CBZ goes paperless, phases out manual RTGS transfers

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By Business Reporter

THE Commercial Bank of Zimbabwe (CBZ) has joined financial institutions going paperless, announcing it will switch to an exclusively electronic regime next month.

 “CBZ would like to advise its valued clients and all stakeholders that with effect from the 1st of June 2018, all branches will no longer be processing manual/paper RTGS and internal transfer requests,” said the bank in a statement last week.

“All clients will be able to perform transactions via CBZ Touch, CBZ Internet Banking and Paynet conveniently anytime, anywhere.

“We therefore urge all clients to ensure that they have registered on CBZ Touch, CBZ Internet Banking or Paynet platforms by the 31st of May 2018.”

Other banks which have since moved to electronic transactions include Ecobank and StanChart.

CBZ has since launched an integrated mobile application called CBZ Touch to improve convenience in transacting for the clients.

When mobile and internet banking first appeared on the market, customers were reluctant to use banking apps to access accounts and handle their financial data questioning the security.

But over the past year, the platforms have been generally better embraced particularly on the backdrop of serious liquidity challenges

Monetary transactions in the Zimbabwean economy are now dominated by electronic payment systems.

More than 96 percent of local financial transactions now being conducted through plastic, internet and mobile payment systems.