Over half of Zim’s ATMs lack cash – RBZ

By ETimes

HARARE – MORE than half of Zimbabwe’s automated teller machines have no cash, even as nearly all bank branches are funded, according to the Reserve Bank of Zimbabwe’s latest cash distribution report.

The central bank said 281 of the 499 operational ATMs had no cash when its monitoring dashboard was sampled, while another 21 were low on cash or critical.

Only 212 machines, or 43%, were funded.

Branches fared better, with 413 of the 428 outlets, or 96%, rated well-funded and the other 15 flagged as low on cash.

The central bank acknowledged the shortfall, noting that some banks had called for tighter security around the machines.

“Fifty-seven percent of available ATMs do not have cash and some banks have highlighted the need to enhance security around ATMs,” Reserve Bank of Zimbabwe (RBZ) stated in its report.

The gap reflects where banks hold their money rather than how much exists.

Banks held ZiG490.4 million of the ZiG703.4 million in circulation, with ZiG270.4 million, or 38.4%, sitting in central cash depots and ZiG195.1 million in branches.

Across the sector, 58.1% of new ZiG cash was held at the depots against 41.9% in branches.

Banks A, B and C each kept at least 80% at their depots, while Bank L held 96.8% of its new ZiG in branches.

The central bank urged lenders to redirect their stock.

“Driven by public demand, banks must move cash from Central Cash Depots to branches and ATMs, prioritise underserved locations, and use real-time signals to rebalance supply against demonstrated demand,” RBZ said.

The bank said it would consider minimum branch-deployment ratios and escalation triggers for excessive depot concentration.

“The central issue is not only how much cash is in circulation, but where it is held and how quickly it reaches the public,” RBZ said.