Reserve Bank bans RTGS transfers by third parties with immediate effect

Posted by Onesimo

The Reserve Bank of Zimbabwe has banned RTGS transfer by third parties with immediate effect. The move is intended to mitigate against cash dealings that have started in Zimbabwe where people are selling the hard to find USD cash.

Said the RBZ in a notice on 1 November:

With immediate effect, suppliers of goods and services shall not accept RTGS or inter account transfers made by third parties on behalf of their customers. For avoidance of doubt, a supplier or service provider shall only accept payment emanating from the bank account of the customer making the purchase

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