Banks stabilise after Paynet row

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FBC Holdings says banks have replaced bulk payments service Paynet with their own system, which is even better than the former.

This comes as Payserv Zimbabwe (Payserv), the proprietors of Paynet, severed ties with local banks after a standoff over payment issues with the company demanding payment in foreign currency.
“We had a situation where someone is running a business and they want to charge you in foreign currency for a transaction in Zimbabwe dollars. The banks have said no and they have developed a system which is working and which is robust,” John Mushayavanhu, FBC Holdings’ chief executive told shareholders at the group’s annual general meeting in Harare last week.
“I was actually being told recently that some of the things which we have been whingeing about because Paynet could not provide, we can now use our own developers and we are able to do some of those things.
“At the end of the day, we have a better product which we own as banks. All the banks own this product and we will not pay forex for it,” he said.
Following Payserv’s discontinuation of service to local banks, salary payments for June were delayed. The National Social Security Authority also said June payments for some pensioners were delayed due to the service disruptions.
Mushayavanhu, however, trivialised the matter, saying it was “a storm in a teacup”.
“Banks use several systems to manage their transactions. Paynet is a system that caters for bulk payments and the question that I have asked is that before Paynet was there, what were we using?
“Right now since Paynet switched off banks, has anyone failed to receive their salary, so what is all this noise about?” Mushayavanhu exclaimed.
In response to the situation, Payserv has partnered Cassava Smartech’s mobile money service EcoCash in a free of charge salary payments service offer. Christian Beddies, Payserv’s chief executive, however, says it is too early to tell if the partnership will make up for the lost business.
Meanwhile, mobile network operator, NetOne, says it sees an opportunity to grow the uptake of its bulk payments service OnePay.
“At a time when individuals are craving the assurance that they will receive their salaries with speed, safety and consistency, the OnePay platform prides itself on its proven ability to deliver.
“OnePay is a secure solution offering convenience at affordable rates and is hassle free as transaction statements can be printed or viewed from the OnePay portal,” said Eldrette Shereni, NetOne’s executive director marketing and communications.
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