Zimbabwe’s government keeps wrecking its money. Indian technology will not fix that

What the report says

Zimbabwe’s central bank is in talks with NPCI International, the overseas arm of India’s payments body, about using its real-time payment technology to help support the ZiG, the country’s gold-backed local currency launched in April 2024. According to Uganda Business News, the system would aim to make transfers cheaper and faster between bank and mobile-money accounts, and could eventually support cross-border payments and remittances. The proposal is part of broader efforts by the Reserve Bank of Zimbabwe to encourage greater use of the ZiG alongside the US dollar.

The article argues that technology alone will not solve Zimbabwe’s currency problems. It says the main issue is trust: people will only use the ZiG widely if they believe the government and central bank will protect its value and maintain credible monetary policy. Zimbabwe has a long record of currency instability, including hyperinflation in 2008, the later abandonment of the Zimbabwe dollar, and the eventual launch of the ZiG as another attempt at a stable national currency.

The piece says the ZiG remains fragile despite some signs of lower inflation in 2026, and notes that most deposits are still held in US dollars. It also points to the importance of keeping the payment system under Zimbabwean control, preserving choice between currencies, and ensuring fair access for banks and mobile-money providers. The article cites examples from Cambodia and Namibia to show that digital payments can make local currencies easier to use, but cannot create confidence on their own.