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Paynet Zimbabwe services go offline

by Staff reporter
15 Mar 2019 at 05:56hrs | Views
BUSINESS has been affected after Paynet Zimbabwe services went offline, cutting off local banks following failure to pay external licence fees.

Paynet is the electronic payments processing system offered to the market through Financial Institutions. With Paynet, clients can pay creditors, salaries, taxes, pension contributions, collect revenue and make use of e-schedules.   

Many institutions in Zimbabwe use Paynet to make automatic mass payments such as salary disbursements.

The payments platform is now back online after the Reserve Bank of Zimbabwe came to its rescue and some bank employees are now working overtime to make up for lost time.

The system was down on Tuesday and for some hours on Wednesday. Bankers' Association of Zimbabwe Chief Executive Officer Mr Sijabuliso Biyam yesterday confirmed the matter and said the issue had since been resolved.

"I can confirm that the service was down and services were interrupted, however the situation had since been resolved and normalcy has since returned," said Mr Biyam.  

In a letter sent to bankers, Paynet Zimbabwe apologised for the network glitches and said the challenges were beyond their control.  

"Dear Paynet customer. As at 1800 on 13 March, Paynet services were resumed and full functionality was restored. The suspension of the service was beyond Paynet Zimbabwe's control. We regret any inconvenience caused to our valid clients. We would like to thank the Reserve Bank and our bankers for their assistance in bringing a resolution to this issue. Paynet is the lowest cost payment switch, serving 22 banks and three MNOs mobile networks. If you experience any challenges please do not hesitate to contact us through our customer services," read Paynet's letter to bankers.

In a statement sent to the Bankers' Association, Paynet Zimbabwe acknowledged that their system had been down as a result of forex shortages.

Source - chronicle