THE Bank of Zambia has explained that the disruption on interbank fund transfers and settlements service that occurred on January 16, 2025 was caused by frequent power outages. Close sources had indicated that BoZ’s Interbank fund transfer services were disrupted, which had caused fears that maybe the Central Bank was facing a cyber-attack. Some customers had received messages from their banks informing them of the disrupted service. “RTGS transactions are temporarily disrupted due to an industry-wide connectivity issue. The technical teams are working to resolve this,” message read. RTGS stands for Real-Time Gross Settlement, which is a system that allows for the immediate transfer of funds between banks. RTGS is often used for large business payments and interbank transfers. When...