Zimswitch interoperability

“Designation of Zimswitch as a National Payment Switch”. Here’s is what it means

There's been a lot of questions regarding yesterday's announcement by the Reserve Bank of Zimbabwe about the "designation of Zimswitch as a 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, … Continue reading “Designation of Zimswitch as a National Payment Switch”. Here’s is what it means

Cotton farmers ask RBZ to lift EcoCash ban

Cotton farmers ask RBZ to lift suspension of mobile money transactions

Cotton farmers are reportedly moaning over the protracted suspension of mobile money Merchant transactions. The farmers are asking the Reserve Bank of Zimbabwe to lift the ban so that ginneries can pay them their earnings through mobile money wallets. The central bank banned most of mobile money transactions last week to pave way for investigations … Continue reading Cotton farmers ask RBZ to lift suspension of mobile money transactions

Informal sector reject EcoCash after RBZ ban withdrawals

Informal sector starts to reject EcoCash. Thanks to RBZ

First it was the bond notes that were rejected by the informal sector and now it's EcoCash. Indeed, some informal businesses are now rejecting accepting payments through the largest mobile money platform, EcoCash. Those informal businesses not accepting EcoCash are simply rejecting EcoCash payments by saying that the EcoCash platform is currently down when,in fact, … Continue reading Informal sector starts to reject EcoCash. Thanks to RBZ

EcoCash Executive grade transaction limits

Who are EcoCash’s Executive Grade customers who enjoy higher transaction limits?

Every time and again EcoCash revises transaction limits in response to regulatory pressure and economic developments. Recently, EcoCash transaction limits were arguably revised down to fend off pressures from the Reserve Bank of Zimbabwe. What was noteworthy when the new transaction limits were unveiled is certain two grades of customers that have larger limits that … Continue reading Who are EcoCash’s Executive Grade customers who enjoy higher transaction limits?

Bond notes Zimbabwe dollar

ZRP threatens to take action against businesses rejecting bond notes

Like we stated last time, it takes much more than a press statement to convince informal sector businesses to accept bond notes a.k.a Zimbabwe dollar notes. Where moral suasion failed, force and threats can now be used to make them accept bond notes. The Zimbabwe Republic Police has issued a stern warning promising to take … Continue reading ZRP threatens to take action against businesses rejecting bond notes

$2 bond notes Zimbabwe

Informal sector rejecting $2 notes but Mthuli Ncube says they are still legal tender

Last month we predicted that new Zimbabwe dollar notes will trigger a natural demonitization of lower denominations of our local currency. And in no time, informal sector business started to reject $1 dollar coins and $2 notes and this is still happening. This has the reached the ears of Finance Minister Mthuli Ncube who then … Continue reading Informal sector rejecting $2 notes but Mthuli Ncube says they are still legal tender