rather than scrap it, the RBZ wants to add the tech needed to route payments between providers. Shops could then use one compliant QR code once the required tests and setup are complete.
Small traders stand to gain from the plan. They might be able to take digital payments without buying costly card machines or signing up for several payment tools. Customers could pay straight from their accounts, while cards would remain an option.
Local fintech firms could also build new services on the shared network. For people who have limited access to banking, simpler tools and lower charges might make digital payments easier to use.
Talks with NIPL have a target for completion, but an agreement is still pending. The RBZ has yet to give a launch schedule or confirm how long it would take to link banks, wallets, and other providers.
For Zimbabwean users, the proposed features remain plans rather than services they can use today. The final deal, technical setup, and provider testing will determine what the national payment network can deliver.
