Zimbabwe’s banking system is linked to international banks, enabling the transfer of U.S. dollar payments. However, following tightened reporting standards in the United States to combat money laundering and terrorist financing, most international banks severed their relationships with Zimbabwean banks, making foreign payments more challenging. Three local banks, FBC Bank, Ecobank, and Nedbank, maintain direct correspondent banking relationships with U.S. banks. Other foreign-owned banks, such as Stanbic, leverage their parent companies’ correspondent relationships for U.S. dollar settlements. 

The Reserve Bank of Zimbabwe (RBZ) has maintained a tight monetary policy from 2024 to present, keeping the local currency Bank Policy Rate at 35 percent since September 2024 to mitigate exchange rate and inflation pressures. Following the collapse of the Zimbabwean dollar in 2021, many companies saw their cash reserves rendered worthless. While the physical payment system functions well, buyers often lack sufficient financial resources to pay for goods acquired. Some local banks and vendors accept international credit cards for goods and services, supported by Zimbabwe’s dual currency system and efforts to raise foreign exchange.
Zimbabwe’s high mobile telephone penetration rate has encouraged banks to partner with mobile network operators to offer financial services, including mobile money payments for goods and services. Most transactions in Zimbabwe are now conducted using mobile devices. The widespread adoption of mobile money has helped offset the negative effects of cash shortages.

Banking Systems 

Zimbabwe’s banking sector is well-developed and modeled on the British system. The Reserve Bank of Zimbabwe (RBZ) serves as the central bank and resumed responsibility for monetary policy following the reintroduction of the local currency, the Zimbabwe Gold (ZiG), in 2024. As of June 2025, 88 percent of aggregate loans and 85 percent of deposits in the banking sector were denominated in foreign currency. The government permits the use of the U.S. dollar for all domestic transactions to facilitate economic activity, although plans to de-dollarize the economy by 2030 remain in place.

The banking system includes commercial banks, which form the largest subsector; merchant banks, which finance trade, underwrite rights offerings for listed companies, and assist in mergers and acquisitions; building societies, which provide mortgages for real estate transactions; the People’s Own Savings Bank, a government-owned institution; development financial institutions; and microfinance institutions. Other key players in Zimbabwe’s financial sector include insurance companies, pension and provident funds, investment trusts, and offshore portfolio investors.  

Foreign Exchange Controls 

The Reserve Bank of Zimbabwe (RBZ) imposes controls on current and capital account transactions. The RBZ encourages holders of bona fide foreign payment invoices to access foreign exchange through the Willing Buyer Willing Seller (WBWS) interbank market rather than the parallel market.

The RBZ claims to have implemented measures to ensure that foreign exchange is consistently available in the WBWS interbank market for bonafide external payments. The RBZ reports it is working on enhancements to the WBWS model to increase transparency and eliminate arbitrage, to be rolled out by February 2026. 

U.S. Banks and Local Correspondent Banks 

Zimbabwe’s correspondent banking environment faces persistent challenges. Only three of its sixteen commercial banks—FBC Bank, Ecobank, and Nedbank—maintain direct settlement arrangements with U.S. banks. Most banks rely on third-party institutions, such as South African banks or regional entities like Afreximbank, which adds fees, delays, and operational inefficiencies to U.S. dollar transactions. Recently, other U.S. banks have explored establishing correspondent banking relations with local Zimbabwean banks, seeing the underserved market as an area of opportunity.

The withdrawal of major U.S. banks between 2014 and 2018, driven by regulatory pressures, high compliance costs, and Zimbabwe’s designation as a high-risk jurisdiction, further strained the system. Despite these constraints, some European banks have maintained their presence in Zimbabwe. Opportunities exist to strengthen Zimbabwe’s financial system, and local banks benefit from trade finance lines of credit, loan guarantees, and other facilities provided by foreign financial institutions. 

For more information about the methods of payment or other trade finance options, please read the Trade Finance Guide available at https://www.trade.gov/trade-finance-guide-quick-reference-us-exporters.
For additional information, visit the U.S. Department of State Investment Climate Statements.