By Stephen Chandisareva.

Harare, Zimbabwe. (News of The South)- Government has blamed the illegal money
changers of disrupting regional financial integration efforts as it continues to impede the smooth running of the inventions slowing down the economic growth in Zimbabwe.
Components of regional integration includes the introduction of real time gross settlement (RTGS), Sadc Integrated Regional Electronic
Settlement System (SIRESS).

Speaking at a workshop held in Victoria Falls on Tuesday, Reserve Bank of Zimbabwe deputy governor Jesimen Chipika said the existence of
illegal money changers continue to affect the smooth running of the innovations as well as promoting money laundering.




“Challenges still exist in the operationalization and uptake of these
innovations. Without efficient and affordable cross-border transfer systems, the masses resort to informal means of sending money across borders. This poses a risk of exploitation to the vulnerable due to
the capacity of such a system.

“Furthermore, the existence of informal avenues upsets efforts to curb money laundering and terrorism financing. At the same time, inadequate regulatory frameworks, weak infrastructure and lack of interoperability all impede the process of interconnecting payment
infrastructure. These challenges, if not hastily addressed, may derail ongoing efforts towards economic financial integration,” she said.

She said strong mitigation and amenities are needed to be put in place for private institutions to thrive.

“Market forces, as opposed to government intervention, have been the driving force of the emergency of the adoption of new payment
services. However, without adequate incentives and strong risk mitigation measures, private institutions cannot be left on their own
to penetrate new markets and push the frontiers of the financial service industry.



0

Comments

comments

About Author

Latest News

Swipe Into Ecocash To Stay Says Ecocash, Econet and Steward Bank

By Beaven Dhliwayo. Harare, Zimbabwe. (News ..

African Communicators Discuss Continents Narrative At British library

By Prince Akpah. (News of The South)- The ..

Passengers Urged To Use Public Transport When Commuting

Harare, Zimbabwe. -The Passenger Association ..

All Set For Miss Tourism Manicaland 2018

By Martin Muleya. Mutare,Zimbabwe. (News ..

Like Us On Facebook

SUBSCRIBE: YouTube Channel

Whizz Kid 11 Year Old Joshua Ngoka Builds Computer

London, United Kingdom. – AN 11-YEAR-OLD ..

Forget Motivational Stories: Write Your Own

By Pearson Mbendera I have read a lot of ..

Winky D Shines At First Ever Zim Dancehall Awards

By Daniel Muzana Zimbabwe`s Winky was the ..

Vast Outcry For The Prodigal Son

Milton Mashasha Sports Reporter in Byo,Zim ..

A Story Of Love As Kenya Mourns The Westgate Mall Massacre

By Anoziva Marindire   The Nairobi Westgate ..

Inconsistency Costs The Chevrons Against Afghanistan

By Perkins-Tino Bare. Harare, Zimbabwe. (News ..

Swipe Into Ecocash To Stay Says Ecocash, Econet and Steward Bank

By Beaven Dhliwayo. Harare, Zimbabwe. (News ..

Passengers Urged To Use Public Transport When Commuting

Harare, Zimbabwe. -The Passenger Association ..

All Set For Miss Tourism Manicaland 2018

By Martin Muleya. Mutare,Zimbabwe. (News ..

Obesity Affects Fertility In Both Men And Women

1. Obesity affects your hormones When your ..

Parliament In Dilemma As Court Rules In Favour Of Khupe

By Beaven Dhliwayo. Harare. (News Of The ..

Murderer Kombian Returns To The Docks

Ghana`s notorious robber, Johnson Kombian, ..

Leaked Alangizi Video: Defending Alangizi, My Testimony

By Musamba Mumba Too much crap has been said ..

Eritrea Human Rights Abuses Highlighted At UN Review

Geneva – Eritrea was on Monday accused ..

Zimbabwe Communist Party Blasts Opposition Parties

By Munesu Chigada Harare, Zimbabwe (News ..

Mandatory Circumcision of Inmates In Prisons

By By Mutinta Moono Hanyama (Zambian Eye) ..

Industry Lacking Policy Synchronisation

By Wisdom Mumera (News Of The South) – ..