This could spell an unsavory fate for electronic payments in the country….
Here at TZP , we could argue that every time we have mentioned EcoCash or Econet, we’ve also mentioned their various unstable relations with the RBZ and the government. EcoCash in particular has been having a heated relationship with the RBZ over the past few months due to the multiple changes being made to the country’s monetary system, and it seems as though that’s finally come to a head with the RBZ declaring that EcoCash (and other financial institutions including other mobile money services and banks) will be required to all operate through ZimSwitch in the announcement made below:
DESIGNATION OF ZIMSWITCH TECHNOLOGIES (PRIVATE) LIMITED (ZIMSWITCH) AS A NATIONAL PAYMENT SWITCH
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.
John P Mangudya Governor 9 July 2020