The National switch which took effect on the 30th of September witnessed the integration of EcoCash and other mobile money operators. The RBZ’s Monetary Policy Statement put in place Zimswitch as a way to get manage mobile money transactions to say the least although there is more to it.
The Act Stated: National Payment Systems Act [Chapter 24:23].
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.
Users can now send money to other networks such as Netone, by dialling *151#, users will now see additional options which can allow them to send money to other accounts.
Some users are still complaining claiming their charges are just too high, Zimswitch should step in in reviewing these tariffs if this move is to be successful.