Zimbabwean banks reported widespread disruptions to a key payment system after the Reserve Bank of Zimbabwe (RBZ) suffered a network failure it has yet to fully resolve.
Lenders including Central African Building Society Ltd., the country’s biggest mortgage provider and a subsidiary of South Africa’s Old Mutual Ltd., told customers on Tuesday that the real-time gross settlement (RTGS) platform was not functioning, Bloomberg reported.
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The RBZ acknowledged on Monday that a “technical challenge” could delay some banking services but has since struggled to restore operations.
Its website remained inaccessible throughout Tuesday, leaving the official dollar exchange rate for the local gold-backed ZiG currency unavailable.
The disruption also hit large retailers, local councils, and other institutions that rely on the RBZ website for exchange-rate guidance to set prices.
The Zimbabwe Stock Exchange was unable to settle trades during the outage.
“The outage of the main system had disrupted payments across the market, though some services have since been restored,” said Lawrence Nyazema, president of the Bankers Association of Zimbabwe.
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Image Credit: DNE Africa
