Story by Stanley James, Business Reporter
ZIMBABWE’s push toward a digital economy under the National Development Strategy 2 (NDS2) is gaining momentum, with the number of Point-of-Sale (POS) machines in the country surpassing 160 000 as industry and commerce increasingly adopt electronic payment systems.
According to the Reserve Bank of Zimbabwe, the availability of POS machines has grown significantly in recent years, rising from about 40 000 in 2021 to more than 160 000 as of December last year.
The expansion reflects a broader shift toward modern banking platforms as Zimbabwe aligns with global trends that prioritise efficiency, transparency, and convenience in financial transactions.
Zimswitch, the country’s national payments switch and regulator of POS infrastructure, says demand for the devices continues to grow as businesses integrate digital payment solutions.
“We are witnessing phenomenal trends in the use of digital payments which is an indication that industry and commerce are embracing these modern terms of transactions. We also would want to applaud regulatory authorities in slashing bank charges on transactions in a move that will further promote the use of these financial transactions,” said Zimswitch Head of Marketing and Customer Experience Sharon Marira.
Financial sector leaders say the increasing rollout of POS machines will help Zimbabwe’s banking sector remain competitive in a global economy that increasingly relies on electronic payments.
Chairperson of CBZ Holdings Limited, Luxon Zembe, said banks must continue adapting to technological changes in the financial sector.
“As the banking sector we all need to adapt to such trends as we are not operating in a vacuum, the global economy now requires such modern methods of transactions for example you can see that over 40 percent of the transactions are now within the electronic payment systems mainly our domestic structured currency, the Zimbabwe Gold and indication that the nation is embracing these electronic payment systems,” he said.
The rapid uptake of POS machines comes as the central bank continues to emphasise that Zimbabwe’s financial sector remains stable and secure, reinforcing confidence in electronic payment platforms.
