Banking Institutions Urged To Upgrade ICT Systems

The Reserve Bank Of Zimbabwe governor, John Mangudya has urged banks to upgrade their ICT systems IN consistent with the developments in the Fourth Industrial Revolution.

According to the Monetary-Policy-Statement from the Reserve Bank of Zimbabwe released this February, Mangudya said banks should compete with the digital age so as to come up with innovative banking products.

“Banking institutions should explore new technologies and business models to enable the institutions to compete in the digital age and come up with innovative banking products.” He said.

Meanwhile, Governor Mangudya said the bank has already embarked on initiatives to establish the Fintech agenda.

“The Bank is in the process of finalizing a regulatory sandbox framework. The
framework will outline the qualification, application and evaluation criterion
for entities to be admitted into the sandbox. The sandbox provides an
opportunity for innovators to connect to banks and other financial system
players. The operationalization of the framework will thus promote
competition and efficiencies through innovation.”  Mangudya said