Story by Tichaona Kurewa
Zimbabwe is experiencing a rapid shift towards a cashless society, driven by the increasing adoption of electronic payment systems.
The transformation is being accelerated by the introduction of the Zimbabwe Gold (ZiG) currency and is aligning with the government’s financial inclusion goals.
The National Financial Inclusion Strategy, launched in 2022, prioritizes financial innovation, capability, and consumer protection. Electronic payment platforms are proving to be key enablers in achieving these objectives.
According to Zimswitch Chief Executive Officer, Mr Zebron Chilakalaka electronic payment systems are enhancing financial inclusion in Zimbabwe, complemented by the introduction of ZiG.
“We have 29 participants on the Zimswitch platform. To date mobile money operators, all of them in the country are on the Zimswitch platform and deposit taking micro-finance institutions. Now, the financial inclusion aspect really speaks to convenience. From a financial inclusion drive ,the end consumer is actually interested in adopting which ever platform they choose guaranteed that they will be able to pay anyone in the country,” he said.
The Reserve Bank of Zimbabwe confirmed a surge in digital transactions.
“With 96% digital transactions against 4% cash in our country, we have to acknowledge the positive impact of payment systems players in achieving financial inclusion and digital financial services,” noted RBZ Deputy Director Financial Markets, Dr Josephat Mutepfa
The aggregated digital payments transaction values for the six months ending 30 June 2024 have been on an upward trajectory on the backdrop of the introduction of the ZiG currency.
Digital payments increased by a monthly average of 33% whilst volumes remained stable with a marginal monthly average increase of 1%.
