ZIMBABWE’S digital payment systems recorded a weak start to 2026 before rebounding strongly in March, according to Reserve Bank of Zimbabwe (RBZ) data, reflecting shifts in formal-sector payment activity in an economy where the US dollar remains dominant.
The central bank’s monthly economic reviews show that transaction values processed through digital payment platforms declined in January and February before recovering in March.
“The total digital payment systems transaction values for February 2026 decreased by 14% from ZiG206,98 billion (US$8,09 billion) in January 2026 to ZiG178,68 billion (US$6,95 billion),” the RBZ said in its February review.
“Transactional volumes also decreased by 3% from 75,78 million to 73,78 million recorded during the same period.”
However, the decline was reversed a month later.
“The total digital payment system transaction values increased to ZiG226,71 billion (US$8,96 billion) in March, from ZiG178,68 billion in February 2026,” the central bank said.
Keep Reading
- Feature: The inevitable return of the greenback
- Econet introduces ‘Smart US Dollar bundles’
- Rampaging inflation hits Old Mutual . . . giant slips to $9 billion loss after tax
- Monetary measures spur exchange rate stability: RBZ
The pattern was also evident across the country’s major payment channels, including mobile and internet banking, card payments and RTGS transactions.
While the figures suggest subdued activity at the beginning of the year, economists caution against treating payment-system data as a complete measure of economic performance.
Zimbabwe operates a dual-currency system in which the US dollar accounts for most transactions by value, while a significant portion of economic activity takes place in cash, particularly within the informal sector.
The RBZ has previously indicated that US dollar transactions account for the majority of values processed through formal payment systems, underscoring the economy’s continued dollarisation.
As a result, changes in digital transaction volumes do not necessarily mean consumers are spending more or less overall. Instead, they provide a snapshot of activity within the formal financial system.
The January to February slowdown may partly reflect seasonal factors. Economic activity typically softens after the festive season as households adjust their budgets and businesses resume normal operations following the year-end holidays.
The March rebound suggests activity improved as the first quarter progressed.
The recovery was particularly visible in transactions processed through the RTGS platform, which is widely used by businesses and institutions for high-value payments.
Mobile and internet-based transactions also recovered during March after declining sharply at the beginning of the year.
Zimbabwe has become one of Africa’s most digitised economies over the past decade, driven by recurring cash shortages, mobile banking growth and increasing use of electronic payment platforms.
Nevertheless, cash remains a major component of commerce, especially in US dollars, with many retailers, transport operators and informal traders continuing to favour cash transactions.
The latest figures therefore paint a picture of improving activity within the banking and payments sector, although they capture only part of a broader economy that continues to rely heavily on US dollar cash.