RBZ data shows that cash transactions have declined by 8% as cash shortages worsen

Data released by the Reserve Bank of Zimbabwe has shown that cash transactions declined by eight percent from $5,3 billion in July to $ 4, 9 billion in August, as a result of the cash shortages in the country which has seen many people resorting to online payment methods.

Central bank data also revealed that mobile and internet based transactions in August amounted to $766 million, from $709 million in July while cheque transactions declined by 14 percent to $7.9 million during the same period. RTGS transactions volumes also registered a 5 percent increase from 242 373 in July 2016 to 253 938.

The bank also said that transactions processed through the National Payment System (NPS) were up marginally from $6, 319 billion in July to $6, 359 billion in August.