Value of mobile transactions declines: RBZ

HARARE - The value of mobile transactions processed through the National Payment System (NPS) declined by 0,2 percent to  $2,97 billion during the week ending July 13, 2018 from $2,98 billion the previous week, the Reserve Bank of Zimbabwe (RBZ) has said

This is despite an increase in Real Time Gross Settlement (RTGS) transactions which has been declining the previous three weeks.

According to RBZ latest Weekly Economic Highlights, transactions processed through the RTGS system which account for the largest proportion of the total NPS transactions stood at $2 billion during the week under review, up from $1,9 billion in the previous week.

Intensifying cash shortages are being attributed to the decline in NPS payments. This is happening at a time when mobile penetration in the country is slowing down.

According to the Postal and Telecommunications Regulatory Authority of Zimbabwe first quarter report released last month the mobile penetration rate decreased by 18,1 percent to reach 84,6 percent in the period under review from 102,7 percent recorded in the last quarter of 2017 following a 16,8 percent decrease in active mobile subscriptions.

“In value terms, RTGS payments accounted for 67,49 percent of the total value of transactions processed through the NPS. Mobile accounted from 23,13 percent, Point of Sale (POS); 9,28 percent Automated Teller Machines (ATMs) 0,06 percent and Cheque 0,04 percent,” said RBZ.

Monetary transactions in the Zimbabwean economy are now dominated by electronic payment systems with more than 90 percent of local transactions now being conducted through plastic, Internet and mobile money. “The volume of transactions processed through the NPS decreased by three percent, to close the week under review at 43,572,479 transactions,” said RBZ said.

Mobile transactions volumes accounted for 82,36 percent if the distribution, POS, 17,26 percent; ATM, 0.09 percent; RTGS, 0,28 percent and cheque 0,01 percent.

Meanwhile, the Reserve Bank of Zimbabwe said during the week under review, average deposit rates for savings deposits and fixed deposits of one month and three month tenors remained unchanged for the third consecutive week at 4,35 percent, 3,53 percent and 4,00 percent, respectively.

Weighted commercial bank lending rates for corporate clients increased by 0,04 percentage points, to close the week ending July 13, 2018 at 7,07 percent. Lending rates for individual clients, however, remained unchanged at 9,37 percent.

— The Financial Gazette

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