Zimbabweans can expect a resumption of online payments starting April 12, as banks and payment service providers make significant strides in transitioning customer balances to the new national currency, the Zimbabwe Gold (ZiG). The Reserve Bank of Zimbabwe has announced that it anticipates all online payment platforms to operate smoothly for all transactions post-April 12, following satisfactory progress reported by banks and payment providers.
The introduction of the ZiG on April 5 initially disrupted online payment platforms in the country, rendering transactions with the previous currency, the Zimbabwean dollar, impossible. This resulted in consumers facing difficulties in making online payments, as banks and payment providers needed time to recalibrate their systems to accommodate the new currency.
Some Zimbabweans have voiced concerns over the lack of clarity surrounding the introduction of the new currency. A consumer, speaking on condition of anonymity, expressed frustration over the inability to use the ZiG for online payments until its circulation begins on April 30, raising questions about managing transactions in the interim.
Historically, Zimbabweans have favored cash-based transactions in more stable foreign currencies such as the South African rand, Botswana pula, and US dollar, out of fear of sudden government-mandated conversions of bank account balances into unstable currencies. However, the emergence of various online payment solutions in recent years has gradually led to increased adoption of digital transactions in the country.
Notable among these technologies are Innbucks, facilitating the receipt of change at restaurants; Ecocash, offering digital wallet services; and O’Mari, a comprehensive super app encompassing mobile money, insurance technology, and investment technology products. These platforms have contributed to the slow but steady shift towards online payments in Zimbabwe’s evolving financial landscape.
