…as value of transactions processed through NPS surges by 31%
National Payment Systems (NPS) comprising RTGS, POS, ATMs and mobile and internet based transactions for the quarter ending 30 September 2021 rose 31% to ZWL$2.085 trillion from ZWL$1.594 trillion in the previous quarter, latest data shows.
NPS ensures finality and irrevocability of settlement, while facilitating the circulation of money in the economy.
According to the Reserve Bank of Zimbabwe RTGS transactions increased by 21% to ZWL$1.25 trillion accounting for 60.20% of the value of transactions processed through the NPS. RTGS allows for large values unlike other payment systems. RTGS transaction volume was up 7% to 3.26 million from 3.05 million.
An acute shortage of bank notes in the southern African nation has forced Zimbabweans to resort to electronic means of payment.
Internet based transactions went up 64% to ZWL$485.42 billion from ZWL$295.19 billion in the previous quarter.
Mobile based transactions surged 26% to ZWL$182.61 billion from ZWL$145.31 billion.
Point of Sale (POS) transactions were up 43% to ZWL$150.92 billion from ZWL$105.37 million.
The value processed through Automated Teller Machine (ATM) transactions registered a 17% increase to close at ZWL$10.75 billion compared to ZWL$9.2 billion in the previous quarter. This comes as the economy is going cashless due to Covid-19 pandemic. The public transport system has introduced tap cards as a way of addressing cash shortages.
In volume terms, NPS transactions increased by 3% to 365.85 million from 354.73 million previously. But, these are small volumes with large values.
Of the total volume of transactions, mobile-based transactions accounted for 85.29% while POS took up 12.30%. Internet, RTGS and ATMs claimed 1.10%, 0.89% and 0.42% respectively.
Majority of the people own a phone and make use of it to do small transactions like buying airtime despite transaction limits cap and charges continues to be a hurdle.
As for payment systems access points and devices, Internet Banking Subscribers have been on a positive trajectory since the onset of Covid-19 in the country, rising by 31% from 360 850 as at quarter ending March 2020 to 480 926 as at quarter ending September 2021 – Harare