adminKiyapili Sibanda, Business Reporter
THE use of electronic transactions is on the increase in Zimbabwe with the Reserve Bank of Zimbabwe (RBZ)’s weekly data report indicating that real time gross settlements (RTGS) transactions have risen to an average $900 million in January 2017.
The RBZ data indicate RTGS account for 82.7 percent of transactions, point of sale 8.9 percent and mobile systems 6.8 percent in value terms.
The central bank says RTGS are dominating the value of transactions with industry and household sectors continuing to use different methods of payments.
According to the RBZ, automated teller machines (ATMs) are at 1.4 percent while cheques accounting for 0.2 percent.
Economic commentators say most companies are now using RTGS in settling huge payments. The use of plastic money and the introduction of bond notes last November have helped ease demand for cash on the back of cash shortages that dominated the whole of 2016.
Zimbabwe is forging ahead with a financial inclusion plan aimed at ensuring all industries and individuals have bank accounts by 2020 with cashless transactions being a major target.
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