How people pay in Zimbabwe

SWIFT foreign currency payments decreased by 23 percent to $1.4 billion for the quarter ending 31 December 2015 from $1.82 billion in the same quarter of the previous year ending 31 December 2014. During the same period, SWIFT foreign currency receipts also decreased to $1.26 billion from $1.64 billion.
The value of cash withdrawals decreased by 4 percent from $3.15 billion recorded during the quarter ending 30 September 2015 to $3.03 billion in the quarter ending 31 December 2015. The corresponding volumes increased by 8 percent from 2.9 million to 3.1 million, reflecting more customer counts for lower transaction values.
About $402 million worth of retail transactions went through POS in the quarter to December 2015, compared to $420 million in the same quarter of 2014.
Mobile transactions worth $1.35 billion were recorded in the final quarter of 2015, up from $1.15 billion in the corresponding period of 2014.
As at December 2015, Zimbabwe had 16 363 POS terminals in use and 556 ATMs. At the close of that period, there were 38 745 mobile money agents across the country.
By comparison, Zambia had 1 000 ATMs and 6 915 POS terminals at the end of 2015.
At the close of 2015, there were 2 365 160 debit cards in issue in Zimbabwe against 3 613 781 in December 2014. There were 10 854 credit cards (9 547 in 2014), 30 125 pre paid cards (28 881), 4.7 million mobile banking subscribers (down from 6 million previously) and 108 662 internet banking subscribers (78 548 in 2014), according to RBZ records.- The Source

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This post was last modified on May 6, 2016 6:48 pm

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Charles Rukuni

The Insider is a political and business bulletin about Zimbabwe, edited by Charles Rukuni. Founded in 1990, it was a printed 12-page subscription only newsletter until 2003 when Zimbabwe's hyper-inflation made it impossible to continue printing.