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Zimbabwe hits US$44,9bn in digital transactions
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Zimbabwe's financial sector has marked a major milestone in its digital transformation, processing a record 381 million electronic transactions worth ZiG1,2 trillion (US$44,9 billion) in the first half of 2025.
The surge reflects the country's rapid embrace of digital finance and its alignment with global payment trends. According to Reserve Bank of Zimbabwe (RBZ) data, transaction volumes in the period averaged six per person annually, powered by a mix of real-time gross settlement (RTGS), cards, mobile money, banking apps, and online channels.
Monthly values peaked at more than ZiG250 billion, with RTGS transactions alone accounting for ZiG248,9 billion and US$16,7 billion. In total, 2,3 million ZiG-based and 3,1 million US dollar-based RTGS transactions were processed. Interoperability between mobile networks and banks also expanded sharply, with June recording ZiG2,2 billion in cross-platform retail transactions.
RBZ Governor Dr John Mushayavanhu credited the growth to the bank's sustained push for efficient, secure, and inclusive payment systems. "We aim to foster innovation without compromising consumer protection or financial stability," he said, highlighting ongoing investments in digital infrastructure and regulatory reforms.
Banker Raymond Madziva, however, cautioned that the boom in electronic transactions must be matched by robust cybersecurity safeguards.
"Rapid digitisation demands robust cybersecurity frameworks. As volumes surge, maintaining resilience against fraud and system disruptions is paramount," Madziva warned.
The RBZ has stepped up its anti-money laundering and counter-terrorist financing oversight for payment service providers and is finalising AI-specific cybersecurity guidelines. It is also driving ISO20022 compliance by November 2025 to bring Zimbabwe's systems in line with global standards.
In a bid to nurture fintech innovation, the central bank has revised licensing rules and fee structures for mobile banking and money transfer operators, lowering entry barriers for new players.
Zimbabwe's participation in the Pan-African Payment and Settlement System (PAPSS) is also gathering pace. Local banks processed ZAR2,41 billion in SADC-RTGS transactions via the platform in the first half, despite a 23% dip due to market adjustments. Dr Mushayavanhu described such cross-border digital corridors as "strategic" for cutting remittance costs and boosting trade finance.
With nearly 40% of all transactions now electronic, the RBZ says the payments landscape has undergone "irreversible" change. From city centres to rural villages, instant payments, mobile money interoperability, and cross-border settlement systems are reshaping commerce and driving financial inclusion.
The central bank sees the trend as a cornerstone of Zimbabwe's economic strategy, with digital finance poised to dismantle traditional banking barriers, accelerate growth, and create a more resilient and inclusive economy in the years ahead.
The surge reflects the country's rapid embrace of digital finance and its alignment with global payment trends. According to Reserve Bank of Zimbabwe (RBZ) data, transaction volumes in the period averaged six per person annually, powered by a mix of real-time gross settlement (RTGS), cards, mobile money, banking apps, and online channels.
Monthly values peaked at more than ZiG250 billion, with RTGS transactions alone accounting for ZiG248,9 billion and US$16,7 billion. In total, 2,3 million ZiG-based and 3,1 million US dollar-based RTGS transactions were processed. Interoperability between mobile networks and banks also expanded sharply, with June recording ZiG2,2 billion in cross-platform retail transactions.
RBZ Governor Dr John Mushayavanhu credited the growth to the bank's sustained push for efficient, secure, and inclusive payment systems. "We aim to foster innovation without compromising consumer protection or financial stability," he said, highlighting ongoing investments in digital infrastructure and regulatory reforms.
Banker Raymond Madziva, however, cautioned that the boom in electronic transactions must be matched by robust cybersecurity safeguards.
"Rapid digitisation demands robust cybersecurity frameworks. As volumes surge, maintaining resilience against fraud and system disruptions is paramount," Madziva warned.
In a bid to nurture fintech innovation, the central bank has revised licensing rules and fee structures for mobile banking and money transfer operators, lowering entry barriers for new players.
Zimbabwe's participation in the Pan-African Payment and Settlement System (PAPSS) is also gathering pace. Local banks processed ZAR2,41 billion in SADC-RTGS transactions via the platform in the first half, despite a 23% dip due to market adjustments. Dr Mushayavanhu described such cross-border digital corridors as "strategic" for cutting remittance costs and boosting trade finance.
With nearly 40% of all transactions now electronic, the RBZ says the payments landscape has undergone "irreversible" change. From city centres to rural villages, instant payments, mobile money interoperability, and cross-border settlement systems are reshaping commerce and driving financial inclusion.
The central bank sees the trend as a cornerstone of Zimbabwe's economic strategy, with digital finance poised to dismantle traditional banking barriers, accelerate growth, and create a more resilient and inclusive economy in the years ahead.
Source - The Herald
