Zimswitch is the National Electronic Funds Switch for ATM’s and POS of Zimbabwe that serves not only the financial institutions who are its members and users but also provides an essential service to their customers; the Zimbabwean public.
Zimswitch is also the oldest and most successful national switch in Africa outside of South Africa.
ZimSwitch was formed in 1994 by a partnership of 6 Financial Institutions namely Beverley, Barclays, CABS, Founders Building Society (ZBBs), Stanbic and Zimbank (ZB Bank). CBZ and Time Bank joined in 1995 and 1997 respectively.
Wengesai Mhuriro (late) was the first employee of ZimSwitch, as the messenger (Sept 1994) to facilitate the shared use of automated teller machines (ATM’s) and point of sale (POS) facilities throughout Zimbabwe
Zimswitch services over 15 000 Point of Sale (POS) machines nationwide. These are found in most major retail chains, small to medium shops, hotels, restaurants and fast food outlets countrywide.
- On a POS machine a client is able to pay for groceries, do bill payments, cash back, airtime purchases and balance inquiry.
- Available at major retail chains and service centers – now you can access cash at banking agents nationwide regardless of which bank you bank with.
What is ZIPIT (Zimswitch instantly payment interchange technology)
A product that enables instant inter-bank funds on real-time smaller transfer amounts and lowers costs. With the following options ZIPIT makes it a nice, good tool for banking and transfer funds;
ZIPIT to Bank
ZIPIT bank to wallet
ZIPIT Wallet to bank
ZIPIT to Mobile
Benefits of ZIPIT
To Customer: No minimum amount, Reduced need for handling cash, the cost is affordable
ZIPIT LImits: Maximum of 5 ZIPIT transactions per day, No minimum amount, Maximum amount $10 000/ transaction
Did you know
- The first ATM transaction across Zimswitch was in 1994
- The first POS transaction across Zimswitch was in 1996
- All banks in Zimbabwe are members of Zimswitch
- Your card has a magnetic strip which carries all the customer information required for a transaction to happen.
- It’s recommended changing your PIN annually or biannually.
- The tripartite is made up of banks, merchants/shops and Zimswitch
- Zimswitch operates 24/7
- Recently Zimswitch became a member of the association for switches and clearing houses in SADC called SACHA.