RBZ Seeks To Boost ZiG Usage On Mobile Money Platforms

The Reserve Bank of Zimbabwe (RBZ) says it will work with mobile money platform to ensure parity in trading between local and foreign currencies under the multicurrency system and eliminate pricing discrepancies.

The move is meant to allow users to transact freely in either local or foreign currency with ease and efficiency.

This follows concerns over challenges in using the Zimbabwe Gold (ZiG) for mobile money payments, especially for essential services, compared to the US dollar. In many cases, local currency prices are significantly higher and often ignore the official exchange rate.

With most Zimbabweans relying on mobile money for daily transactions, including goods, services, bills, and school fees, the RBZ said it was critical to improve the usability of ZiG to build a more efficient and inclusive financial system.

The central bank outlined the measures in its 2025 Mid-Term Monetary Policy Statement Stakeholder Feedback Report. It said:

“The Reserve Bank will engage mobile money operators to ensure that there is equal trading in both domestic and foreign currencies in line with the multicurrency system.”

The central bank said addressing these issues could help increase the acceptance of the local currency across the economy, promote financial inclusivity, and support overall economic stability.

It also noted that stakeholders had raised concerns over high transaction fees, which are driving up the cost of using the formal banking system.

 These charges, they said, place an additional financial burden on users and make it more expensive to manage accounts and conduct transactions.

Stakeholders suggested that the RBZ consider revising fee structures to make them more competitive and user-friendly.

In response, the RBZ stressed its commitment to tackling the matter through moral suasion, by engaging banks and other financial institutions via the Bankers Association of Zimbabwe (BAZ) to adopt more favourable pricing policies.

High bank charges on both local and foreign currency accounts remain a source of frustration for depositors, with some indicating that the costs are discouraging them from banking their foreign currency.

More: The Herald