Zimbabwe needs to embrace electronic payments so as to limit the use of cash in the economy, says the country’s central bank governor Gideon Gono.
The country’s hyperinflation in the 2000s resulted in the Zimbabwean dollar becoming almost worthless. Even buying a loaf of bread with the currency in the country has required wads of cash.
The country, though, has largely adopted the use of US dollars and South African Rands in the last two years to make paying for goods and services in cash easier.
However, Gono says greater adoption of electronic payments in the country could further make buying easier in the economically embattled African nation.
“All the key sectors of the economy are encouraged to embrace electronic payment mechanisms so as to limit the use of cash which is inefficient, risky and costly to the country," Gono said.
He said the central bank will continue to collaborate with various stakeholders to promote the use of other forms of payment.
“While we acknowledge the efforts made so far in the adoption of card payment streams, mobile and internet banking by the financial sector players and relevant stakeholders, there is still scope to increase the momentum," Gono said.
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