Zimswitch’s national payments switch position explained

Zimswitch the national payments switch is now the epicenter of all local digital financial transactions. It was recently designated as the national payments switch by the RBZ in a move that took the market by surprise, meaning that all cross platform financial transactions now have to go through it.

Marketing Manager Sharon Marira says their company is a payment technology company which offers switching services.

In an interview with 263times reporter Violet Chimbaka, the Marketing Manager Sharon Marira said that Zimswitch allows easy access for the transfer of money between banks and mobile money platforms. She said transactions are set to be eased by the introduction of Zimswitch as the singular national switch.

”We facilitate the easy flow of money from one bank to another or from one partner to another as the universal payments system.” She said.

”We essentially created an ecosystem which allows seemless flow of money and we are continually enhancing it consistently” she stated.

Sharon said that Zimswitch has become a universal system for all transactions in order to curb market discord by offering switching services to everyone and ensuing cross platform interoperability.

”We have become the epicenter and most succesful as our brand can speak for  itself through our works and being designated by the RBZ” she continued.

Furthermore, the Marketing Manager said that Zimswitch as the universal payments system enables the easy tracing of payment sources and transactions, which makes it easier for the central bank to track down illicit financial dealings.

”Our main thrust is to offer interoperability of payments in the financial system,” Said Sharon Marira.

Meanwhile, Sharon said that Zimswitch is made for everyone as they target both the formal and informal markets as they are serving the entire ecosystem. This ensures financial inclusion as both those in rural and urban areas are served.

”We want everyone to be part and parcel of the financial system in Zimbabwe. We are looking at every person even from the marginalized communities in both the rural and urban areas which makes our switch universal. Every person has an equal share in terms of what we offer in the market”, she added.

”In a nutshell, Zimswitch is a technology payments  company which offers switching services. We have been in operation since 1994, which means that we have been in operating for over 2 decades now, and our main thrust is to offer interoperability of payments in the financial system. ”Said Sharon.

Zimswitch recently launched their new product called Zipit smart in September and is the sole national electronic funds switch and clearing house specializing in processing domestic card based ATM, POS and EFT transactions amongst member financial institutions in real time online.

Sharon Marira and Violet Chimbaka

 

 


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