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Zimbabwe
Zimswitch Instant Payment Interchange Technology (ZIPIT)
Scheme name: Zimswitch Instant Payment Interchange Technology (ZIPIT)
IIPS Type: Cross-domain
Instruments: Card
Channels: Agent, Branch, USSD, App, Browser, POS, ATM, QR, NFC
Use cases: Transfers & remittances (P2P), Merchant payments (P2B), Bill payments (P2B/P2G), Fees & taxes (P2G), Inventory & business services (B2B), Salaries & wages (B2P)
Inclusivity level: Progressed
Year of establishment: 2011
System owner: Zimswitch
Overseer: Reserve Bank of Zimbabwe
Operator: Zimswitch
Total Participants: 29
Volumes 2023: 13,314,298
Values 2023: 304,999,657 USD
Back to map| Category | Zimswitch Instant Payment Interchange Technology (ZIPIT) |
|---|---|
| Geographic reach | Domestic |
| Geographic description | Zimbabwe |
| Scheme governance | Zimswitch |
| Settlement agent | Reserve Bank of Zimbabwe |
| Participants - commercial banks | 17 |
| Participants - MMOs | 5 |
| Participants - non-bank PSPs | 1 |
| Participants - MFIs | 6 |
| Volumes 2020 | 9,958,284 |
| Volumes 2021 | 22,565,638 |
| US$ Exchange Rate 30 April | 6,104.7226 |
| Values 2020 | 4,587,137 USD |
| Values 2021 | 14,150,016 USD |
| Values 2022 | 55,763,298 USD |
| Values 2023 not-on-us transactions (US$) | 304,999,657 USD |
| Values 2023 on-us transactions (US$) | N/A |
| Total value of instant payment transactions 2023 (US$) | 304,999,657 USD |
| Interoperability arrangement | Payment system operator |
| Ownership model | Jointly owned |
| Governance Typology | PPP |
| Scheme rules shared or publically available? | No |
| Messaging standard | ISO 8583 |
| Types of proxy IDs | Merchant ID; Mobile phone number; QR code |
| Use of open APIs | Yes |
| QR code standard | N/A |
| Pro-poor governance | Yes |
| CB governance involvement | Yes |
| Expanded use Cases | No |
| Minimum channel functionality | Yes |
| Minimum use case functionality | Yes |
| All licensed PSPs can participate (all-to-all interoperability) | Yes |
| Recourse | No |
| Not-for-loss | No |
| Status | Reached progressed level |
| Strengths/drivers | Fulfilment of all progressed criteria provides a good base to reach mature level. |
| Areas of development | Areas for development include expanding use cases further and implementing consumer recourse requirements as well as exploring a not for profit business model. |
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