Zimbabwean banks are increasingly digitalising their payments and remittance platforms, with Standard Chartered telling its clients that it will decline manual and faxed payment instructions starting 1 April this year.

According to the bank it has taken this step to combat risks associated with fraud, duplication, longer turnaround time and incorrect input of details when using manual platforms.

"We also wish to inform you that with effect from 1 April 2016, we will cease to accept manual (paper) or fax instructions to remit payments from your accounts. Thereafter, payment instructions will only be accepted electronically via Straight2Bank," Liberty Sande, operations and service manager at the bank said in an emailed letter to bank clients dated 19 January.

The bank has launched a web platform, Straight2Bank that also avails users with related market information and facilitates electronic transactions.

Clients currently have to fill in manual forms and either hand them in or fax them when requesting for payments or remittances. The web platforms is complemented by a mobile application.

The "complementary Straight2Bank Mobile application is also available for you to facilitate the approval of your transactions where required," said Sande in the letter.

Companies in Zimbabwe are also seeking to amend their articles and memorandum of association documents to allow for electronic communication with investors and shareholders.

Local banks are facing rising competition from mobile companies that are running faster and more efficient mobile money platforms although formal payments and remittances still need to be done through formal banking channels, said a banking industry official.