Sundaymail Editor
Online Reporter
Growing use of the Reserve Bank of Zimbabwe (RBZ)’s Fintech Regulatory Sandbox is pointing to interest by both software and financial players in developing financial innovations for the local environment.
The Fintech Regulatory Sandbox was introduced earlier in March as a platform for testing new financial innovations in a regulated environment before the technology is ushered into the market.
Fintech (or financial technology) refers to the integration of technology into offerings by financial services companies to improve their use and delivery to customers.
Mobile telecommunications giant Econet Wireless Zimbabwe’s EcoCash is one of the most successful fintech companies.
According to latest central bank figures, there have been 58 new registrations on the platform.
“Since the launch of the Sandbox in March 2021, the bank has witnessed 58 fintech registrations on the online portal and an additional 14 applications at various stages. In addition, about 859 unique visitors from 45 countries including Zimbabwe have also visited the platform to date,” said RBZ Governor Dr John Mangudya in the Mid-term Monetary Policy Statement.
“Registered users come from various sectors, with the largest share of users in software and systems development, 54 percent; payments, 17 percent; capital raising, 7 percent; investment management, 5 percent; among others.”
Meanwhile, the central bank has said it remains cautious on the emergence of digital currencies.
“The bank is, however, cautious about the potential impact of digital currencies, given the sensitivities around currency issues in the national context. As such, the bank will remain guided by international developments on fintech issues and guidance from the IMF and the SADC Committee of Central Bank Governors (CCBG),” said Dr Mangudya.
Online Reporter