Official statistics show that 2.8 million card transactions amounting to US$304 million were executed between in Zimbabwe during this period. Of this amount, ATMs constituted 84 percent, while Point of Sale (POS) agencies represented 16 percent.
Experts contend that the growth in ATMs value of transactions can be attributed mainly to the sharing of infrastructure by all commercial banks, which has brought convenience to the transacting public.
But the POS numbers remain limited, thereby constraining the widespread use of cards.
In this regard, the Reserve Bank of Zimbabwe has called upon banks and other relevant stakeholders to deliberately invest in POS infrastructure so as to promote the use of cards as an electronic payment mechanism.
"Consistent with these developments, the central bank approved the establishment of mobile phone banking initiatives.
"This is consistent with our goal to promote electronic payments and financial inclusion.
"We remain resolute in urging the financial services sector and other stakeholders in the market to explore ways of furthering the utilization of these communication tools as channels for retail payments on a large scale across banks, borders and networks," the central bank has said.
CABS (Zimbabwe's largest building society) launched a mobile banking service which will largely function to facilitate cash transactions for rural-based businesses across the country.
In terms of operational structures for the mobile banking system, the bank indicated that it would create at least 300 POS agencies across the maize-growing belt of Zimbabwe.
Meanwhile, during the same period, a cumulative total of mobile and internet transactions amounting to 457,513 and valued at US$193.13 million were processed. Of these internet transactions accounted for 99 percent, while mobile payments were 1 percent of the same amount.
Mobile phone penetration in Africa has escalated and Zimbabwe is no exception with a subscriber base estimated to be over five million, which has created an opportunity for banks and other industry players to leverage on developments in the information and communication technology sector.
According to the Postal and Telecommunications Regulatory Authority of Zimbabwe, the country's “teledensity” has improved to levels around 60 percent to date up from the 9 percent recorded in 2009.
However, local financial institutions are yet to take advantage of the increased mobile penetration rate to reduce cash transactions as evidenced by the low rate of mobile payments.