Mastercard and Zimswitch have partnered in an attempt to modernise Zimbabwe’s payment infrastructure – something that the companies believe will support the country’s Reserve Bank’s vision of an interoperable payment system that supports inclusive economic growth and boosts the digital economy.
“We see this partnership as a positive development that will help us achieve our long-standing vision and our strategic plan to modernise payments systems and infrastructure, and build an inclusive financial sector that supports the socio-economic development of the country,” says John Mangudya, Governor of the Reserve Bank of Zimbabwe.
Utilising Mastercard’s global network, Zimswitch will launch a co-branded contactless card programme that features EMV technology to enable safer, smarter and more secure transactions. The payment switch will also introduce Mastercard’s digital payment solutions, a loyalty platform and a national fraud and risk management solution to protect consumers, financial institutions and merchants against criminal activity.
From an eCommerce platform perspective, Zimswitch is expected to leverage Mastercard Payments Gateway Services to support small businesses, as well as the private and public sectors.
“Zimbabwe has witnessed a significant shift in the growth of electronic payments over the last few years and we are delighted by Mastercard’s commitment to driving Zimbabwe’s digital agenda, which demonstrates confidence in our market. The ultimate aim of this partnership is to unlock best-in-class payment solutions that will position Zimbabwe at the forefront of the global financial system. This will further help us to boost investment while making it easier for people and businesses to transact,” says Wonder Nyabereka, the Zimswitch Board Chairman.