By Econet Zimbabwe’s mobile money platform Ecocash has embedded Zimswitch on its platform allowing customers to send money to several banks.
The system was effected today as per the Reserve Bank of Zimbabwe (RBZ ) directive.
The RBZ few months ago designated Zimswitch as a national payment switch which is in accordance with the provisions of the National Payment Systems Act [Chapter 24:23].
“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, “ RBZ was previously quoted.
As an act of compliance, Ecocash has successfully embedded the system on its platform.
To access this service customers *151# , select option 1 send money, then select option 5 where a list of banks integrated on the platform will be shown.
Choose your proffered bank.
Mobile players were supposed to put it into effect by 15 August, however an extension was made to September 30.
The Reserve Bank alleged that transactions were being done illegally fuelling the black market and they could not make an audit.
Encompassing ZimSwitch as the national payment is more like releasing a watchdog for mobile players.
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