Addressing the Zimswitch Payments Conference in Victoria Falls, Reserve Bank of Zimbabwe director of financial markets Dr Josephat Mutepfa said the challenge was no longer the availability of digital solutions. “Our challenge is no longer the availability of digital solutions, but ensuring they are trusted, affordable, reliable, accessible and widely accepted,” Dr Mutepfa said.
Business Reporter
Zimbabwe’s digital payments ecosystem recorded 511.1 million transactions valued at ZiG1.37 trillion in the first half of 2026, but the Reserve Bank of Zimbabwe has warned that adoption is failing to keep pace across all segments of the economy, as new research reveals cash remains stubbornly dominant.
Addressing the Zimswitch Payments Conference in Victoria Falls, Reserve Bank of Zimbabwe director of financial markets Dr Josephat Mutepfa said the challenge was no longer the availability of digital solutions.
“Our challenge is no longer the availability of digital solutions, but ensuring they are trusted, affordable, reliable, accessible and widely accepted,” Dr Mutepfa said.
He identified key barriers including network reliability, digital literacy, cybersecurity awareness and merchant acceptance, particularly among small businesses in the informal sector where cash remains dominant.
Dr Mutepfa reaffirmed the central bank’s commitment to promoting a safe, efficient and interoperable payment ecosystem in line with the National Development Strategy 2.
“Building trust in the digital economy requires us all to play our part,” he said. “As we scale digital payment systems, we must ensure that no Zimbabwean is left behind, regardless of location or socio-economic status.”
He also highlighted Zimbabwe’s growing regional influence, noting the country’s involvement in the Pan-African Payment and Settlement System.
Separate survey findings presented at the conference by Topline Research Solutions revealed that while e-commerce adoption had leaped from 17 percent to 50 percent, cash remained entrenched across key sectors.
Topline chief executive Mr Partson Gasura said confidence in digital platforms was high at 72 percent, but significant barriers to adoption remained.
“Cash remains very stubborn across all sectors,” Mr Gasura said. “When you look at things like transport, 95 percent of people use cash. Domestic workers — we all think we must give them cash. That’s an area of intervention.”
The survey found that mobile money was leading digital platforms at 52 percent adoption, with 90 percent of individual customers holding more than one mobile money account. However, the research revealed a stark disconnect between account ownership and usage.
“We have hundreds of thousands of cards in the market, but only 20 000 cards are being used,” Mr Gasura said.
While 94 percent of respondents knew they should not share passwords, only 26 percent avoided using digital platforms in public spaces — a contradiction the researcher said required attention.
The study also found that 56 percent of respondents considered digital systems complicated, with people with disabilities particularly affected by infrastructure that was not accommodating.
On fraud, 15 percent reported experiencing incidents, though Mr Gasura cautioned that consumers often defined fraud broadly.
“If you buy a red dress online and they deliver a blue dress, they call it fraud,” he said. “Failure to meet expectations in this market is called fraud.”
Mr Gasura identified system reliability as the top priority, urging the industry to ensure “flawless” performance.
Other priority areas included strengthening mobile money cash-out infrastructure, improving accessibility, expanding merchant acceptance and establishing a formal dispute resolution mechanism.
“We are simply listening to the customer,” Mr Gasura said. “Based on this, what do you need to respond to?”
The research produced 10 priority recommendations for the industry, which Mr Gasura described as “the Ten Commandments”.
“System reliability is where you really have to come to the party,” he said.
The survey also found that 31 percent of respondents were open to using artificial intelligence in the future, signalling potential for further innovation.
Earlier, Zimswitch chief executive Mr Zabron Chilakalaka called on the industry to move beyond innovation to delivering tangible impact.
“As an industry, we are being called to do more than innovate. We are being challenged to deliver impact,” he said.
Mr Chilakalaka warned that emerging technologies empowering innovation were also enabling sophisticated cyber threats.
“Innovation must always be met by equally strong commitment to security and trust,” he said.
The conference, running under the theme “Scaling with Purpose, Delivering Impact,” has brought together more than 150 delegates from seven countries and concludes today.-herald
