Zimbabwe Accelerates Cross-Border Fintech Adoption to Formalize Export Economy

HARARE — Zimbabwe's consistent efforts to stabilize its currency and formalize its trade sector are driving a notable increase in the adoption of cross-border digital payment solutions. Driven by a significant USD240.2 million trade surplus in December 2025, the Reserve Bank of Zimbabwe (RBZ) is leveraging this stability to push more transactions through formal, trackable digital channels, a move that is expected to enhance efficiency and reduce reliance on informal money transfer systems. 

The financial sector's national payment system is already stable and healthy, having successfully implemented incoming and outgoing cross-border payment processes to comply with global SWIFT ISO 20022 standards. This technological foundation is crucial for integrating local fintech platforms into the global financial ecosystem. 

Regulatory Push and Digital Adaptation

The government's strategy hinges on promoting the use of digital finance while tightening the regulatory framework. The RBZ aims to facilitate ease of doing business and reduce the use of foreign currency cash for cross-border transactions by increasing limits on international debit and credit cards, reviewed to US$1,000,000 annually. 

Furthermore, authorities have increased enforcement against unregulated forex dealers, warning businesses that penalties will apply for operating outside official channels. This enforcement has already led banks to report an increase in foreign exchange volumes passing through regulated systems. 

The new National Financial Inclusion Strategy II (NFIS II:

2022-2026) specifically targets micro, small, and medium enterprises (MSMEs) and aims to deepen financial inclusion through innovation, digitization, and entrepreneurship development. These policies are designed to bring the significant SME sector, which accounts for 90% of all businesses but often faces barriers like a lack of financial literacy and high operational costs, into the formal digital trade space. 

Reduced Friction in Trade:

Electronic payment systems have been found to significantly enhance cross-border trade efficiency. New systems aim to simplify the process, which is often complex due to varying banking regulations and settlement mechanisms across different countries. 
Challenges and 2026 Outlook

Despite progress, the shift is not without hurdles. The IMF noted that persistent fiscal gaps could undermine policy trust, a critical element for any financial system. Furthermore, the introduction of a new 15% Digital Services Withholding Tax on foreign digital services from January 1, 2026, adds a new cost layer that local payment processors must manage. 

The national agenda for 2026 focuses on reinforcing fiscal discipline and channeling private investment into value addition. The ongoing digital transformation of trade is central to this strategy, with the government aiming to position Zimbabwe as a regional agro-industrial and logistics hub, leveraging technology for growth.