Zimbabwe moves to align fintech with conventional financial system Fintech enthusiasts and players not popping the champagne bottle just yet

Zimbabwean financial regulator, the Reserve
Bank of Zimbabwe (RBZ) has of late been showing signs that it has had a change
of heart in its attitude towards innovative financial products.

The RBZ has previously had an uneasy relationship with private fintech organizations, particularly those that facilitated the purchase of digital tokens by the general public. The RBZ’s spat with Golix cryptocurrency exchange generated global headlines leading to a slowdown of growth of this industry.

To signal its changed attitude—perhaps possibly after studying financial innovations—the RBZ made the first visible sign when it announced the setting up of fintech committees to further the innovations.

In its latest move, the RBZ, through the monetary policy statement again, revealed that it 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.

According to the RBZ, the coming live of this framework will promote competition and efficiencies through innovation. In addition, the central bank now wants banking institutions to upgrade their information communication technologies (ICTs) to be system consistent with developments in the ‘Fourth Industrial Revolution’.

Until now, banks have been under instructions not to facilitate the movements of funds from the conventional financial system to cryptocurrency networks or exchanges.

No celebrations just yet

AfricaBlockchainMedia.com sought views from a cross section of the country’s small community of finetch enthusiasts and innovators about the RBZ’s latest announcement.  

Some welcomed the announcement, believing this will