Payments/ZW
Zimbabwe
ISO ZW · 3 schemes
Summary
- EcoCash QR Scan & Pay dominant
- Zimswitch national payment switch (SI80/2020)
- InnBucks competitor with QR
- ZIPIT real-time interbank transfers
- ZiG 1.8B retail digital (Dec 2024)
Banking landscape
Central Bank
- Name: Reserve Bank of Zimbabwe (RBZ)
- Website: https://www.rbz.co.zw/
- Role: Monetary policy, Zimswitch designation
Major Banks (2024)
| Rank | Bank Name | Type | Digital Platform |
|---|---|---|---|
| 1 | CBZ Bank | Local | CBZ Touch |
| 2 | FBC Bank | Local | FBC App |
| 3 | Stanbic Bank | Regional | Stanbic App |
| 4 | NMB Bank | Local | NMB Connect |
| 5 | ZB Bank | Local | Smile Cash |
Market Structure
- EcoCash: Dominant mobile money
- Zimswitch: National switch (24+ participants)
- InnBucks: Rewards-focused competitor
- Omari: Old Mutual wallet (2023)
Payment infrastructure
National Payment Systems
| System | Operator | Type | Status |
|---|---|---|---|
| Zimswitch | Zimswitch | National switch | SI80/2020 |
| ZIPIT | Zimswitch | Instant | Active |
| EcoCash | Econet | Mobile money | Dominant |
| InnBucks | Independent | Rewards wallet | Active |
Zimswitch Designation (SI80/2020)
- Statutory Instrument 80 of 2020
- National payment switch designation
- Mandatory interoperability
- August 2020 deadline for connection
ZIPIT System
- Real-time interbank transfers
- Banks and microfinance
- Mobile money operators
- Unified API Gateway
QR code standards
EcoCash Scan & Pay QR
| Attribute | Value |
|---|---|
| Provider | Econet/EcoCash |
| Feature | Scan & Pay |
| App | EcoCash Zimbabwe |
| Coverage | Nationwide |
EcoCash QR Features
- QR code scanning
- Faster and secure payments
- Shops and vendors nationwide
- Biometric authentication
- Advanced encryption
InnBucks QR
| Attribute | Value |
|---|---|
| Provider | InnBucks |
| Feature | Bill scanning |
| Rewards | Loyalty program |
| Tariffs | Most economical |
InnBucks QR Features
- Scan bill to pay
- Buy meals for loved ones
- Transaction history PDF
- Loyalty rewards
- Economical fees
Mobile payment apps
| App | Provider | QR | Features |
|---|---|---|---|
| EcoCash Zimbabwe | Econet | Yes | Scan & Pay |
| InnBucks | Independent | Yes | Rewards |
| Smile Cash | ZB Bank | Yes | Virtual cards |
| Omari | Old Mutual | Limited | Network-independent |
EcoCash App Features
- Scan & Pay QR
- Request Money (QR generation)
- Payment links
- Cash out/withdraw
- Bill payments
- International transfers
- Biometric security
Smile Cash (ZB Financial 2025)
- Digital wallet
- QR code payments
- Virtual cards
- Advanced functionality
- Smile & Pay gateway
Omari Wallet (2023)
- Old Mutual backed
- Network-independent
- Econet, NetOne, Telecel
- EcoCash transfer capability
- Zimswitch connectivity
Schemes
| Scheme | Type | Symbology | Adoption | Technical standard |
|---|---|---|---|---|
| EcoCash QR | Mobile QR | Scan & Pay | Nationwide | ecocash-qr |
| Zimswitch | Switch | Interop | 24+ | zimswitch |
| ZIPIT | Instant | Real-time | Active | zipit |
Sources
- EcoCash Official
- Google Play - EcoCash
- App Store - EcoCash Zimbabwe
- Google Play - InnBucks
- InnBucks Official
- TransFi - Zimbabwe Payments
- AfricaNenda - ZIPIT
- Digital Banker Africa - Interoperability
Full country report
Schemes
Standards
Primary · 4