Zimbabwe is targeting 100 000 point of sale (POS) machines in the future to promote plastic money usage and electronic transactions.
Statistics compiled by the central bank indicate as at end of 2016 32,540 POS and 40,950 agents were deployed across the country with projections of at least 100 000 machines and 90 000 to be installed.
Confederation of Zimbabwe Retailers president Denford Mutashu says the increase in POS machines is in line with the country’s financial inclusion plans.
“This is coming at the right time, we really anticipate more to be done in that aspect,” said Mutashu.
Economist Donald Gwisai says the transacting public should therefore embrace the use of electronic payment methods to reduce the reliance of physical cash as a mode of payment.
“We can really anticipate more to unlock key basic facets of development,” Gwisai said.
Zimbabwe processed point of sale transactions worth US$2.9 billion in 2016 with volumes increasing by 260 percent during the same period.
Point of sale transactions are all payments made at swipe machines using plastic money in the form of debit and credit cards.