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Andile Tshuma and Kiyapili Sibanda, Business Reporters
MOST local banks are now providing Real Time Gross Settlements (RTGS) and other services through their banking apps on mobile phones to decongest the banking halls.
Customers can now use these mobile platforms to experience convenience banking and the benefits of online banking anywhere and anytime without the need for a computer.

RTGS is a specialist funds transfer system where the transfer of money or securities takes place from one bank to another on a “real time” and on a “gross” basis.

Settlement in “real time” means a payment transaction is not subjected to any waiting period, with transactions being settled as soon as they are processed.

Gross settlement means the transaction is settled on one-to-one basis without bundling or netting with any other transaction.

A notice at a local CBZ Bank branch encouraged account holders to sign up for the CBZ Touch mobile banking app for them to transact at their own convenience without the hassles of requesting for and queuing to submit RTGS forms.

“You are kindly requested to sign up for CBZ Touch mobile banking app before requesting or submitting any transfer forms,” reads the notice.

The CBZ Touch app creates a unique ID which requires customers to input a pin for use in sending and transferring money or making bill payments. This process is as simple as sending an email as local banks move to embrace the latest advancement in mobile banking.

“The bank has been suffering from severe congestion with people wanting to do manual RTGS transactions and CBZ Touch has significantly helped in reducing the number of people transacting in banking halls.

“Enabling customers to do RTGS transactions themselves at their own time is also for the convenience of our clients, as they don’t have to leave their workplaces or homes to queue, but transact from wherever  they are,” said a CBZ employee, who requested anonymity.

A snap survey conducted by Business Chronicle revealed that most customers are unhappy about the move by banks to move RTGS transactions online, saying this is elitist.

“They can view switching to online platforms as innovative, but if one takes a closer look, this move is elitist. Not so many people have access to internet and the elderly who don’t understand how these apps work will be left behind by this technological advancement,” saidMkhonza Dube a Nust student.

“I am just a rural teacher and need to pay fees for my two children at university in Harare. I got a loan and now they tell me that I must have a smartphone with internet to download an application to use for RTGS.

“It’s just not for all of us. At the age of 55 I am not used to new technologies and these banks must take that into consideration,” said Mr Sizwe Sitshela.

Mr Tapiwa Mandizha, a CABS customer, said he is happy to use mobile and online banking for RTGS transactions because it means spending less time in the bank.

“I feel pity for those people who are not yet able to use the online banking platforms. It is very convenient and I get to avoid all the hassles of banking halls. People should embrace new trends because the world is moving to the digital age now,” Mr Mandizha said.

@andile_tshuma/@Kiyaz_Cool