Paynet saga raises questions over monopolies

By Staff reporter | 20 Jun 2019 at 13:17hrs
The virtual cut off of all local banks from the Paynet bulk payment processing platform for the greater part of last week and early this week has raised more questions than answers as to why the country's financial institutions rely on one platform for bulk processing.

The world over, monopoly and monopolistic structures threaten efficiency of any economy if not regulated well especially in this digital era.

Zimbabweans have adapted to the digital era such that 98 percent of financial transactions are done electronically and the events of last week where banks could not transact is not healthy and highly unsustainable.

Mr Persistence Gwanyanya said there should be more players to prevent consumer exploitation.

"There is no need for Zimbabwe to rely on one company to provide bulk payment when we have capable players who can do it to satisfaction," he said

Zimbabwe's 2030 agenda will be achieved when monopolies and cartels which bring economic inefficiencies are dealt with, as these vices result in consumers getting a raw deal in terms of proper services, quality and pricing of both goods and services.



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