The Reserve Bank of Zimbabwe (RBZ) is still pursuing plans to launch a central bank digital currency (CBDC), and is moving to embark on a comprehensive digitalisation drive, the monetary authority’s chief John Mushayavanhu said.
In recent years, several central banks have launched CBDCs, including the Bahamas and Nigeria, while China is running the largest and most advanced pilot program.
“To future-proof its operations and enhance the implementation of monetary policy, the Reserve Bank will embark on an ambitious and broad-based digitalisation drive,” governor Mushayavanhu said in the RBZ 5-Year (2026-2030) Strategic Plan.
He said the monetary authority “will advance digital transformation with in house software development, fintech innovation, and exploration of a central bank digital currency”.
Mushayavanhu said the digitalisation – use of digital technologies and data to transform business models, streamline processes, enhance efficiencies and create new value-adding opportunities – “extends beyond mere technological upgrades”.
“Instead, it entails the fundamental reengineering of our internal processes aimed at achieving unparalleled efficiency, accuracy, and speed in meeting our key deliverables,” the central bank chief noted.
He added: “To achieve sustainable, efficient financial and risk management the RBZ will automate the generation of financial reports.
“Our back-to-basics strategic focus areas will include creating a digital efficient and innovative central bank,” Mushayavanhu further stated.
He also said that three major trends that will also shape the Reserve Bank’s strategy are sustainability and climate change, financial and technological innovation,rapid technological change, cybersecurity.
“The Rerserve Bank will bolster its cybersecurity operations to protect the integrity, confidentiality, and availability of financial information and systems,” Mushayavanhu said
The RBZ’s move to digitalise comes as the Confederation of Zimbabwe Industries (CZI) has said most Zimbabwean firms lag behind in digital transition, resulting in operational inefficiencies and low productivity.
In its Digital Transition Insights released in March 2026, CZI – an organization representing companies across 36 sub-sectors of Zimbabwe’s economy – said “just over half of respondents (to a survey) are currently implementing a digital transition strategy (51percent), while only seven percent say implementation is complete.”
“At the same time, about 21 percent are still in planning and 19 percent have no strategy at all, which shows momentum but uneven readiness,” it said.
CZI added: “Zimbabwean firms are moving into digital transition, but few are mature.”
The confederation – with membership spanning manufacturing, trade, transport, information technology, education, and professional services – said “most companies are still early in the journey”. – TML