ZimSwitch has announced the suspension of Swipe into Ecocash facility from their platform after failing to find a solution to transaction challenges raised by the industry, 263Chat can exclusively reveal.
In a letter to Steward Bank, who runs the facility on behalf of EcoCash, ZimSwitch General Manager, Cyril Nyatsanza said the decision to suspend Swipe into Ecocash service follows several meetings between the two in an effort to find a solution to challenges raised by the industry.
“Reference is made to several meetings between Steward bank and the Reserve Bank of Zimbabwe NPS division in an effort to find a solution to the Swipe into Ecocash transaction challenges which have been raised by the industry.
“You will be aware that at one of the meetings, the RBZ was categorically clear that Swipe into Ecocash is not a purchase transaction and should not be switched as such,” said Nyatsanza.
According to Nyatsanza, Steward Bank was expected to change the transaction type in line with Reserve Bank of Zimbabwe’s position that Swipe into Ecocash is not a purchase transaction.
“We note with concern that Steward Bank has failed to implement the change and swipe into Ecocash transactions continue to be routed as transaction type 00-Purchase instead of the agreed type 50.
“Steward bank is therefore directed with effect from Wednesday 23 May to suspend with immediate effect the processing of the swipe into Ecocash transactions across Zimbabwe until transaction type has been regularized,” noted Nyatsanza.
Ecocash is increasingly becoming susceptible to challenges to its main competitive edge, which is convenience. Consumers have had issues with delayed confirmation of transactions, double debits from single transactions, or bounced transactions altogether.