Payments for Goods and Services in Nostro made easy

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In response to the growing customer needs to transact in foreign currency, most banks have responded by upgrading their payments infrastructure to allow processing of nostro payments.

This was further necessitated by the RBZ announcement through SI 185 of 24 July
2020, which permitted dual pricing in domestic and foreign currency.

To date banks have been re-configuring their payments infrastructure to support the local payments of goods and services in USD via Zimswitch enabled Point of Sale machines.

A number of merchants in different parts of the country both big and small retailers are now
accepting Nostro POS purchases.

The service is attracting volumes especially from civil servants and pensioners who are now able to spend their USD COVID-19 allowance without having the hassle of converting their funds back to the local currency for transacting
purposes.

The country’s national switch, Zimswitch has recently updated on their website, a number of
merchants in different parts of the country that can accept Nostro POS purchases.

The list shall be continuously updated.

 

Find out more information by visiting Zimswitch website:
https://zimswitch.co.zw/nostro-pos-payment-points

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