Mishma Chakanyuka, Staff Writer 
THE value of transactions processed through Zimbabwe’s national payment system (NPS) was up by 95 percent in the third quarter of 2023, reaching $84,55 trillion, latest statistics from the Reserve Bank of Zimbabwe show.
This surge came amid a 12 percent decrease in transaction volumes, highlighting a shift towards larger-value transactions, as the Zimdollar continued to lose value against major currencies.
According to the apex bank’s report for the third-quarter of 2023, which was published recently, the real time gross settlement system mirrored the trend in the NPS, with a 100 percent increase in transaction value to $54,51 trillion, while volume dipped nine percent.
Mobile money continues to reign supreme, driven by its widespread adoption across both public and private sectors. This popularity stems from its ability to cater to Zimbabwe’s vast unbanked population, particularly within the informal sector.
The number of active mobile financial services subscribers climbed 2,4 percent to 8,15 million, encompassing both banked and mobile money users.
While retail transaction values soared 86,24 percent to $30,04 trillion, volumes took a 11,65 percent hit, settling at 164,62 million.
The collateral value for cheque clearing, Zimswitch, and the Central Securities Depository also experienced noteworthy growth, rising from $57,68 billion to $98,12 billion in the quarter. Notably, the Victoria Falls Stock Exchange reported stable foreign currency collateral of US$59 777,72, adequately covering transactional risks.
Ordinary point-of-sale terminals saw a modest increase from 132 171 to 137 380 during the quarter.
Zimbabwe’s current multi-currency system, extended until 2030, continues to witness US dollar dominance in both goods and services transactions.
Experts warn that this trend could lead to full dollarisation, a scenario authorities are actively trying to avoid in favour of promoting the local currency.
newsdesk@fingaz.co.zw
