How Zimbabwe ZIPIT Works

How Zimbabwe ZIPIT Works

How ZIPIT in Zimbabwe Works. ZIPIT– ZimSwitch Instant Payment Interchange Technology, is a Zimbabwean product developed to enable instant inter-bank funds transfers between Zimswitch member institutions.

ZIPIT is designed to focus on real time small transfer amounts with low transfer costs. There are two sides to the ZIPIT platform:

    1. SENDING – This is when a user initiates a transaction and wishes to send funds to another member institution
    1. RECEIVING – This is when a beneficiary customer receives funds that have been sent from another member institution ZIPIT transactions are made available through the following initiating channels:
  • Mobile – via USSD or Mobile app Online
  • POS – Any Point of Sale device running a suitable ZIPIT application
  • ATM – where the necessary software has been installed.
  • Online banking through the internet

THE FOLLOWING OPTIONS ARE AVAILABLE:

  1. ZIPIT to Bank – transfer from a bank account to another bank account
  2. ZIPIT Bank to Wallet – transfer from bank account to a wallet (currently Telecash & OneWallet)
  3. ZIPIT Wallet to Bank – transfer from Wallet to bank account
  4. ZIPIT to Mobile – transfer from a bank account to any mobile number.

BENEFITS CREATED THROUGH THE ZIPIT SERVICE:

To Customer:

  • On line, real time, payment to specified account at another FI
  • Affordable cost
  • Reduced need to handle cash

ZIPIT LIMITS

  • There is no minimum, one can send any amount.
  • Maximum amount is $10 000-00 per transaction.
  • One can perform a maximum of 5 ZIPIT transactions per day.

Status of Banks on ZIPIT

ZIPIT Bank Codes

Bank Bin Send Receive
AFRICAN CENTURY LIMITED

605966

x
AGRIBANK

504875

BARCLAYS

589399

x
CABS

588892

CBZ

601237

ECOBANK

903742

x
FBC BANK

601704

FBC BUILDING SOCIETY

504992

MBCA

639136

MET BANK

639312

MFS

605872

NBS

607995

NMB

421158

ONE WALLET

585989

POSB

800000

STANBIC BANK

504453

STANDARD CHARTERED

588832

x
STEWARD

502195

TELECASH

589606

ZB BANK

589485

 

See also

Zimbabwe Banks Branch Codes

admin

Related Posts