Following the introduction of the Zimbabwe Gold (ZiG) currency on April 5, the Reserve Bank of Zimbabwe anticipates the restoration of online payment services after April 12.
This follows significant progress by banks and payment providers in transitioning customer balances to ZiG.
In a recent statement, the Reserve Bank expressed confidence that all online payment platforms would be fully operational by April 12, facilitating seamless transactions for users.
The delay in online transactions stemmed from the inability of existing platforms to transact in ZiG immediately after its introduction, necessitating system recalibration. Consequently, consumers faced difficulties in making online payments during this interim period.
Some citizens voiced concerns over the lack of coordination surrounding the introduction of ZiG, highlighting the inconvenience caused by the gap between balance conversion and the currency’s circulation commencement on April 30.
Zimbabwe has traditionally favored cash-based transactions in stable foreign currencies like the South African rand, Botswana pula, and US dollar. This preference arose from past experiences of sudden currency instability, leading to a reluctance to trust local banking systems.
Despite this, the country has witnessed a gradual shift towards online payment solutions in recent years. Notable examples include Innbucks, facilitating change provision at restaurants, Ecocash, a popular digital wallet, and O’Mari, a versatile superapp encompassing mobile money, insurtech, and investech products.
