Published: 6 hours ago

Zimbabwe has seen a sharp rise in digital payments, with the value of retail transactions jumping 35 percent in the second quarter of 2025, according to the Reserve Bank of Zimbabwe (RBZ). The total value rose from ZiG66 billion in the first quarter to ZiG89 billion, reflecting the growing shift towards cashless payments.

The increase comes as the RBZ pushes the use of Point-of-Sale (POS) machines and mobile platforms to formalise the largely informal economy. The number of POS machines in the market grew from 150,000 in March to 152,800 in July. The central bank is also insisting that businesses must have functional POS machines and bank accounts before they can be granted or renew operating licences.

RBZ Governor Dr John Mushayavanhu said the growth showed progress in integrating informal businesses into the banking system. "There has been a notable and steady increase in digital transactions across all channels, including mobile money, ZIPIT, contactless payments and online platforms," he said.

Zimbabwe's economy remains heavily informal, with nearly 88 percent of businesses operating outside the formal system, according to the 2023 Economic Census. By extending POS machines and digital payment platforms, authorities hope to boost financial inclusion, increase use of the Zimbabwe Gold (ZiG) currency, and improve tax compliance.

Economists say the trend signals growing confidence in digital finance but stress that success will depend on system stability and affordable transaction costs. For now, the surge highlights how Zimbabweans are embracing cashless payments in their daily lives.
- zimpapers

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