Zimswitch, operated by Zimswitch Technologies Private Limited, is a Zimbabwean third party transaction acquiring business launched in 1994. Zimswitch is affiliated with 19 commercial banks and 2 building societies which operate a network of 2900 point of sale terminals and 393 Automated Teller Machines throughout Zimbabwe.
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Background
ZimSwitch was formed in 1994 by a partnership of 6 Financial Institutions namely, Beverley, Barclays, CABS, Founders Building Society (ZBBs), Stanbic and Zimbank (ZB Bank). CBZ and Time Bank joined in 1995 and 1997 respectively. Wengesai Mhuriro (late) was the first employee of ZimSwitch, as messenger (Sept 1994)
Services
ZimSwitch offers Zimbabweans the ability to transfer up to US$10,000 with a flat transaction fee of $0.20. It is an instant transfer so people can access money faster.
The Role of ZimSwitch
ZimSwitch is the sole national electronic funds switch for Zimbabwe. The company processes domestic card-based ATM and POS transactions amongst member financial institution in real time on line. ZimSwitch has recently enabled its member banks to process person to person payments through the switch using a variety of delivery channels including mobile phones. ZimSwitch serves not only the financial institutions who are its members and users but also provides an essential service to their customers; the Zimbabwean public. Listed below are some of the benefits of the ZimSwitch platform to the financial sector, business and the Zimbabwean public.