RBZ designates Zimswitch national payments platform
Harare (New Ziana) – The Reserve Bank of Zimbabwe (RBZ) has designated Zimswitch as the country’s national payments platform and directed all mobile money and mobile banking providers to connect to the switch.
In a directive aimed at enhancing its oversight role over all financial services providers, the central bank gave the institutions slightly over a month to connect to the switch.
ZimSwitch is a payments technology company founded in 1994 through a collaboration of several banks in the country.
Its core service is providing interoperability between the different financial services in Zimbabwe, allowing customers of one financial institution to transact with and sometimes through other financial institutions.
“In accordance with the provisions of the National Payment Systems Act [Chapter 24:23] and the Banking (Money Transmission, Mobile Banking and Mobile Money Interoperability) Regulations, Statutory Instrument 80 of 2020 (the Regulations), the Reserve Bank of Zimbabwe (the Bank) wishes to advise the public that it has designated Zimswitch as a national payment switch with immediate effect.”
“All mobile money transmission providers and mobile banking providers are hereby directed to be connected to Zimswitch as provided for by section 4 of the Regulations,” the RBZ said.
RBZ added: “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.”
The development means that there is no more free reign for mobile money operators as the apex bank directed them to register and process payments through Zimswitch.
Experts say the move enhances oversight of mobile money operators by the RBZ as it will directly monitor their transactions.