Zimswitch taps ACI Worldwide to tackle payment fraud in Zimbabwe

Zimswitch connects a network of banks, financial institutions and mobile platforms to facilitate fast, secure and seamless electronic payment across the country through a robust and efficient payment infrastructure. In 2020, the Reserve Bank of Zimbabwe designated Zimswitch as the national payment switch. The company processes more than 75% of all card-based transactions in Zimbabwe, reflecting the country’s increasing adoption of electronic payments.

“With electronic payments becoming ubiquitous, Zimbabwe faces escalating fraud threats as bad actors exploit new digital channels with sophisticated tactics to target vulnerabilities in rapidly growing digital payment channels,” said Zabron Chilakalaka, CEO of Zimswitch. “ACI’s cutting-edge fraud management solution aligns with our unwavering commitment to provide our customers with the highest levels of security and fraud protection to meet the evolving security demand in this dynamic payment landscape.”

Zimswitch has been an ACI customer since 2007, leveraging ACI’s comprehensive suite of payment processing solutions, which support end-to-end retail transactions across multiple channels and payment types. ACI’s Fraud Management and Payments Intelligence solution will seamlessly integrate into Zimswitch’s current payment infrastructure, providing a frictionless and secure payment experience, significantly reducing fraudulent transactions and minimising financial losses. The project is expected to go live in early 2025.

“With decades of AI and machine learning expertise, ACI has unrivalled capabilities in delivering precise and actionable intelligence that can predict and mitigate emerging threats,” said Santhosh Rao, senior vice president of MEASA, ACI Worldwide. “This project is a testament to Zimswitch’s forward-looking approach to delivering innovative and secure payment solutions that build trust and pave the way for wider adoption of electronic payments across Zimbabwe.”