Electronic transactions are on the increase in Zimbabwe with the Central Bank reporting a 417 percent jump in the value of Real Gross Settlement System (RTGS) transactions to $1.56 trillion by December 2020.
“The RTGS system had a total of 10,7 million transactions valued at ZW$1.56 trillion in 2020 representing increases of 16 percent and 417 percent, respectively,” says Reserve Bank of Zimbabwe (RBZ) Governor, Dr John Mangudya.
In his recently issued 2021 Monetary Policy Statement, the Apex Bank chief said the country’s national payment systems remain safe and sound, attributable to the on-going Government policy interventions, which are underpinned by the adoption of comprehensive regulatory framework and international best practices.
“Total value of national payment systems transactions increased by 430 percent to ZW$2.45 trillion in 2020 from ZW$463 billion in 2019, while volumes declined by 16 percent to 1.9 billion,” said Dr Mangudya.
In an effort to combat the spread of Covid-19, Dr Mangudya encouraged the public to make use of digital and electronic payment methods in conducting their financial transactions.