Categories: Business

[Breaking] Paynet Suing Banks For US$100m

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Paynet do not want to walk away from their feud with the banks empty handed if their recent actions are anything to go by.

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The service provider has taken to their Facebook account to announce that they will be suing the banks and their association for a substantial US$100m. The Facebook post reads:

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Payserv Africa Limited and Paynet Zimbabwe (Pvt) Ltd have instructed their legal practitioners in Zimbabwe, Titan Law, to commence legal action against the Bankers Association of Zimbabwe (BAZ) and related parties for anti-competitive practices seeking damages of US $100 million.

Paynet has claimed that banks owe them US$2.5 million and haven’t been paid for their service provision for over 18 months now.

Because of this local banks were cut off from Paynet’s bill bulk payment processing platform on the 15th of June.


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  • Good luck in getting that in USD... They can now just pay it off in zim dollar and move on.which what they wanted in the first place

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    • Not exactly, if they win each respective case then they could technically claim bank assets in lieu of USD cash.

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  • You see, in order to make money FASTER, we have developed powerful scalping algorithms that make picking off profits on the 1-minute and 5-minute timeframes extremely easy http://bit.ly/2WXvMUS

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Farai Mudzingwa

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