THE Reserve Bank of Zimbabwe (RBZ) has directed all mobile money service providers to cross over to Zimswitch Technologies (Pvt) Ltd as their national payments 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.”

He added: “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.”

The banks that formed Zimswitch are Beverley (now CBZ Building Society), Barclays (now First Capital Bank), CABS, Founders Building Society (later renamed Intermarket Building Society that was bought by ZB Financial Holdings), Stanbic Bank Zimbabwe, and ZB Bank.

CBZ Bank and Time Bank joined in 1995 and 1997 respectively.