Paynet saga: Zim explores alternative platform

Top Stories Zimbabwe

Ndaka Majaka

Zimbabwe will soon introduce a new bulk payment system to facilitate interbank money transfers and micro-finance services.

The system will replace Cambria Africa Plc’s Paynet, which suspended service after banks in Zimbabwe failed to settle its fees totalling US$470 000.

ZTN News understands the platform will be housed by national electronic funds transfer system ZimSwitch.

Reserve Bank of Zimbabwe Deputy Director (Economic Policy and Research) Mr William Kavila on Wednesday said efforts were underway to settle the debt.

He said, “In line with continued innovation and to further enhance efficiency, banks are working on a fully-fledged bulk payments local solution which is expected to go live end of July 2019.”

The stand-off between Cambria and banks has seen thousands of Zimbabweans fail to access their salaries, with financial institutions turning to alternatives such as real time gross settlement (RTGS), Zipit and electronic banking.

The London Stock Exchange-listed firm is also suing the Bankers Association of Zimbabwe for “anti-competitive practices”. y