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Zim on Course to Become First Cashless Economy in SADC: RBZ

The Reserve Bank of Zimbabwe (RBZ) has revealed that Zimbabwe is set to become the first country in the Southern African Development Community (SADC) region to run a cashless economy.

Addressing stakeholders at the Ecobank Emerald Club launch in the capital today, RBZ Deputy Governor, Dr Jesimen Chipika said the cash challenges have propelled the country in the most positive and correct direction of plastic money.

“Yes you may want to have cash but the world over even in the United States they use plastic money, so our isolation for two decades had actually left us behind for too long.

“But now we are happy that the hardships of cash we have in the country have actually propelled us in the most positive and correct direction of plastic money.

“Now Zimbabwe is now assessed to bCase probably the first in the SADC region for running a cashless economy and that’s where the world is going so we were behind lets not look at it as a disadvantage that we don’t have cash,” added Chipika.

She added that they are partnering with mobile money operators in rolling out digital financial products.

“The Reserve Bank of Zimbabwe with our financial institutions, we are also partnering heavily with the mobile money operators in the roll out of digital financial products which are also key for financial inclusion,” she said.

Meanwhile Ecobank has launched a business club with the aim of widening opportunities for business people and Small and Medium Enterprises (SMEs) customers.



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