HARARE – Zimbabwe’s digital payment transactions surged 21.14% to ZiG226.71 billion in March 2026, driven by lower bank charges and increased adoption of electronic payment platforms following the Reserve Bank of Zimbabwe’s February monetary policy reforms aimed at improving the ease of doing business and formalising the economy.
Latest figures contained in the RBZ monthly monetary report show that digital transaction values rose sharply from ZiG178.78 billion recorded in February 2026, underscoring growing confidence in the country’s cash-lite economy amid ongoing efforts to improve the ease of doing business.
The growth follows the February 2026 Monetary Policy Statement in which the central bank unveiled a raft of interventions aimed at reducing transaction costs, encouraging financial inclusion and accelerating the formalisation of businesses through expanded point-of-sale (POS) infrastructure.
As part of the reforms, the RBZ reduced Real Time Gross Settlement (RTGS) charges from US$0.90 to US$0.80, payable in ZiG, for windows 1 and 2, while charges for window 3 were trimmed from US$1.20 to US$1.10 in ZiG equivalent.
The central bank also exempted bank accounts holding balances of US$100 and below, or the ZiG equivalent, from monthly service fees. In addition, charges on transactions worth US$5 and below were waived, a move targeted at low-income earners and small-scale traders who form a significant portion of Zimbabwe’s informal economy.
The policy measures appear to have immediately boosted transactional activity across the banking sector, with transaction volumes increasing by 17% from 73.07 million in February to 85.80 million in March.
Economic analyst Farai Mutambanengwe said the reduction in transaction costs had removed a key barrier that previously discouraged many consumers and small businesses from fully embracing formal digital payment systems.
“Lowering bank charges was a strategic intervention because transaction costs have long been one of the biggest deterrents to digital adoption in Zimbabwe. Once the costs came down, more businesses and consumers found it economically sensible to transact electronically,” said Mutambanengwe.
He added that the expansion of POS infrastructure was also helping to pull informal traders into the formal financial system.
“The wider deployment of POS machines is critical because it increases convenience and transparency in the economy. Informal businesses that previously relied entirely on cash are now gradually integrating into formal payment channels, which improves transaction traceability and broadens the tax base,” he said.
Zimbabwe Electronic Transfer Settlement System (ZETSS) transactions on both ZiG and United States dollar platforms processed through the RTGS system recorded the strongest growth during the month under review.
The value of transactions processed through RTGS climbed 32% from ZiG114.52 billion in February to ZiG150.97 billion in March, while transaction volumes increased by 20% from 0.85 million to 1.02 million.
Mobile and internet-based transactions also maintained a firm upward trajectory, rising 17.04% from ZiG50.26 billion in February to ZiG58.82 billion in March, reflecting growing reliance on digital financial services across households and businesses.
Cash transactions, however, remained active despite the digital migration trend, increasing 14.47% from ZiG13 billion to ZiG14.89 billion during the same period.
Card-based transactions likewise recorded growth, increasing by 20.84% from ZiG16.33 billion in February to ZiG16.91 billion in March, further reinforcing the economy’s steady shift toward electronic payments.
HARARE – Zimbabwe’s digital payment transactions rose 21.14% to ZiG226.71 billion in March 2026, driven by lower bank charges and increased adoption of electronic payment platforms following the Reserve Bank of Zimbabwe’s February monetary policy reforms aimed at improving the ease of doing business and formalising the economy.
Latest figures contained in the RBZ monthly monetary report show that digital transaction values rose sharply from ZiG178.78 billion recorded in February 2026, underscoring growing confidence in the country’s cash-lite economy amid ongoing efforts to improve the ease of doing business.
The growth follows the February 2026 Monetary Policy Statement in which the central bank unveiled a raft of interventions aimed at reducing transaction costs, encouraging financial inclusion and accelerating the formalisation of businesses through expanded point-of-sale (POS) infrastructure.
As part of the reforms, the RBZ reduced Real Time Gross Settlement (RTGS) charges from US$0.90 to US$0.80, payable in ZiG, for windows 1 and 2, while charges for window 3 were trimmed from US$1.20 to US$1.10 in ZiG equivalent.
The central bank also exempted bank accounts holding balances of US$100 and below, or the ZiG equivalent, from monthly service fees. In addition, charges on transactions worth US$5 and below were waived, a move targeted at low-income earners and small-scale traders who form a significant portion of Zimbabwe’s informal economy.
The policy measures appear to have immediately boosted transactional activity across the banking sector, with transaction volumes increasing by 17% from 73.07 million in February to 85.80 million in March.
Economic analyst Farai Mutambanengwe said the reduction in transaction costs had removed a key barrier that previously discouraged many consumers and small businesses from fully embracing formal digital payment systems.
“Lowering bank charges was a strategic intervention because transaction costs have long been one of the biggest deterrents to digital adoption in Zimbabwe. Once the costs came down, more businesses and consumers found it economically sensible to transact electronically,” said Mutambanengwe.
He added that the expansion of POS infrastructure was also helping to pull informal traders into the formal financial system.
“The wider deployment of POS machines is critical because it increases convenience and transparency in the economy. Informal businesses that previously relied entirely on cash are now gradually integrating into formal payment channels, which improves transaction traceability and broadens the tax base,” he said.
Zimbabwe Electronic Transfer Settlement System (ZETSS) transactions on both ZiG and United States dollar platforms processed through the RTGS system recorded the strongest growth during the month under review.
The value of transactions processed through RTGS climbed 32% from ZiG114.52 billion in February to ZiG150.97 billion in March, while transaction volumes increased by 20% from 0.85 million to 1.02 million.
Mobile and internet-based transactions also maintained a firm upward trajectory, rising 17.04% from ZiG50.26 billion in February to ZiG58.82 billion in March, reflecting growing reliance on digital financial services across households and businesses.
Cash transactions, however, remained active despite the digital migration trend, increasing 14.47% from ZiG13 billion to ZiG14.89 billion during the same period.
Card-based transactions likewise recorded growth, increasing by 20.84% from ZiG16.33 billion in February to ZiG16.91 billion in March, further reinforcing the economy’s steady shift toward electronic payments.
