The ManicaPost
Rumbidzayi Zinyuke Business Reporter
The value of transactions processed through the National Payment System (NPS) registered a 13 percent decline to $1,88 billion during the week ending November 10, from $2,17 billion registered in the prior week.
This was mainly due to the continued declines registered in transactions done through the Real Time Gross Settlement (RTGS), mobile and automated teller machines (ATM).
According to the latest weekly economic update by the Reserve bank of Zimbabwe, RTGS transactions declined by 18 percent, to close the week under review at $1, 22 billion from $1, 49 billion the previous week. These payments accounted for 65 percent of the total value of transactions processed through the NPS.
The central bank report noted that in the week under review, mobile transactions, which have been growing in the last few months also registered an 8 percent decline to $398 million from $433 million in the prior period.
ATM transactions were down 30 percent in the review period $3,89 million from $5,55 million registered the previous week as banks continue to face an acute shortage of cash to dispense to depositors.
Although cheque transactions still account for the smallest portion of the NPS, they recorded the highest increase of 13 percent to $1,21 million in the week under review, from $1,07 million the previous week.
Point of sale transactions, that have become the most preferred method of payment, also recorded positives in the week under review, jumping 8 percent to $252, 29 million in the review period. This was up from the $233,47 million registered in the prior week.
The prevailing cash shortages have resulted in more Zimbabweans accepting the use of plastic money to make payments as witnessed by the growth in POS and mobile payment methods.
Analysts are however hopeful that the change in the political environment which saw President Robert Mugabe tendering his resignation would bring the much needed relief to depositors in the near future.
