Mobile money providers to be connected to Zimswitch

Vusumuzi Dube, Senior Reporter
THE Reserve Bank of Zimbabwe (RBZ) has directed that all mobile money transmission providers and mobile banking providers should be connected to Zimswitch, which has been designated as the national payment switch with immediate effect.

In a statement, RBZ governor, Dr John Magudya said the new provisions were in accordance with the National Payment Systems Act.

“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 Four of the Regulations,” said Dr Mangudya.

The Governor revealed that 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.

Last month, the government suspended phone-based money transactions as investigations into allegations that they fuel black market transactions that have caused runaway inflation continued to gather pace.