RBZ works on Fintech strategy

By Staff reporter | 30 Sep 2019 at 21:40hrs
RBZ
The Reserve Bank of Zimbabwe in partnership with other stakeholders is working on a National Fintech Strategy and has already put in place an Interagency Fintech Working Group that is expected to play a key role in the development of the strategy.

Also in place is a National Fintech Steering Committee (NFSC) that will also ensure smooth adoption and implementation of Fintech in Zimbabwe.

As part of the process, according to RBZ Deputy Governor Dr Kuphikile Mlambo, the Committee and the Working Group is expected to "extensively engage the Fintech sector with a view of gaining knowledge on the current status, existing business models, market sizes and the current constraints to the growth of the sector through a landscaping assessment".

In an address to the second joint meeting of the National Fintech Steering Committee (NFSC) and Interagency Fintech Working Group (IFWG) held recently, Dr Mlambo said:

"The landscaping exercise will lay a foundation to the formulation of a National Fintech Strategy that is pro-innovation that will contribute to reducing the cost and improving access and quality of financial services without compromising the stability of the markets."

The National Fintech Strategy will help "put in place a regulatory framework to avoid regulatory arbitrage, create an enabling environment for Fintech as well as a consistent approach in understanding and regulating Fintech, build consumer awareness and education and establish institutional arrangements to ensure a coordinated approach among stakeholders."

Analysts see Fintech as a game changer in how financial services will be offered. With the increase in internet and mobile technology globally, fintech is continually playing a more important role in the financial services industry.

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