RBZ ends EcoCash monopoly by announcing ZimSwitch as the national payment system.
The Reserve Bank of Zimbabwe (RBZ) has effectively ended EcoCash Zimbabwe’s monopoly as the country’s biggest mobile money transfer platform after it designated ZimSwitch as the National Payment Switch.
This means that all mobile money transactions will now have to go through ZimSwitch.
This will promote interoperability which means that mobile money subscribers will be able to send money from one mobile money service to another without the need to have an account with different mobile money companies.
In simple terms, Zimbabweans will now be able to move money from EcoCash to OneMoney, Telecash and any bank connected to the ZimSwitch platform following a directive from the RBZ.
While this is a welcome development it also means EcoCash is no longer the mobile money provider of choice as was the case before the announcement by the Reserve Bank on Thursday evening.
Savanna News is publishing the full statement from the RBZ which designated ZimSwitch as the national payment switch:
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