On Tuesday President Emmerson Mnangagwa announced that the country would be moving to Level 4 lockdown measures because of the increasing numbers of COVID-19 cases. In line with the new restrictions, the cutoff time for RTGS transfers has been adjusted according to a tweet by NMB Bank.
To our Valued Clients, kindly be advised of the revised RTGS cut-off time. #NMBBank #StaySafe #FightCovid19 pic.twitter.com/Hp2rpoJaZP
— NMB Bank Zim (@NMBBankZim) July 1, 2021
Dear Valued Customer,
Kindly Note that the RTGS cutoff time on the NMBConnect platform has been temporarily reviewed from the usual 1.30 PM to 11.30 AM for the duration of the lockdown.
NMB Bank
First Capital Bank also put out a similar statement but it’s cutoff time is 12 noon.
Important Customer Notice
— First Capital Bank Zimbabwe (@FirstCapitalZim) July 1, 2021
Operational Framework Update
New Opening Hours effective Thursday 1 July 2021 and New RTGS Cut-Off Times. pic.twitter.com/RTjganppk6
New RTGS Cut-Off Times
First Capital Bank
The RTGS cut-off time has also been adjusted. The RTGS window will now dose at 12 noon Monday-Friday, with effect From today, Wednesday 30 June 2021 until further notice. All payments done after hours can be queued In the system for processing on the next business day as per normal procedure.
It looks like there is no set time across the banking sector. So it’s advised that you check with your bank to confirm what their RTGS transfer cutoff time is.
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5 comments
What does RTGS cut off time
I forsee system blackouts here as everyone will be processing their transaction at the same time to beat the new cut-off times.I think financial services should have been left alone and classified as essential services,so as to enable them work behind closed doors even during curfew hours.
That is not a valid excuse, if they have prepared their systems on time, nothing of that sort will happen. Infact, with IT infrastructure you must always over subscribe just in case of spikes. So if the bank have 2 million customer, their system must be over subscribed by another 2 million.
What Is RTGS Cut off time?
What is rtgs cut off time