Reserve Bank of Zimbabwe designates Zimswitch national payment switch

The Reserve Bank of Zimbabwe today designated Zimswitch as the national payment switch with immediate effect.

Zimswitch was founded in 1994 through a collaboration of several commercial banks in Zimbabwe and is regulated by the RBZ.

In a statement, RBZ chief John Mangudya said all mobile money transmission providers and mobile banking providers were therefore being directed to be connected to Zimswitch as provided for by section 4 of the Regulations.

“To ensure seamless integration, all money transmission providers and mobile money providers must complete the necessary installation or deployment or commissioning of infrastructure and connection protocols, credentials and documentation for connection to Zimswitch by no later than 15 August 2020,” he said.

The central bank has been clamping down on mobile money operators, especially Ecocash, because they were allegedly being used to fuel the blackmarket which has seen the Zimbabwe dollar plummet from 1:1 in September 2018 to 100:1.

The rate seems to be declining following the introduction of a foreign currency auction system which has seen the Zimbabwe dollar trading initially at $57.36 and now at $65.88.

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