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Paynet Sues Bankers Association of Zimbabwe For US$100 million

4 years agoThu, 25 Jul 2019 16:29:44 GMT
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Paynet Sues Bankers Association of Zimbabwe For US$100 million

Cambria Africa is reportedly suing the Bankers Association of Zimbabwe (Baz) for US$100 million in damages in the High Court. The company alleges that BAZ influenced its members not to pay Cambria Africa’s subsidiaries, Payserv Africa, and Paynet Zimbabwe for services rendered.

Paynet, a bulk payments service provider, in June suspended its payment service to its bank customers in Zimbabwe accusing the banks of greed by refusing to pay fees in foreign currency for using its payments platform.

The banks were reportedly refusing to pay in foreign currency despite collecting a cumulative US$22 million last year.

The court was told that Paynet and Payserv’s contracts with BAZ’s members are denominated in United States dollars. Upon payment by the defendant’s members for service rendered, the plaintiff would in turn remit to the licence holder, the licence fees in United States dollars.

The court was also told that the banks were supposed to send money into the service provider’s account in Mauritius about 15 May 2019.

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The Reserve Bank of Zimbabwe is said to have had authorised the payment. However, BAZ allegedly influenced its members not to pay the money resulting in the suspension of services by Paynet and Payserv.

The plaintiff, Paynet and Payserv, accuse BAZ of plotting to eliminate and replace them will other players.

More: Daily News

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