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Browsing: adoption of digital payments in Zimbabwe
- Zimbabwe’s economic history has been turbulent with hyperinflation, currency devaluation, and a shortage of the Zimbabwean dollar.
- To cope with these challenges, Zimbabweans embraced digital payments.
- In H1 2023, digital payment values rose by 40%, with transaction volumes seeing a slight 4% decline.
- Mobile money services such as EcoCash, OneMoney, Innbucks, O’mari, and Telecash are now crucial for transactions in Zimbabwe.
For years, Zimbabwe has grappled with a severe shortage of physical currency. The nation’s economic turmoil commenced with hyperinflation, forcing the abandonment of its own currency in 2009. Instead, a mix of foreign currencies, primarily the US dollar, came in helping to steady the economy.
However, by 2015, the US dollar began vanishing from formal banks, resulting in a significant scarcity. Consequently, individuals and businesses started hoarding US dollars. The USD was considered a safe investment rather than a means of exchange.
Introduction of Bond Notes in Zimbabwe
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