Economy goes 96pc cashless: Chinamasa

ZIMBABWEANS have embraced electronic platforms as means of transacting, with 96 percent of transactions now being conducted electronically.

This was said by Finance and Economic Development Minister Patrick Chinamasa yesterday while responding to questions on cash shortages from legislators in the National Assembly.

“As a matter of fact Mr Speaker Sir, because of these challenges, we have overtaken Kenya in terms of the number of transactions that are transacted electronically and through RTGS and through mobile,” he said.

“The way to go Mr Speaker Sir, developed country or not developed is that we are moving towards a cashless society and the challenges we have met because of cash shortages have expedited the movement of our people towards a cashless society to the extent that of the $97 billion transactions that have been transacted in the this country, 96 percent of them are electronic.”

Minister Chinamasa said there were over 70 000 point of sale machines (POS) in the country at the moment.

“We have now been able to step up production and supply of point of sale machines from 45 000 to the current 70 000 and we are aiming to increase supply to 120 000,” he said.

He added that President Mnangagwa had however, directed his ministry and the Reserve Bank of Zimbabwe (RBZ) to find lasting solutions to the cash shortages.

“His Excellency has directed both my ministry and RBZ that we find ways to ameliorate this problem, and I hope that some of the measures which we are considering which we have not yet concluded will be able to be put in motion and produce satisfactory outcomes,” he said.

Minister Chinamasa also issued guarantees that people’s savings in banks were safe.

The country’s financial institutions have over $8 billion in deposits.

Meanwhile, Minister Chinamasa said the country was targeting to produce at least 30 tonnes of gold this year, up from 24,5 realised last year.