Zimbabwe is now almost completely a cashless economy. The latest report on payment systems from the Reserve Bank of Zimbabwe revealed that cash was responsible for only 2.05% of all monetary transactions. This means we are now effecting 97.95% of all payments through electronic means – cards, internet and mobile. This did not come as […]
The Zimbabwean government is putting together funds for the importation of more Point of Sale (POS) machines which will be used to promote plastic money use and cashless transactions across the country. According to the Herald, this information was shared by the Minister of Finance, Patrick Chinamasa who pointed out how POS machines have to […]
Should a Zimbabwean in the diaspora open a bank account in Zimbabwe? What are the benefits of holding an account in Zimbabwe when you work and live outside the country? What are the hoops you have to go through to open and hold such an account? I will try to answer these and related questions […]
It would seem while there is a concerted effort by various financial institutions to market their plastic money offerings no one seems bothered by the fact that there is still a limited number of places where you can use these cards anywhere.
In case someone out there is stranded and failing not only to receive online payments for jobs done but generally incoming transfers even as an expatriate, the following are some Zimbabwean banks still accepting international incoming transfers in USD into individual accounts.
Stanbic Bank Zimbabwe will enter into a total shutdown starting today 3pm to facilitate a system upgrade that will last until Monday 8am, according to an SMS message sent out to customers.
In the same week, RTGS transaction volumes also shot up by 51%, and ATM activity rose by 38% and cheque activity went up by 17%. Interestingly mobile money activity was down 8% during the period.