Banks discontinue manual RTGS payments

Published: 22 May 2018

A NUMBER of financial institutions in Zimbabwe have discontinued manual real-time gross settlement (RTGS) payments, as they go paperless, banking on increasing their efficiencies.

Some of these banks include Nedbank Zimbabwe, Cabs, NMB, ZB Bank and Steward Bank.

Nedbank Zimbabwe urged its customers to shift from manual RTGS processing to online banking through its Nedbank Access platform.

"We advise that the deadline to discontinue manual RTGS payments has been extended from May 11, 2018 to June 1, 2018," an official, Dedrey Mutimutema, said in a client update.

"Not only is this a more affordable payment option, but you can also enjoy banking convenience at the touch of a button."

Cabs said with effect from June 15, 2018, they will discontinue RTGS except for school fees payments.

"Cabs would like to advise its valued customers that the following transactions will no longer be carried out in the branch with effect from June 15, 2018; bill payments except for DStv, inter account transfers, mini statements, balance enquiry, RTGS except for school fees, NSSA [National Social Security Authority] and Zimra [Zimbabwe Revenue Authority] payments, airtime purchase. . . ," it said.

Cabs said these services would only be carried out through mobile banking, its mobile app and internet banking.

The building society's managing director, Simon Hammond said this would increase their efficiencies and help provide their customers with better service.

"Like other banks, we are looking at new convenient ways of making our services accessible to people," he said.
- newsday

Tags: RTGS,