Zimswitch at the ZITF 2022: NOSTRO EFTs, direct debit orders, wallet at the POS & more

The national payment counter, Zimswitch was an exhibitor at the Zimbabwe International Trade Fair (ZITF 2022). It seems that their main role for this year’s ZITF was to connect with customers (both companies and individuals) about who they actually are and what they do.

For everyone who might not know yet (it will be the minority for sure)Zimswitch was designated a National Payments Switch by the Reserve Bank of Zimbabwe in 2020. This allowed the company to usher in an era of interoperability, which essentially means you and I can send funds directly to any bank account or EcoCash, OneMoney, and Telecash wallet.

This announcement also led to a number of products from Zimswitch such as ZIPIT Smart, which is basically like “EcoCash” but you will be using money from a bank account that has fewer limits compared to a mobile wallet. ZIPIT Smart also works similarly to a point of sale (POS) device but on a mobile phone for informal traders who want to support card transactions but don’t have the funds to buy or rent a POS device.

Video: Zipit Smart brings EcoCash features to your bank account

Zimswith is also launching a bulk payment solution called ZeePay that will provide EFT Credits (Batch) – low value, high volume (bulk) payments for interbank bulk withdrawals of funds, Real Time Credits (single) – low value single payments and EFT Direct Debits ( Stack). These cash flows can be person-to-person (P2P), person-to-business (P2B), business-to-person (B2P), or business-to-business (B2B).

Zimswitch’s ZEEPAY offers a range of bulk payment solutions

The ZImswitch team that was dispatched to Bulawayo was kind enough to give us a tour of their booth and discuss new and old developments. You can watch Zimswitch on the ZITF 2022 with the player below or watch directly on YouTube with the link here.

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