Connect with us
Net One AD

Techunzipped News

Paynet Sues Banks For 100 Million

FinTech

Paynet Sues Banks For 100 Million

Zimbabwe banks have dumped Paynet, a subsidiary of Mauritian financial services provider Cambria, as they are developing their own new system expected to be in place mid-July.

Paynet has now served banks with a summons in a $100 million lawsuit accusing lenders of colluding to stamp out competition in the provision of bulk-payment services, such as salary disbursements.

Cambria Africa Plc’s Paynet Zimbabwe and Payserv Africa units are claiming the damages from the Bankers Association of Zimbabwe, according to the summons, dated July 22 and served on the 21-member organization by the sheriff of the court on Wednesday. The summons gives the association 10 business days to oppose the application, the court filings show.

Paynet switched off Zimbabwean banks a fortnight ago over a debt of US$470 000 debt.

Local banks have developed a system to be known as Bank File Interchange System (BFIS) which will be collaboratively funded by all banks and will have the Bankers Association of Zimbabwe as its custodian while riding on the ZimSwitch platform.

Paynet, served 5 800 corporate clients and 2,5 million beneficiaries and its suspension disrupted salaries for over half a million workers, while Nssa announced the delay in paying out pensions as a result.

Pardon has been a technology enthusiast his entire life and has spent the better part of last decades in information technology and security, and he writes with an aim to remove some of the "mysticism" from the cyber world. He’s the Editor at Techunzipped. Away from the keyboard, you're likely to find him playing with the latest gadgets or the latest Game.

More in FinTech

Facebook

Trending Posts




To Top