Pension payouts delayed as foreign tech company cuts off Zimbabwe banks
By Staff reporter | 14 Jun 2019 at 09:44hrs
PENSIONERS might have to wait a bit longer before they receive their monthly payouts, which were due yesterday, the National Social Security Authority (NSSA), said yesterday.
It said the delay was caused by the provider of the payment platform used by banks who is now demanding forex. Pensioners usually get their pay-outs from NSSA on the 13th of every month.
Cambria Africa PLC said Wednesday it has suspended its payment service to its bank customers in Zimbabwe.
The investment company said Payserv suspended its service due to a "collective refusal to pay historical and contracted pricing to Payserv Africa in US dollars".
Cambria said it has written commitments made by its bank clients made prior to May 31 that they would honour Payserv's invoices in US dollars. However, since that date, the government has introduced a new currency.
In a notice yesterday, NSSA said if the banks fail to pay the payment platform in forex, the provider will suspend services to them.
"NSSA wishes to advise its valued pensioners under the pensions and other benefits scheme and the accidents prevention and workers compensation scheme that pay-outs that were due on the 13th of June 2019 might be delayed as the provider of the payments platform used by the banks is demanding to be paid in foreign currency, failure of which it will suspend services to them," reads part of the statement.
NSSA said it was working on a solution to ensure that June pay-outs were paid at the "earliest" possible opportunity.