RBZ Scraps Charges For Electronic Transactions Under US$10

The Reserve Bank of Zimbabwe (RBZ) has scrapped charges for electronic cash transactions under US$10 or the equivalent in Zimbabwe Gold (ZiG) to promote digital transactions across the country.

In his 2024 Mid-Term Monetary Policy Statement on Friday, 30 August, RBZ Governor John Mushayavanhu announced that this measure will take effect on 01 September 2024. He said:

To further promote the use of electronic means of payment, the Reserve Bank is, with effect from September 1, 2024, exempting electronic transactions of less than US$10 or the ZiG equivalent from bank charges.

This measure will remove the cost of using electronic means of payments by making such transactions a near-cash characteristic, consistent with the Reserve Bank’s drive towards digital cash.

This decision comes amid a cash crisis in the country, stemming from a shortage of ZiG coins and notes since the new currency was introduced in April this year.

Mushayavanhu said the central bank intends to increase the circulation of lower ZiG denominations to alleviate the situation. He said:

To ensure increased circulation of ZiG in the economy the following measures will be undertaken: to increase the injection of cash in line with demand while preserving the ongoing initiatives to entrench the country’s cash-lite economy; to continue to inject more small ZiG denominations into the economy to ease the problem of change and eliminate the rounding up of prices by businesses.

Mushayavanhu also said the central bank is committed to enhancing the distribution and circulation of ZiG by expanding Homelink outlets in rural areas.

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