THE total value of transactions processed through the National Payments System (NPS) closed at $1,62 million week ending February 23 amid a growing increase in the usage of electronic platforms due to cash shortages.
BY FIDELITY MHLANGA
The figure was a 5% decline from $1,71 million recorded in the week ending February 16, according to latest data from the Central Bank.
Transactions processed through the NPS were $1,89 million as of February 2, dropping to $1,82 million on February 9.
Money disbursed from automated teller machines (ATMs) was $3,91million down 9% from $3,54 million in the previous week.
In value terms, Real Time Gross Settlement (RTGS) accounted for 70,88%, mobile (22,54%), point of sale (6,30%), ATM (0,22%) and cheques at 0,06%.
As of February 23, the total volume of NPS transactions registered a 12% decline to 22 171 092 in the period under review from 25 161 284 transactions recorded in the previous week.
In volume terms, mobile accounted for 89,24% of the transactions, point of sale (9,94%), RTGS (0,42%), ATM (0,38%) and cheques at 0,02%.
Financial expert, Persistence Gwanyanya said the trend reveals a growing usage of electronic payment.
He said the decline in transactions for a certain week may be caused by isolated issues for that particular week.
“But generally, we are experiencing an increase of electronic payments on the back of cash shortages. As cash shortages remain we will see an increase acceptance of electronic payment. As the tobacco season opens March 21, we are likely to see an increase in economic activity and a corresponding increase in transactions,” Gwanyanya said.
In 2017, more than 96% of the $97,5 billion processed went through electronic and mobile banking systems.
A total of 5,9 million transactions valued at $61,7 billion were processed through the RTGS system during the year 2017.
Cheque transactions were valued at $ 69,4million, point of sale ($6,6 billion), ATM ($427,9 million) and internet ($7 billion).
The value of mobile financial services transactions for the year stood at $18 billion, an increase of 210% from the $5,8 billion recorded in 2016.