Zimbabwe’s payments ecosystem has collapsed as players
in the sector are failing to pay licensed and maintenance fees to Foreign
Service providers, like Cambria Africa PLC.
Cambria Africa is an investment company with two
wholly owned operations in Zimbabwe: payment service provider Payserv and
industrial equipment supplier Millchem. Payserv has four business units: Paynet
Zimbabwe, AutoPay, Loanserv and Softserv.
Paynet was once down on March 12 after their licensor
suspended services due to non-payment.
Payserv has once again suspended its service due to a
“collective refusal to pay historical and contracted pricing to Payserv
Africa in US dollars.
This has affected all 22 banks it serves. An
intensifying bank note shortage in Zimbabwe has forced the transacting public
to adapt to electronic forms of payment.
Cambria claims the banks have been prohibited from
paying external invoices by the central bank.
“The company cannot allow further accumulation of
possible losses. The company estimates that in 2018 banks netted USD5 in profit
for each dollar invoiced to them. Collectively in 2018 banks netted over USD22
million in profits via charges to its account holders for services provided by
Paynet,” Cambria said.
Cambria said “not a single bank” has taken
the steps toward paying its May invoice: “As and when such banks pay their
invoice, they will be reinstated and their payments will be executed free of
charge at any bank.”
