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Electronic transactions surge from 900 000/month to 16 million/month: ZimSwitch

6 years agoThu, 24 Aug 2017 10:38:39 GMT
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Electronic transactions surge from 900 000/month to 16 million/month: ZimSwitch

National electronic funds switch, ZimSwitch has reported that volumes of electronic transactions increased from 900 000 per month to 16 million per month. An increase of 1600 percent in the first 6 months of the year. This has been attributed to the shortage of cash in the economy.  Most of the transactions are occurring on ZIPIT, which is now struggling with the volumes.

ZimSwitch chief executive officer, Cyril Nyatsanza, said:

Around April last year we were doing 900 000 transactions per month and we are now doing 16 million per month. But as you can see, our volumes have gone up so it has been a very steep trajectory for us as a sevice provider.

Because of its real time aspect, industry and everyone else have started using it for business payments and we are saying it wqas not meant for business payments. Because of that, it lacks some details that a business or trade transaction would require and because of that we have had to upgrade to what we call ZIPIT 2.

More: Financial Gazette

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