The Reserve Bank of Zimbabwe (RBZ) is reportedly in advanced discussions to adopt India’s Unified Payments Interface (UPI) as the foundation for a new national digital payments system. This strategic move aims to enable Zimbabweans to conduct instant, lower-cost transactions using a single QR code, facilitating seamless money transfers between banks and mobile money platforms.
RBZ Governor Dr. John Mushayavanhu confirmed the ongoing talks with NPC International Payments Limited (NIPL), the international arm of India’s National Payments Corporation. While an agreement has not yet been finalized, October 31 has been set as the deadline for concluding a deal.
The proposed platform is designed to complement, rather than replace, the country’s existing payment infrastructure. It will establish common payment rails for banks, mobile money operators, payment service providers, and fintech companies to connect and transact in real-time, significantly improving the affordability of digital payments.
Under this system, consumers could scan a single QR code to pay at participating businesses using any supported bank account or mobile-money wallet. This initiative is expected to broaden access to digital financial services, particularly for underserved individuals and businesses, and foster opportunities for local financial technology companies to innovate.
Key Players Involved
- Reserve Bank of Zimbabwe (RBZ): Spearheading the adoption of the new digital payment system.
- Dr. John Mushayavanhu: Governor of the Reserve Bank of Zimbabwe, actively involved in the discussions.
- NPC International Payments Limited (NIPL): The international arm of India’s National Payments Corporation, providing the UPI technology.
Event Timeline
- October 26, 2026: News breaks regarding advanced talks between RBZ and NIPL.
- October 31, 2026: Deadline set for concluding the agreement.
