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.
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