HARARE, Zimbabwe—Monetary transactions in the Zimbabwean economy are now dominated by electronic payment systems with more than 96% of local transactions now being conducted through plastic, Internet and mobile money.
While the use of electronic forms of payment came as a result of cash shortages, it puts the country ahead of other countries across the globe that are working towards achieving a cashless society, The Herald reported.
Presenting the 2018 Monetary Policy Statement (MPS), Reserve Bank of Zimbabwe governor Dr. John Mangudya said the central bank was encouraged by the quantum leap in the usage of electronic and mobile banking systems by the county’s banking public.
“The growth in the use of plastic money, away from cash transactions, was phenomenal in 2017 to the extent that more than 96% of the $97.5 billion – from the 1 billion transactions – processed in the entire country in 2017 were through electronic and mobile banking systems,” said Mangudya stated, according to The Herald.
Mangudya said the central bank’s (monetary) policy thrust has been a resounding success in the economy as exhibited by the unprecedented increases in values, volumes, devices and access points, The Herald noted.