Zimbabwe banks ditch Paynet, test own system

 Zimbabwe banks ditch Paynet, test own system
Published: 12 July 2019
Relations between banks and bulk electronic payments service provider, Paynet Zimbabwe, may have irretrievably broken amid revelations that the banks are on the verge of testing an alternative system.

This comes as Paynet said it had lined up a US$100 million damages claim after banks refused to settle receipts amounting to US$470 000 for services rendered.

Banks also refused to pay for services in US dollars, going forward, since the Reserve Bank of Zimbabwe announced in February that all bank balances and liabilities had been converted to local currency at 1 to 1.
- Business Weekly
Tags: Paynet,


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