Visa Introduces Local Processing Solution to Support Zimbabwe Banks

Visa is introducing in Zimbabwe next month its National Net Settlement Service (NNSS) that will allow client banks to settle domestic USD-denominated Visa transactions locally. The USD was adopted in 2009 as one of the currencies in Zimbabwe’s multi-currency system.

The NNSS is a local settlement solution customized to process, clear, report, and settle domestic transactions specific to the unique set of needs and requirements for a country. Built on Visa’s transaction processing network, VisaNet, the NNSS combines the reliability and efficiency of the VisaNet system with the flexibility and visibility that will drive ongoing progress and enable continued success

“Visa recognizes that each country is unique, and that is why our National Net Settlement Service was designed as a local solution giving careful consideration to the distinct requirements and opportunities present in countries around the world and here in Zimbabwe,” said Andrew Torre, Group General Manager Visa Sub-Saharan Africa. “The service is an important step in our drive to deliver the security, convenience, and efficiency of electronic payments to Zimbabwean consumers, and reflects our commitment to supporting Zimbabwe’s financial services sector and the country’s economic growth” he added.

“We welcome Visa’s investment to ensure local transactions are settled on-shore while international payments will continue to settle offshore. This will enable banks to continue to support the Reserve Bank of Zimbabwe and country’s focus to move towards a cashlite, financially inclusive society” said Josephat Mutepfa Deputy Director Financial Markets National Payment Systems.