Central bank to regulate cloud banking

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THE Reserve Bank of Zimbabwe (RBZ) intends to impose restrictions on bank service outsourcing because it believes that current practices pose a serious danger.

Cloud banking, the most common of such services, enables financial institutions to operate key banking platforms and applications online.
In his mid-term monetary policy statement last week, RBZ governor John Mangudya said the apex bank had noted that the banking sector is “extensively” using outsourcing to reduce costs and achieve certain strategic objectives, particularly in the cloud banking and computing area.