By Staff Reporter
The Reserve Bank of Zimbabwe (RBZ) is racing against an October 31 deadline to finalize a landmark agreement with NPCI International Payments Limited (NIPL) to adopt India’s Unified Payments Interface (UPI) as the technological foundation of a new national digital payments system.
Announced by RBZ Governor Dr. John Mushayavanhu, the strategic initiative aims to overhaul a domestic payment framework that the central bank chief described as slow, fragmented, and costly. The proposed National Payments Digital Public Infrastructure (DPI) will establish common, real-time payment rails, enabling seamless interoperability across commercial banks, mobile network operators, fintechs, and regulated financial service providers.
“Despite technological advances, payments remain slow, fragmented and costly,” Dr. Mushayavanhu said.
Under the envisaged model, consumers will be able to execute instant transactions and transfer funds across different financial institutions using a single QR code or digital payment identifier—such as a mobile number or email address—regardless of the underlying provider.
Small-scale traders stand to benefit significantly from the system. Instead of relying on multiple payment channels and dedicated point-of-sale hardware, merchants will be able to display a single, compliant QR code to receive electronic payments from customers using competing banks and mobile-money wallets.
The central bank envisions the infrastructure operating as a core public utility, functioning much like national road networks, dams, and power grids. Dr. Mushayavanhu stressed that the platform is designed to complement, rather than replace, existing payment channels by eliminating duplicated infrastructure and intermediary costs.
However, the central bank has exercised regulatory caution regarding immediate cost savings for consumers. Dr. Mushayavanhu noted that it remains premature to quantify specific reductions in bank charges and transaction fees ahead of the system’s final technical rollout and provider certification.
Beyond streamlining commerce, the shared infrastructure is expected to widen financial inclusion for underserved demographics and create fresh opportunities for domestic fintech companies to engineer new products and services on top of the unified network rails
