In a move that continues to show complete denial of responsibility on the upsurge of money supply in Zimbabwe, the Reserve Bank of Zimbabwe has appointed a new transactional watchdog in the name of Zimswitch.
Zimswitch is now The Designated National Payment Switch, where all mobile money payments to go through their switch.
The Reserve Bank strongly insists that there is new currency being injected from the back door hence it wants a reliable system it can audit.
This move clearly reads like an anti trust policy violation where a competitor is given competitive advantage through a statutory instrument.
Zimswitch is the sole national electronic funds switch and clearing house for Zimbabwe. The company traditionally process domestic card based (ATM and POS) and EFT transactions amongst member financial institutions in real time online.
The RBZ has released a statement to the effect that Zimswitch is now the designated national payment switch and all mobile money payments will go through Zimswitch.
Read the full statement below:
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. 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.