Launching payments in Zimbabwe: the stack

By Polynopsis team · Last updated 29 October 2026

Zimbabwe runs a multi-currency system in which the US dollar and other foreign currencies are legal tender alongside the ZiG (ZWG), and diaspora remittances can be received and used in foreign currency, in cash, into mobile wallets or into bank foreign currency accounts. Cross-border payment companies typically pay out in US dollars through money transfer agencies such as Mukuru, mobile wallets such as EcoCash, banks such as Steward Bank, or networks such as TerraPay, and convert to ZiG only where needed on the Willing-Buyer Willing-Seller interbank market.

Currency	ZWG
Local payout rails	RTGS, ZIPIT, Mobile money
Holiday calendar	Zimbabwe bank holidays 2026 and 2027

The Zimbabwe market

Zimbabwe received US$3.51 billion in personal remittances in 2024, equal to 8.45% of GDP (World Bank data, last updated 8 October 2026). source
Foreign currency receipts reached US$15.9 billion in January to September 2026 on provisional RBZ figures, up 33.7% on the same period of 2025; export earnings made up 69% and diaspora remittances 15% of receipts. source
Foreign currency receipts totalled US$16.2 billion in 2025, up from US$13.3 billion in 2024, according to the RBZ's February 2026 Monetary Policy Statement. source
The RBZ introduced the Zimbabwe Gold (ZiG) in April 2024; the interbank rate oscillated between ZiG25 and ZiG27 per US dollar in the first three quarters of 2026 and averaged ZiG25.93 per US dollar from January to July 2026. source
ZiG transactions accounted for more than 40% of national payment system transactions in the third quarter of 2026. source
Sending money from South Africa to Zimbabwe cost 12.49% on average in Q3 2025 (World Bank Remittance Prices Worldwide). source

Licensing: who can pay out in Zimbabwe

Foreign currencies are legal tender alongside the ZiG under Statutory Instrument 85 of 2020, and the RBZ states the move to mono-currency is conditions-based, not date-based, and will not eliminate foreign currency accounts. source
Dealing in foreign currency is limited to Authorised Dealers (banks) and Authorised Dealers with Limited Authority (ADLAs), which include money transfer agencies and bureaux de change. source
ADLA licences come in three tiers under SI 104 of 2015: Tier 1 for inward and outward international remittances, Tier 2 for inward remittances only, and Tier 3 for bureaux de change. Security deposits are US$10,000 for Tier 1 and US$7,500 for Tiers 2 and 3, a new licence costs US$450, and every licence expires on 31 December. source
All ADLA transactions must be reported in real time through the RBZ's Bureau de Change Transactions Reporting System (BDCTRS). source
Statutory Instrument 99 of 2026 requires virtual asset service providers to register with the Financial Intelligence Unit, and the Securities and Exchange Commission of Zimbabwe said in June 2026 that VASPs fall under its supervision, with licensing rules to follow. source

This page explains the rules in general terms and is not legal or regulatory advice. Check the primary source and take advice on how the rules apply to your firm.

Payout rails in Zimbabwe

Rail	Operator	What matters for payouts	Source
RTGS	Reserve Bank of Zimbabwe	Open Monday to Friday 08:00 to 16:00, closed on Saturdays, Sundays and public holidays.	source
ZIPIT	ZimSwitch	Real-time credit transfers between banks and mobile money operators on the ZimSwitch network; the RBZ kept US dollar ZIPIT limits at US$1,000 per transaction and US$3,000 per month in its February 2026 Monetary Policy Statement.	source
Mobile money	Mobile network operators such as EcoCash	US dollar mobile money limits are US$500 per transaction and US$1,000 per month for person-to-person transfers, and US$1,000 and US$3,000 for person-to-business.	source

The Zimbabwe payments stack, layer by layer

The providers below are a starting shortlist for each layer, described from their own documentation. Confirm terms, coverage and licences with each provider.

Payout and collection partners

Provider	What it does in Zimbabwe	Source
TerraPay · our guide	Lists Zimbabwe with US dollar wallet payout and bank payout.	source
Mukuru	Money transfer platform operating in Zimbabwe that sends money into bank accounts or mobile wallets, with over 320,000 pay-in and payout locations across its markets.	source
EcoCash	Receives international remittances into EcoCash wallets from partners including WorldRemit, Remitly, Hello Paisa and Shoprite, with USD cash out guaranteed and free.	source

Local banking and settlement accounts

Provider	What it does in Zimbabwe	Source
Steward Bank	Pays out international remittances at its branches from partners including WorldRemit, Small World, Mama Money, Senditoo, Thunes, Western Union, Sasai Remit and MoneyGram.	source

FX and liquidity

Provider	What it does in Zimbabwe	Source
Willing-Buyer Willing-Seller interbank market	Authorised Dealers and ADLAs buy foreign currency from willing sellers at market rates and sell it to willing buyers; the RBZ publishes a daily reference rate as the weighted average of WBWS trades.	source
RBZ FX interventions	The RBZ sells available export surrender proceeds to banks via the Refinitiv platform or recorded telephone at its sell rate of the day, and banks must on-sell those funds to clients within 48 hours.	source
Bureaux de change (ADLA Tier 3)	Licensed bureaux buy and sell foreign currency on a spot basis and must sell 40% of their foreign currency balances to the RBZ every Monday.	source

KYC and KYB providers

Provider	What it does in Zimbabwe	Source
Smile ID	Verifies Zimbabweans using the national ID card issued by the Registrar General, passports and driver's licences, with biometric face matching.	source

Funding and prefunding ZWG payouts

Resident individuals can receive diaspora remittances in foreign currency, in cash, mobile wallet or bank account, through money transfer agencies, individual foreign currency accounts or mobile money platforms, and are free to use them for domestic and external needs. The 30% surrender requirement in the same guidelines applies to export receipts. source
Exporters keep 70% of export proceeds and sell the 30% surrender portion to the RBZ at the prevailing interbank rate, immediately on receipt or within 24 hours; the RBZ maintained this split in its August 2026 Mid-Term Monetary Policy Statement. source
The daily WBWS reference rate covers trades from the previous day's 12:00 cut-off to 12:00 on the current day, with the market opening at 08:00; banks report uncovered foreign currency demand by 10:00 daily, and an electronic FX trading platform is due in the last quarter of 2026. source
RTGS closes at 16:00 on weekdays and is shut on weekends and public holidays, so ZiG and US dollar bank settlement waits for the next business day, while US dollar wallet payouts are capped at US$500 per person-to-person transaction and US$1,000 per month. source
Money transfer agencies hold funds in transit in a Corporate FCA (Transitory), which needs prior RBZ approval. source

Size the prefund to your runway target with the corridor runway calculator and the Zimbabwe holiday calendar.

Launch checklist

Plan: launch volume, the prefund sized to your runway target including weekends and holidays, the contracting entity and the funding route.
Open accounts: shortlist payout partners and a local banking route from the layers above, and prepare the onboarding pack.
Set up: read access to every new balance, a runway target with alerts, and the corridor in your daily reports.
Go live: the first prefund and a test payout, then daily monitoring.

Polynopsis turns this into one plan with named approvals, then shows every Zimbabwe partner, bank and wallet in one live position. See how a corridor launch works.

Frequently asked questions

Can remittances to Zimbabwe be paid out in US dollars?

Yes. RBZ guidelines let residents receive diaspora remittances in foreign currency, in cash, into mobile wallets or into bank accounts, and use them freely.

Are remittances subject to the 30% surrender requirement?

The RBZ applies the 30% surrender requirement to export receipts. The guidelines' diaspora remittance section lets recipients keep and use the foreign currency.

What is the ZiG?

Zimbabwe Gold, the local currency introduced in April 2024. It trades on the Willing-Buyer Willing-Seller interbank market, where it stayed between ZiG25 and ZiG27 per US dollar through the first three quarters of 2026.

Who licenses money transfer agencies in Zimbabwe?

The RBZ's Exchange Control, as Authorised Dealers with Limited Authority. Tier 1 covers inward and outward remittances, Tier 2 inward only, and licences expire each 31 December.

What limits apply to US dollar wallet payouts?

Person-to-person mobile money transfers are capped at US$500 per transaction and US$1,000 per month, and ZIPIT at US$1,000 per transaction and US$3,000 per month.

When does Zimbabwe's RTGS run?

Monday to Friday from 08:00 to 16:00. It is closed on weekends and public holidays.

Other markets

Sources

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About Polynopsis

Polynopsis is liquidity management software for cross-border payment companies. The name joins poly, many, and synopsis, a seeing together: one live view of money spread across many banks, payout partners, exchanges and stablecoin wallets, including money in flight, with a warning before any corridor runs dry.

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