The National Payment Systems Act [Chap: 24:23] (NPS Act) allows for the formulation and implementation of policies by the Reserve Bank of Zimbabwe (RBZ) "to promote the establishment, regulation and oversight of safe, sound and efficient payment, clearing and settlement systems" in Zimbabwe.
The RBZ's National Payment Systems (NPS) function was established in 1998 in response to the increasing awareness on the need, by the Central Banks, to pay undivided attention to payment systems issues, given their significant contribution to financial stability and economic development.
These efforts culminated in the development of the National Payment Systems Framework and Strategy in 2000.
According to the RBZ, the main objectives of the NPS function are to:
- Ensure payment, clearing and securities settlement systems have a sound legal basis,
- Oversee payment, clearing and securities settlement systems in Zimbabwe, to ensure implementation of sound risk management practices.
- Ensure finality and irrevocability of settlement, while facilitating the circulation of money in the economy.
- Continue to guide the evolution of payment systems in Zimbabwe and ensure developments take place in a collaborative and coordinated manner.
- Ensure safe, sound and efficient payment, clearing and securities settlement systems.
- Ensure that payment systems are effectively used as a mechanism to promote electronic transactions, consumer protection, interoperability and financial inclusion in the country.
Download the National Payment Systems Act