Cheque transactions continue to drop: RBZ

VOLUMES of mobile and Internet-based transactions continue to increase as a 21,91% jump was recorded in March up from $281,56 million in February 2014 to $343,26 million, but cheque transactions dropped.

NQOBILE BHEBHE
CHIEF REPORTER

According to latest figures from the Reserve Bank of Zimbabwe (RBZ) for March monthly economic review, card payments also increased in the period under review by 15,97 %.

“The total value of card-based transactions increased by 15,97% to $336,97 million in March 2014, from $290,17 million in February 2014.

“The value of mobile and Internet-based transactions also increased by 21,91%, from $281,56 million in February 2014 to $343,26 million in March 2014,” the RBZ says.

“The value of cheque transactions, however, decreased to $10,4 million in March 2014, from $10,73 million in February 2014.”

Many banks are now embracing Internet and mobile banking by offering several products to lure customers as they are more convenient than traditional banking, but cheques seem to be dying as a payment system in Zimbabwe as they have continued on a downward slip since the advent of the multiple currency regime in 2009.

The RBZ said the value of transactions processed through the Zimbabwe electronic transfer settlement system increased by 13% to
$3 332,79 million in March 2014, from $2 954,93 million in February 2014; while the volume of transactions also registered an increase of 10%, from 175 092 to 192 020 in the same period.

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