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STEWARD Bank has restructured its ICT department after weeks of failing to service its clients, who have been complaining about poor service in the last three weeks.

Statement yesterday, Steward Bank said it had appointed Arthur Matsaudza as the acting chief technology officer, Gedion Moyo (head digital transformation), Luckson Madziwa (digital products development manager) and James Ritala (information systems operations manager).

The move is part of reorganising their ICT department, as the bank indicated it is preparing to cater for higher transaction volumes.

He said they had resolved all delays, but that the Reserve Bank of Zimbabwe’s RTGS system going down last Wednesday and Thursday exacerbated their problems.

For weeks, clients have complained to the bank, saying they were unable to process their payments, with delays ranging anywhere from seven to 14 days in some cases, a process that should take 24 hours at most.

  • - newsday
  • PRESIDENT Robert Mugabe’s embattled administration has for the first time admitted printing money in the form of a virtual currency through the Real Time Gross Settlement (RTGS), acknowledging this cannot be backed by United States dollar bank notes imported by local banks, the Financial Gazette’s Companies & Markets (C&M) can report.

    Finance and Economic Development Minister, Patrick Chinamasa, made the disclosures in Parliament. He said: “Government funds its employees’ salary accounts through electronic transfers over the Real Time Gross Settlement platform. On the contrary, employees would want to obtain physical cash from the banks. This misalignment is the greatest cause of queues at banks for cash as both the Reserve Bank of Zimbabwe (RBZ) and banks would be required to withdraw foreign exchange from their nostro accounts to meet local cash demand.”

    Nostro accounts are accounts held by local banks with offshore financial institutions. They are used predominantly to settle international obligations, including import of goods. Banks have used their nostro accounts to import US dollar bank notes but these have always been used to support real US dollar bank balances for local deposits.

  • - financialgazette
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