Friday , December 4 2020

ZIM PAYMENT SYSTEM FACES COLLAPSE newsdzeZimbabweNewsdzeZimbabwe

ZIMBABWE & # 39; s payment ecosystem faces the collapse of players in
the sector fails to pay license and maintenance fees for foreign service
providers, Standardbusines have established.
In recent weeks, the banking systems, which are heavily dependent
telecommunications infrastructure has been burdened by the fact that the services are constantly underway
Zimbabwe Information and Communication Technologies (ZICT)
President Jacob Mutisi said the country received its entire internet bandwidth from
outside of Zimbabwe.

"All payment systems in Zimbabwe have a foreign link and
that foreign link must be paid in foreign currency, so (the shortcomings)
affects all payment systems.

"I wouldn't be surprised if ZimSwitch was to start
hit, and Paynet was only recently down, "he said.
"If there is any data transfer or something similar
The Internet ends in Europe in the same way as the mobile systems.

"So in the process there are also international relations as
come into play."
Paynet, a local electronic payment processing system, was
March 12 after their licensor suspended services due to non-payment.

This hit the 22 banks it serves and the case was
decided two days later after the Zimbabwe Reserve Bank was awarded
company some foreign currency.
An intensifying money supply in Zimbabwe has forced
The transaction to adapt to electronic payment methods.

According to monetary policy in 2019, an overall value is
of 6.4 million transactions valued at US $ 85 billion were settled through
The RTGS transaction platform in 2018, 8% and 38%, respectively, over the previous one
Meanwhile, the banking industry said sources of cell phone
The operators will continue to face disturbances because they have not got it
foreign currency to maintain their infrastructure.
Chinese telecom conglomerates Huawei Technologies Co.
Limited and ZTE Corporation and Swedish company Ericsson are the largest
suppliers to Zimbabwean operators. Standard

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