Visa will next month introduce its National Net Settlement Service (NNSS) in Zimbabwe that will allow client banks to settle domestic US dollar-denominated Visa transactions locally.
The NNSS is a local settlement solution customised to process, clear, report, and settle domestic transactions specific to the unique set of needs and requirements for a country. This means that local transactions will be settled locally, while international payments will continue to be settled offshore. The national payment systems‘ deputy director for financial markets, Josephat Mutepfa said that the system will enable banks to continue to support the Reserve Bank of Zimbabwe’s focus to move towards a cashless, financially inclusive society.
More: Financial Gazette
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