Business / Economy
Electronic transactions increased by 56 percent
06 Feb 2012 at 11:46hrs | Views
Zimbabwe's financial system witnessed a significant growth of electronic transactions in 2011 with $ 34 billion achieved, up 56 percent from $22 billion 2010 on the back of increased uptake on plastic money and electronic transfers.
Continued growth on electronic transactions comes at a time the Reserve Bank of Zimbabwe (RBZ) recently introduced a $10 000 ceiling on all individual daily withdrawals in order to allow banks sufficient time to prepare for the withdrawals in the face of liquidity challenges.
The banking public is now required to give a 24-hour notice for transactions exceeding $10 000 and five days prior notice for withdrawals above $50 000.
On retail payments streams, a total of 259 000 transactions valued at $65 million were cleared in 2011 through the cheque payment stream, compared to 174 000 transactions valued at $42 million in 2010.
This represents increased values and volumes of 52 percent and 49 percent, respectively.
Transactions processed through Automated Teller Machines (ATMs) amounted to $905 million during the period under review, 190 percent up from $312 million recorded prior year.
RBZ said ATM transactions constituted 56 percent of the total retail transactions in terms of value, indicating a high propensity of cash usage by the transacting public.
In 2011, Point of Sale (POS) machines recorded an aggregate of 4,2 million transactions compared to 1,3 million in 2010.
The values registered increased concomitantly by 384 percent to $249 million as compared to $51 million in the comparative period.
Continued growth on electronic transactions comes at a time the Reserve Bank of Zimbabwe (RBZ) recently introduced a $10 000 ceiling on all individual daily withdrawals in order to allow banks sufficient time to prepare for the withdrawals in the face of liquidity challenges.
The banking public is now required to give a 24-hour notice for transactions exceeding $10 000 and five days prior notice for withdrawals above $50 000.
On retail payments streams, a total of 259 000 transactions valued at $65 million were cleared in 2011 through the cheque payment stream, compared to 174 000 transactions valued at $42 million in 2010.
Transactions processed through Automated Teller Machines (ATMs) amounted to $905 million during the period under review, 190 percent up from $312 million recorded prior year.
RBZ said ATM transactions constituted 56 percent of the total retail transactions in terms of value, indicating a high propensity of cash usage by the transacting public.
In 2011, Point of Sale (POS) machines recorded an aggregate of 4,2 million transactions compared to 1,3 million in 2010.
The values registered increased concomitantly by 384 percent to $249 million as compared to $51 million in the comparative period.
Source - DN
