What is an Appeals Tribunal in Zimbabwe?

The Banking (International Financial Services Centre) Regulations, 2025 as read together with the Banking (Victoria Falls International Financial Services Centre) (Arbitration) Regulations, 2026 can best be regarded as a novel concept in Zimbabwe.

The jurisdiction of the Victoria Falls International Arbitration Centre (“VFIAC”) which was established through the promulgation of the Banking (Victoria Falls International Financial Services Centre) (Arbitration) Regulations, 2026 is confined to settling disputes of the international financial services centre.

The rules and regulations which emanate from the operations of the Victoria Falls International Financial Centre (“VIFIFC”) are settled exclusively in terms of the laws established for the VIFIFC. Thus, the Victoria Falls International Financial Services Centre is not subject to commercial law nor do the courts of Zimbabwe have jurisdiction, unless specifically stated in the rules and regulations.

Therefore, aggrieved persons only recourse is to an arbitral tribunal or an appeals tribunal. Section 43 of the Banking (Victoria Falls International Financial Services Centre) (Arbitration) Regulations, 2026 deals with applications for the setting aside of an arbitral award to an Appeals Tribunal.

The concept of an Appeals Tribunal in Zimbabwe is akin to an Award Review Tribunal (“ART”) in Zimbabwe which is mandated with the responsibility of being an ‘internal review’ which is concerned which appeals by a First Instance Tribunal. see Prince Kanokanga, ‘Award Review Tribunals (ARTs): An Analysis of Section 56 of the Nigerian and Mediation Act, 2023’ (2024) 19 (1) Journal of Arbitration 78 – 92.