Zimbabwe now a mobile money market

The value of transactions processed through the National Payment System (NPS) in the first week of October declined by 14 percent from $2.3 billion in the previous week to $1.9 billion due to a decline in Real Time Gross Settlement (RTGS) transactions.

In a weekly report, the Reserve Bank of Zimbabwe (RBZ) said RTGS transactions declined by 20 percent from $1.7 billion reported previously to $1.3 billion, accounting for 70 percent of the value of transactions processed through the NPS.

Mobile-based transactions were largely flat at $345.96 million from $342.70 million while Point Of Sale (POS) increased by 12 percent to $243.41 million from $218.07 million.

Automated Teller Machines (ATMs) went up 22 percent to $5.29 million.

Cheque transactions declined by 5 percent from $1.30 million to $1.24 million.

In terms of volumes mobile based transactions accounted for 69 percent transactions while POS took up 29 percent.

RTGS and ATMs were at 0.67 and 0.53 percent respectively.   –The Source

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