ZimSwitch Vs Econet`s Steward Bank, War Ending.

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The ZimSwitch Vs Econet`s Steward Bank feuds may soon be finally over as Steward bank has been accepted back after a halt, into the ZimSwitch system after banks responded against restricted access to Econet`s mobile money transfer system, unstructured supplementary service data(USSD), has been relaxed.

Banks were fighting Econet for its hard stance access to its USSD platform for mobile based banking services to their own mobile money and the Zimbabwean banks had also countered the move by threating to eliminate Steward bank from the Zimswitch and the Real Time Gross System (RTGS) system.

Banks demanded open access to Econet`s system but Econet had argued that their gateway to mobile phone users was not the network, but its mobile money transfer service, EcoCash, which it suggested all financial institutions had an open access to.

The banks had argued that Econet agreement was heavily tilted against them as it gave the so much unilateral power and wanted a wholesome revision a move which Econet refused to budge to resulting into a stand off.

Econet`s stance had created a rift with the financial sector causing the bankers to isolate EcocashSave bank, Steward from their financial system.

Kwanele-Ngwenya-the-CEO-for-Steward-Bank
The Steward Bank chief executive Kwanele Ngwenya confirmed that Steward Bank is now back on Zimswitch a move signifying that the feuds are now being amended and progression will soon take place.

It was however not clear whether Econet had levelled the contentious agreement with banks but Econet has been on record to talk to banks on individual basis should there be any further negotiations against a wholesome overhaul approach.

Nicole Madziwa

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