Originally published by The Conversation – Articles (AFRICA) — Read the original article →
Zimbabwe’s central bank wants people to use the ZiG, a gold-backed local currency launched in April 2024, alongside the US dollar. A proposed real-time payment system based on Indian technology could help make the ZiG easier and cheaper to use.
But digital payments will strengthen the currency only if people have good reasons to trust it.
The Reserve Bank of Zimbabwe is negotiating with NPCI International Payments, the overseas arm of the body that runs the instant-payment system behind most digital payments in India. The proposed system is intended to lower payment costs, speed up transfers between bank and mobile-money accounts, and let people pay for small purchases directly from their accounts instead of using cards. Cross-border payments and remittance links could follow.