Cyril Nyatsanza, the chief executive officer of national electronic funds switch, ZimSwitch, has revealed that they have approached the Reserve Bank of Zimbabwe to make it compulsory for all 19 banks in Zimbabwe to be on ZIPIT. This comes after only three banks, Barclays Bank, Standard Charted Bank, and BancABC are yet to join ZIPIT.
ZIPIT is a mobile money service that can be accessed using USSD and can be used to transfer as much as $10,000 to almost any bank account in Zimbabwe for just a flat fee of about $1. Transfers go through instantly, unlike with RTGS.
Now, just three banks are not available on ZIPIT, namely Standard Chartered, Barclays and BancABC. Because of that, we have gone to the Reserve Bank of Zimbabwe and the banking industry through the Eloctronic Payments Association to coerce and in a way mandate the rest of the banks to come onto ZIPIT.