Steward Bank has been directed to suspend its Swipe Into EcoCash service with immediate effect by ZimSwitch. The apparent reason is that Steward Bank has continued to run the service using a transaction type they were advised to change.
In a letter to ZimSwitch by ZimSwitch General Manager, Cyril Nyatsanza, the suspension needs to be in effect until the transaction type has been changed:
We note with concern that Steward Bank has failed to implement the change and swipe into Ecocash transactions continue to be routed as transaction type 00-Purchase instead of the agreed type 50.
Steward bank is therefore directed with effect from Wednesday 23 May to suspend with immediate effect the processing of the swipe into Ecocash transactions across Zimbabwe until transaction type has been regularized.
ZimSwitch runs a financial services switch which has at least 17 banks as members.
ZimSwitch is a payments technology company in Zimbabwe. It was founded in 1994 through a collaboration of several banks in Zimbabwe. The core service ZimSwitch provides is interoperability between the different financial services in Zimbabwe, allowing customers of one financial institution to transact with and... Read More About ZimSwitch
Steward Bank, is a commercial bank registered and trading in Zimbabwe. The bank is a subsidiary of the Econet Wireless Zimbabwe. It was founded in 2001 by Tawanda Nyambirai as TN Bank. Read More About Steward Bank
EcoCash is a mobile money transfer facility which is run by Econet Wireless Zimbabwe. The facility has grown in leaps and bounds since its inception and is arguably the largest mobile money transfer agent considering the huge sums of transactions that the platform is said... Read More About EcoCash