By Almot Maqolo.
Harare, Zimbabwe (News of The South) – The value of transactions processed through the National Payment System (NPS) in the first week of May, 2018 declined by 16 percent from $2,4 billion in the previous week to $2 billion owing to a slump in in Real Time Gross Settlement (RTGS) transactions.
An acute shortage of bank notes in the southern African nation has forced Zimbabweans to resort to electronic means of payment.
Despite the existence of other forms of payment in the country which includes Point Of Sale (POS), Internet, Mobile, Cheque and Automated Teller Machine (ATMs), RTGS transactions remains dominant.
In a weekly report, the Reserve Bank of Zimbabwe (RBZ) said RTGS transactions went down 30 percent to $1,2 billion, accounting for the 56,42 percent of the value of transactions processed through the NPS.
Mobile-based transactions went up 13 percent to $621,4 million from $551,7 million while POS transactions increased by 22 percent to $265,1 million from $217,3 million recorded in the previous week.
ATMs transactions marginally up 1,8 percent to $5,3 million from $5,2
million previously. Cheque transactions was down 26 percent from $650,000 in the previous week to $550,000.
In terms of volumes, mobile-based transactions accounted for 79,46
percent while POS transactions took up 19,98 percent.
RTGS, ATMs and Cheque were at 0,38 percent, 0,17 percent and 0,01
percent in that order.
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