Banks to re-introduce international credit card payment systems

11 May 2009

Zimbabwe's banking sector is working towards re-introducing international credit and debit card purchasing and cash dispensing systems, which collapsed at the height of an economic crisis over the past decade.

British-owned Standard Chartered Bank was said to be close to re-launching its Visa systems for international payments and had concluded discussion with its international partner on the restoration of the service.

Another local bank, Kingdom Financial Holdings, was said to be in talks that could see American Express coming back into the country after its withdrawal last year.

American Express specialised in travellers' cheques as well as international credit and debit cards called American Express (AMEX) cards.

The local banking sector has been under pressure to re-introduce debit and credit payment systems for the convenience of international tourists.

The system had collapsed following the acceleration in the country's economic decline, as well as price distortions and a skewed exchange rate that made it all unviable for international visitors to use credit and debit cards in the country.

Bankers Association of Zimbabwe president, John Mangudya, said the banks were close to launching the services soon.