POS, mo­bile pay­ments surge: RBZ

Chronicle (Zimbabwe) - - Business Chronicle -

THE to­tal vol­ume of trans­ac­tions recorded in Zim­babwe’s Na­tional Pay­ment Sys­tem (NPS) de­clined marginally to 7 838 439 in the week ended Novem­ber 4, from 7 952 480 in the previous week, a re­cent weekly re­port by the cen­tral bank shows.

How­ever, mo­bile pay­ments and point-of-sale trans­ac­tions con­tin­ued to surge, re­flect­ing a deep­en­ing short­age of bank notes, which has seen an in­crease in al­ter­na­tive set­tling meth­ods.

“The to­tal value of trans­ac­tions pro­cessed through the Na­tional Pay­ment Sys­tems (NPS), de­creased from $1 371.80 mil­lion in the previous week, to $1 312.16 mil­lion dur­ing the week un­der re­view,” the RBZ noted in the re­port.

Ac­cord­ing to the cen­tral bank’s weekly eco­nomic high­lights, in the first week of Novem­ber, bank­ing trans­ac­tions pro­cessed through the Real Time Gross Set­tle­ment (RTGS) sys­tem stood at $1 060.66 mil­lion — a nine per­cent de­cline from the $1 171.73 mil­lion recorded in the previous week.

Cheque trans­ac­tions also went down four per­cent to $1,53 mil­lion from $1,60 mil­lion in the previous week.

How­ever, mo­bile trans­ac­tions in­creased by 15 per­cent to $115,74 mil­lion from $100,31 mil­lion while Au­to­mated Teller ma­chines ( ATMs) trans­ac­tions surged 38 per­cent from $20,48 mil­lion to $28,35 mil­lion in the week un­der re­view.

Point of Sale (POS) trans­ac­tions also grew sig­nif­i­cantly by 36 per­cent from $77,68 mil­lion to $105,89 mil­lion in the pe­riod un­der re­view.

The growth in trans­ac­tions car­ried through POS and mo­bile plat­forms is largely driven by the cur­rent cen­tral bank ef­forts to pro­mote the use of elec­tronic means of pay­ment in order to con­serve the scarce dol­lar.

In­ter­est rates for all classes of de­posits re­mained un­changed as the bit­ter liq­uid­ity crunch con­tin­ues to pre­vail in the money mar­ket.

“Dur­ing the week end­ing 4th Novem­ber 2016, av­er­age de­posit rates for sav­ings de­posits and de­posits of three month tenors re­mained un­changed at 3.01 per­cent and 5.75 per­cent, re­spec­tively,” the re­serve bank also noted.

“Com­mer­cial bank weighted lend­ing rates for cor­po­rate clients in­creased from 6.93 per­cent in the previous week, to 6.97 per­cent dur­ing the week un­der re­view. Weighted lend­ing rates for in­di­vid­ual clients, how­ever, de­clined to close the week un­der anal­y­sis at 10.67 per­cent.” — The Source

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