Rumbidzayi Zinyuke Senior Reporter
The value of transactions processed through the National Payment System (NPS) registered a 4 percent decline in the second week of October to $1,9 billion from $1,98 billion in the previous week on the back of a continued decline in Real Time Gross Settlement (RTGS) transactions. According to the latest weekly economic update by the Reserve bank of Zimbabwe, RTGS transactions correspondingly declined by 7 percent, from $1,39 billion recorded in the previous the week to $1, 29 billion in the review period.
These payments accounted for 68.2 percent of the total value of transactions processed through the NPS. The prevailing cash shortages have seen more Zimbabweans opting to use the RTGS as the main mode of payment but this has, however, resulted in the clogging of the systems resulting in transfers taking a very long time to process. As a result of the slow movement of bank transfers, more people now prefer to use mobile banking to make payments.
The central bank report noted that in the week under review, mobile transactions dominated NPS transaction volumes, accounting for 71,97 percent of total transactions. In terms of values, mobile transactions were up 3 percent to $357,84 million from $345,96 million recorded in the prior week.
Despite accounting for the least proportion of payments on the NPS, cheque payments recorded the highest jump in values of 15 percent to $1,42 million in the week under review from $1,24 million in the previous week. The value of transactions made through Point Of Sale (POS) transactions was down 1 percent at $240,88 million from $243,41 million in the previous week.
Automated Teller Machine (ATM) payments were 10 percent down at $4,77 million from $5,29 million in the prior week.