Insiders say RBZ to monitor all bank accounts through new database

By Tererai Karimakwenda
28 August 2006

Intelligence officers at the Reserve Bank of Zimbabwe have informed our Harare correspondent that the country’s central bank has set up a new database that can monitor activity on any bank account. Simon Muchemwa reports that frustration and concern being felt by the RBZ officials has led them to expose this secret project without revealing their identity. They told him the new database will be operational as of September 1st. Their concern is that the information gathered through this system, under the guise of reducing money laundering schemes and illegal foreign currency deals, will be used to prosecute and persecute individuals or businesses selected by government for political reasons. The sources also said there were already several such targets under surveillance.

Muchemwa has also linked this information to adverts appearing in the newspapers in which banks are instructing their clients to report to the nearest branch to update their personal information. The Post Office Savings Bank (POSB), which is a state run institution, is running ads asking for new addresses, phone numbers and e-mail contacts from its clients. Other banks are mailing this request to clients and Muchemwa believes the information might be forwarded to the RBZ for its new database.

This new information comes at a time when the RBZ is struggling to gain trust and confidence from Zimbabweans after the recent currency conversion campaign that caused many who missed the deadline to lose a lot of money. RBZ governor Gideon Gono extended the 3-week deadline by a week after much criticism, but the extension was only provided to special cases in remote areas that were selected by the RBZ.

Gono also announced last week that there will be a follow-up campaign called Operation Sunrise 2. At the weekend Gono is reported to have said: "Next time round, the implementation process will be short and, therefore swift. It will require less than 24 hours notice and will have much tighter cash limits for allowable deposits. So Zimbabweans take heed. Don't say you were not warned."