Skip to content
Subscriber Only

Zimbabwean Banks Get 10 Days to Respond to $100 Million Lawsuit

  • Cambria’s Paynet suing banks for anti-competitive practices
  • Bankers Association of Zimbabwe served with summons Wednesday
People queue outside a bank in Harare, Zimbabwe.

People queue outside a bank in Harare, Zimbabwe.

Photographer: Dan Kitwood/Getty Images 

Zimbabwean banks have been served with a summons in a $100 million lawsuit accusing lenders of colluding to stamp out competition in the provision of bulk-payment services, such as salary disbursements.

Cambria Africa Plc’s Paynet Zimbabwe and Payserv Africa units are claiming the damages from the Bankers Association of Zimbabwe, according to the summons, dated July 22 and served on the 21-member organization by the sheriff of the court on Wednesday. The summons gives the association 10 business days to oppose the application, the court filings show.