Let us start with an assumption that we all are familiar with ZIPIT now, the interbank transfer processor. With the ongoing cash crisis Zimbabwe is facing ZIPIT has grown in importance. The interbank processor connects 20 banks and allows any mobile registered user on any network to send money from their bank account to another bank account for example.
For the platform to reach the heights it has reached, where they are processing over 14 million transactions per month the key was inter-operability. Finance institutions, mobile network operators and other third party payment solutions had to come on board. We might know that EcoCash is not on ZIPIT and indications are that they do not intend to join anytime soon or at all.
Some banks were late to the party too, Standard Chartered and Barclays only joining this year and offering partial functionality as we shall see. BancABC is still to join the revolution.
For the 20 banks on ZIPIT here is what they allow you to do, oh and we’ve thrown in their respective USSD codes for good measure.
|BANK||USSD CODE||SEND||RECEIVE||LENGTH OF ACC NUMBERS||REQUIRES BRANCH CODE PREFIX|
|AFRICAN CENTURY LIMITED||-||No||Yes||10||No|
|BARCLAYS||*229#||No||Yes||9||Last 2 digits of branch code + Acc No.|
|FBC BANK||*220#||Yes||Yes||16||Branch code 3 digits|
|FBC BUILDING SOCIETY||-||Yes||Yes||16||Branch code 3 digits|
|NMB||*240#||Yes||Yes||13||Precede with zeros|
*222# (Telecel, Netone)
|TELECASH||*888#||Yes||Yes||10 (eg 0733000000)|
12 (eg 263733000000)
|ZB BANK||*400*600#||Yes||Yes||13||First 4 digits of branch code|
The information was obtained from ZIPIT and you will notice some information is missing. That will be updated when that information is received.
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