Reserve Bank of Zimbabwe (RBZ) designated Zimswitch as a national payment switch.The RBZ redirected all mobile money transmission and all mobile banking providers to ZimSwitch, this was regulated in terms of the National Payment Systems Act and regulations.ZimSwitch is a payments technology company in Zimbabwe.
Zimswitch provides interoperability between the different financial services in Zimbabwe, allowing customers of one financial institution to transact with and sometimes through other financial institutions. In 2018, Zimswitch has more than 20 financial institutions. Along with sponsored payments service providers like Telecash, MyMoney and OneMoney.
In this regard, Zimswitch dealt with electronic transaction switching, clearing and settlement as well as Risk management on behalf of participants, which are financial institutions. It offers Automated Teller Machines (ATM) around Zimbabwe, hence mobile money transmission is also added to the responsibilities of the company.
The registered user of any mobile and any network is conveniently enjoying sending money through Zimswitch Instant Payment Interchange Technology (ZIPIT). Most retailers were running their businesses using mobile money transfer, they were now depending on EcoCash, OneMoney and Telecash money which is also affordable by almost everyone with a registered mobile number.
However, only a few companies and businesses shall benefit from these changes especially those who have adopted online services, like Cassava Smart tech which have already directed its services to e-commerce. Hopefully, Zimswitch’s infrastructure will be able to carry the burden of transactions.