Latest News Editor's Choice

Business / Economy

Zimbabwe edging closer to cashless economy

by Staff Reporter
28 Jul 2016 at 19:19hrs | Views
Zimbabwe is edging closer to become a cashless economy following a huge improvement in the use of mobile money and digital transactions by industry and commerce.

Statistics released at the mobile and digital payments conference in the capital this Thursday show that weekly transactions of the national payment system worth US$1.2 billion are being done through plastic money systems such as credit cards, RTGS, point of sale machines as well as digital monetary systems.

The Minister of Information Communication Technology, Postal and Courier Services, Supa Mandiwanzira says at a time when the economy is experiencing cash-flow challenges, embracing electronic payment systems will reduce the reliance on cash by business and individuals.

"We are really targeting some increased use of mobile money platforms," said Mandiwanzira.

Zimbabwe's financial services system, retail industry, small to medium enterprises, fuel service stations, local authorities, among others, are also in the process of implementing digital payment systems.

Minister Mandiwanzira says the government is impressed by the strides that most of the banks have embraced in rolling out agency banking, thereby reaching out to some of the marginalised and under-banked communities.

"The progress is there for all to see and we are really impressed," he added.

According to the central bank, the growth in the usage of mobile phones has resulted in the emergence of new players within the sector offering a wide variety of services.

Source - ZBC