National Payment System transactions decline

HARARE - The value of transactions processed through the National Payment System (NPS) for the week ending March 9 declined to $1,83 billion from $1,93 billion the previous week due to a decline in electronic transactions during the week under review.

In a weekly economic highlights report, the Reserve Bank of Zimbabwe (RBZ) said Real Time Gross Settlement (RTGS) transactions decreased by 8,8 percent to close the week under review as $1,13 billion.

The total value of transactions processed through the NPS was distributed as follows: RTGS, 61,74 percent, mobile, 24,90 percent, point of sale (POS), 13,10 percent, Automated Teller Machines (ATMs), 0,20 percent and cheque transactions, 0.06 percent.

In volume terms, NPS transactions increased by six percent from 29 336 650 in the previous week, to close the week under review at 31 007 986 transactions.

Mobile-based transactions accounted for 76,36 percent of the total volume of transactions, followed by POS, 22,92 percent; ATM, 0,43 percent RTGS, 0,2 percent and cheque 0,02 percent.

An acute shortage of bank notes in Zimbabwe has forced Zimbabweans to resort to electronic means of payment.

According to RBZ, mobile payments constituted the bulk of payment streams in volume terms in 2017. Out of the more than 1 billion transactions, 754 million were conducted through mobile.

The value of mobile financial services transactions for 2017 stood at $18 billion, an increase of 210 percent from the $5,8 billion recorded in 2016. In value terms, the RTGS constituted the largest contribution at more than 63 percent after transactions worth $61,7 billion went through the system.

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