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What’s up with Zimbabwe’s financial systems?

Zimbabwe’s financial systems appears to have become overwhelmed over the past few weeks, with transactions either getting lost or not being fully acknowledged. Not so long ago, CBZ customers were caught unawares when varying amounts were deducted from their accounts.

What had happened was that CBZ decided to carry out system updates in one form or the other. Now, instead of taking the entire CBZ system off Ecocash, they allowed their customers to keep on transacting using Ecocash, without the money being actually deducted from their actual accounts.

Many people got carried away using Ecocash without noticing that they had exhausted their moneys. So, when the systems were re-linked, people were found wanting. A number are still in the negative as we speak.

CBZ does it again

On Saturday, CBZ was it again. This time, their POSs were the culprits. I personally tried to make Harare City Council payments and the teller swiped my card three times on the CBZ POS. However, each time, the thing was reporting that my card’s issuerer could not be reached.

However, a few minutes latter, I received messages from my bank telling me that the money had been deducted from my account!

Transactions not reversed

Under normal circumstances, these transactions are reversed at the end of the day. However, in this case, they were not and I have had to run around getting a letter from council in a bid to recover my money. It’s really annoying.

Anyway, I have noticed that I have been getting countless SMS from my banks, FBC and Stanchart, over the past few weeks talking about disruptions caused by one system update or the other. The problem could have to do with the financial institutions having to account for so many currencies. Zimbabwe’s financial system is convoluted, to say the least.

Anyway, hope things will work out well in the future. Running around trying to rectify things is not only annoying; it is also costly. I have had to drive several times to and from town just to get my issue sorted out and fuel is hard to find these days!

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