Zimswitch Volumes In A Staggering 60% Dip Due To The Lockdown
Zimswicth has announced that its volumes have dropped by a whopping 60% due to the lockdown imposed by the government, Business Times reports.
This was confirmed by Zimswitch which said:
Since lockdown daily volumes have gone down by at least 60%.
However, Zimswitch has recorded an increase in volumes since the turn of the new year and they have attributed the increase to the persistent cash shortages. Transactions reportedly hit $5.5 billion between January and March 2020. Zimswitch commenting about the increase in transaction volumes said:
The increase in the value of transactions probably owes to the continued cash availability challenges during that period and people opted to use digital platforms. The picture has however changed owing to the introduction of the IMTT tax.
More: Business Times