Zimbabwe: Paynet Shuts Down, Plunges Zimbabwe Into Financial Turmoil

14 June 2019

Zimbabwean banks have been left shuttered following the decision by electronic payments system services provider, Paynet to suspend its services pending payment of a cumulative sector debt of US$ 470 000 for services rendered since beginning of the year.

The development has plunged the banking sector into one of the worst financial crises of recent times as all RTGS transactions, including ZIPIT, have been halted, compounding pressure on an already volatile economic situation prevailing in the country.

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