By Almot Maqolo.
Harare, Zimbabwe (News of the South) – The value of transactions processed under the Zimbabwe National Payments System (NPS) for the week ending July 7, 2017 went down by 10 percent from $1 779.68 million recorded during the previous week to $1 602.12 million, latest
figures from the central bank shows.
The country have experienced cash crisis since 2015 which then opted for the promotion, wide use of plastic money and electronic transactions as a way of trying to ease the cash crisis.
In May last year, the central bank introduced bond notes which are backed by the $200 million Africa Export Import Bank (AFREXIM) facility also as a measure to also to address the liquidity crunch and export incentives to get the much needed foreign currency for the country.
According to its latest weekly economic review, the country’s central bank alluded the decline of NPS payments system to a drop in transactions processed via the Real Time Gross Settlement (RTGS).
“This was largely driven by a decrease in the value of RTGS transactions, from $1 395.09 million in the previous week, to $1 104.39 million during the week under review,” Reserve Bank of Zimbabwe (RBZ) said.
During the period under review, the RTGS, Mobile, Point of Sale (POS), Auto Teller Machines (ATMs), and Cheque transactions accounted for 68.93 percent, 16.77 percent, 13.72 percent, 0.51 percent and 0.08 percent respectively in value terms.
In volume terms, mobile based transactions constituted 67.23 percent of the total transactions, followed by POS at 31.08 percent, ATMs at 0.95 percent, RTGS at 0.71 percent and Cheque which contributed the least at 0.03 percent.
RBZ said, “The volume of transactions processed through the NPS amounted to 19 340 199 during the week under analysis.
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