Card based transactions increased by $55 million to $506,14 million in April 2017 from $451 million recorded in March 2017.
The increase comes at a time when monetary authorities are increasingly pushing for the promotion of cashless payment systems and the general scarcity of cash in the economy. Confederation of Zimbabwe Retailers president, Mr Denford Mutashu believes that over 80 percent of the retailers have adopted to use plastic money.
“Indeed almost all registered retailers around towns and cities are using POS machines except for those in the rural areas where there are network and power supply issues. “Instead those have embraced mobile money we have seen a tremendous rise in transactions attributed to plastic and mobile money.
“The increase in the usage of plastic money is testimony of the efforts by banks to promote electronic payments to make it easier and cheaper for the banking public to use cards.” During the month under review, the total value of transactions processed through the National Payment System (NPS) stood at $6 954,94 million in April 2017, down from $7 011,38 million in March 2017.
THE Reserve Bank of Zimbabwe has instructed local banks to stop offering overdrafts to customers seeking to settle their foreign obligations, as it battles to control a worsening foreign currency crisis.
Central bank governor, John Mangudya, said banks have been stopped from offering overdraft facilities for cross-border transactions.
Mangudya said: “We do not want foreign purchases backed by overdrafts. We stopped banks from doing it. What we want is to have these foreign payments funded by money in your account.
He said banks that wanted to support their customers “should arrange lines of credit for their customers”. “We need discipline,” he said, while addressing a public dialogue on the cash crisis in the capital last week.
THE Reserve Bank of Zimbabwe (RBZ) has released guidelines to compel retailers and wholesalers to bank their takings as the country’s cash crisis deepens.
The RBZ claims that retailers and wholesalers, a sector reserved for locals, have been contributing significantly to the crisis by avoiding the banking sector preferring to exchange the bond notes for the scarce United States dollar on the black market.
According the new guidelines, shops are expected to bank their takings within 24 hours and keep evidence of all bank transactions.