Securities trading platform, C-Trade, now allows traders to deposit money into their accounts using ZIPIT. The platform already allows traders to deposit money using Ecocash, Telecash, OneMoney via Paynow and traditional RTGS transfers.
Ever since the Reserve Bank of Zimbabwe neutered Ecocash by putting restrictions per transaction and total weekly transaction amounts, Ecocash users have struggled to make some transactions especially ones that exceed $5 000ZWL. Securities trading would be affected as amounts are very likely to exceed the limits.
A lot of people are already using ZIPIT for peer to peer transactions but unfortunately the popular local gateway, Paynow doesn’t process ZIPIT. This means that deposits made into C-Trade’s account will have to be manually credited into your account just like those made using RTGS.
To deposit money to C-Trade via ZIPIT you have to follow these steps:
There is a gap in the market here, most of the gateways I have seen that can automatically process ZIPIT are either not open to informal businesses which form the bulk of businesses in Zimbabwe or are custom internal solutions. It would be nice if ZIPIT creates an eCommerce gateway that online businesses can use.
Fragmentation and aggregation attacks.
Come one, come all there is a lot of money at stake...