Guidelines for Retail Payment Systems and Instruments (August 2017)

The Guidelines for Retail Payment Systems and Instruments (August 2017) are supervisory guidance issued by the Reserve Bank of Zimbabwe (RBZ) under its national-payment-system oversight mandate to regulate retail payment systems and payment instruments in Zimbabwe. They provide a consolidated framework for the operation of retail payment streams, including electronic funds transfers, card payments, mobile and internet payments and other electronic instruments, and set the standards that operators and participants must meet. The Guidelines apply to providers and operators of retail payment systems and issuers of retail payment instruments, including banks, payment system operators and mobile money providers. They set out authorisation/recognition expectations, operational and technical standards, security and risk-management requirements (including measures against fraud and to protect transaction integrity), interoperability and access principles, and consumer-protection and disclosure obligations such as fee transparency and complaints handling. They also address the rights and obligations of participants, settlement arrangements and the safeguarding of customer funds where relevant, together with reporting obligations to the Reserve Bank. By articulating the RBZ's expectations across retail-payment channels, the Guidelines support the safety, efficiency and inclusiveness of Zimbabwe's payment ecosystem and complement the National Payment Systems Act and the mobile money and money-transmission regulations. The Reserve Bank monitors compliance and may issue directives or take action where standards are not met. As guidance sitting beneath the National Payment Systems Act [Chapter 24:23], the document is part of the operative framework for fintech and digital retail payments in Zimbabwe.

1. 1Provide a consolidated framework for retail payment systems and instruments (EFT, cards, mobile, internet and other electronic instruments)
2. 2Set authorisation/recognition expectations and operational and technical standards for operators and participants
3. 3Impose security, anti-fraud and risk-management requirements and interoperability/access principles
4. 4Require consumer protection, fee transparency, complaints handling and safeguarding of customer funds where relevant
5. 5Define participant rights, obligations and settlement arrangements, with reporting to the RBZ and supervisory follow-up