Digital Transformation in Zimbabwean Commercial Banks: Harnessing Blockchain Technology for Innovation and Growth

Tanaka Morejoy Mango, Lucy Nyandoro and Lawrence Dumisani Nyathi
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Tanaka Morejoy Mango: Department of Economic Science, Faculty of Business and Sciences, Midlands State University, Gweru, Zimbabwe
Lucy Nyandoro: Revenue Specialist, Zimbabwe Revenue Authority
Lawrence Dumisani Nyathi: Department of Banking & Economic Sciences, Faculty of Business & Economic Sciences, National University of Science and Technology, Bulawayo, Zimbabwe.

International Journal of Research and Innovation in Social Science, 2025, vol. 9, issue 6, 4116-4130

Abstract: The global banking industry has changed due to the quick development of digital technologies, which forces financial institutions to either innovate or face obsolescence. Commercial banks in Zimbabwe are increasingly looking at digital transformation to boost productivity, enhance customer satisfaction, and spur expansion. Because of its decentralized, transparent, and safe features, blockchain technology presents special chances for commercial banks to cut expenses, simplify processes, and lower risks. To overcome issues, including low trust in financial systems, expensive transaction costs, and inefficiencies in cross-border payments, this study investigates how Zimbabwean banks might use blockchain technology in their digital transformation plans. It also emphasizes how blockchain may improve cybersecurity, facilitate new business models, and increase regulatory compliance. The study adopts a twofold approach in the analysis of results by applying both inferential and descriptive methods. Fundamental findings reveal that while blockchain adoption presents significant benefits such reducing transaction fees and reducing operational cost savings and barriers such as regulatory uncertainty, technological infrastructure gaps, and a lack of technical expertise hinder its widespread implementation. The study recommends that it’s important for Zimbabwean commercial banks, policymakers, and stakeholders to harness blockchain technology effectively. These include fostering public-private partnerships, investing in capacity building, and developing clear regulatory frameworks to support innovation. By embracing blockchain, Zimbabwean banks can position themselves at the forefront of digital transformation, driving innovation and sustainable growth in the financial sector.

Date: 2025
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