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Banking operations in Zimbabwe have been disrupted as financial institutions rushed to convert all Zimbabwe dollar account balances to ZiG, the new legal tender, media reported.

Thus, ZimSwitch, the national payments platform provider, revealed that processing of local dollar transactions across financial institutions is currently unavailable.

Nedbank, a South African banking giant operating in Zimbabwe, reportedly notified its clients of system downtime, stating that their systems are undergoing changes to integrate the new ZiG currency over the weekend.

The Reserve Bank of Zimbabwe on Friday announced the introduction of a new gold-backed “structured currency,” the ZiG, to replace the Zimbabwean dollar, which has plummeted in value over the past year, causing inflation to soar.