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Bank accounts hit six million

by Staff reporter
11 Oct 2018 at 18:40hrs | Views
Zimbabwe's financial sector now boasts of over six million bank accounts reflecting the rise in the uptake of digital payment systems or transactions by industry and commerce after the introduction of the multi-currency regime in 2009.

Gone are the days when people used to do transactions without formal banking platforms as evidenced by the rise in the rate at which Zimbabweans are embracing digital payment systems.

The youths, females, students, corporates, institutions like schools and hospitals among others have also not been spared from harnessing the digital economy.

Despite the high costs of transactions arising from bank charges, limitations on access to cash has also seen industry and households resorting to electronic methods that can be settled through bank accounts.

Data compiled by the monetary authorities seen by the ZBC News today indicates 800 000 Zimbabweans had bank accounts in 2009 when the multicurrency system was introduced.

The figure has, however, risen to 5.50 million by December 2017 and over 5.58 million so far this year, according to the data.

Market watchers therefore say Zimbabwe is experiencing progress with regards to implementation of the national financial inclusion strategy in areas of financial literacy, consumer protection, delivery channels, low cost bank accounts and loans.

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Source - zbc