Paynet Suing Zim Banks For US$100m

Payserv Africa Limited and Paynet Zimbabwe Private Limited have commenced legal action against the Bankers Association of Zimbabwe (BAZ) for anti-competitive practices.

The company is seeking damages of US$100 million.

Yesterday, Paynet Zimbabwe issued a statement on their actions towards BAZ.

“Payserv Africa Limited and Paynet Zimbabwe (Pvt) Ltd have instructed their legal practitioners in Zimbabwe, Titan Law, to commence legal action against the Bankers Association of Zimbabwe (BAZ) and related parties for anti-competitive practices seeking damages of US $100 million,” it read.

Cambria, parent company to Paynet Zimbabwe says it lost US$170 000 providing services to banks in Zimbabwe. They allege that Zimbabwean banks have refused to pay what they owe in foreign currency.

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