The number of Zimswitch Transactions grew by 372% in 2017 compared to 2016 figures.
Speaking at the just ended Zimswitch conference in Victoria Falls, Zimswitch Deputy General Manager, Mr Zabron Chilakalaka said that the increase in Zimswitch transaction show a positive development in terms of electronic money transactions.
“In terms of number of transactions, in the year 2017 we did 1651 million compared to 34.9 million in 2016, that’s a jump of 372 percent,”said Mr Chilakalaka.
The figures from Zimswitch shows that Zimbabweans are gradually embracing plastic money with a total of more than 165 million electronic transactions done through the Zimswitch network last year, making a rise by in percent from the previous year.
The increase in the number of transactions also corresponded with the increase in the dollar value of the transactions processed by Zimswitch.
“The Zimswitch dollar value of transactions processed through Zimswitch in 2017 amount to $6.6 Billion. In the market we have 43 million cards In circulation and every month we see more than 2 million of these active on the Zimswitch platform every month,” said Mr Chilakalaka.
Mr Chikalaka also said that approximately 80 percent of the 70 000 POS terminals in the market are also active on Zimswitch every month, a sign that plastic money system had been well received by consumers.
Several banks in Zimbabwe and mobile money services providers have made available their POS machines to merchants to enable the smooth transacting using plastic money.
Steward Bank has even gone ahead with introducing Kwenga, a portable and affordable POS machine for use by smaller businesses that may not be able to purchase the standard POS machines.
While addressing parliament, Finance and Economic Development Minister Hon Patrick Chinamasa said that the country’s economy is now 96% cashless, with people having embraced electronic means of transacting.