BANKING experts believe Zimbabwe's continued reliance on cash, despite widespread mobile penetration and modern payment infrastructure, is hindering the country's ambition to become a predominantly digital economy.
This concern was raised by Mr Amon Chitsva, Chief Policy Research and Anti-Money Laundering Compliance Officer at the Reserve Bank of Zimbabwe, during the ongoing inaugural ZimSwitch Digital Connect Symposium in Nyanga.
His sentiments were echoed by Mr Irvine Masona, President of the Electronic Payment Association of Zimbabwe (Epaz), who provided a detailed assessment of the nation's digital payment landscape and the challenges slowing digital adoption.
Mr Masona noted that while countries such as China and the United Kingdom conduct over 90 percent of their daily transactions digitally, Zimbabwe remains heavily dependent on cash -- despite mobile penetration exceeding 100 percent.
A FinScope survey indicates that 70 percent of Zimbabweans still rely on cash for daily transactions.
"Our volumes are going in the wrong direction. Customers withdraw their salaries as cash, then transact outside the digital ecosystem, limiting the potential of digital platforms. Are we providing the same level of convenience that cash already offers? If someone deposits US$100 into their account, can they still transact the full amount, or do they lose value immediately? Unless we fix that, adoption will remain low," he said.
He highlighted convenience, cost and trust as key factors driving cash usage. Digital transactions often incur fees and can reduce the value of deposits, whereas cash offers immediate and predictable access.
Mr Masona compared Zimbabwe's adoption with global peers.
In China, contactless and mobile payments dominate daily life; in the UK, 93 percent of transactions are digital; and in South Africa, 91 percent of payments are digital -- prompting some retailers to phase out cash entirely.
"Globally, 70 percent of new value over the next decade will come from digitally enabled economies," he said, citing World Economic Forum research. If we fail to capture that, Zimbabwe risks falling behind."
He also urged banks and fintechs to design products tailored to Zimbabwean realities rather than replicating foreign models.
"The thriving digital economy must be built for our customers, not for someone else," Mr Masona said.
Mr Chitsva told the symposium that digitalisation is central to Zimbabwe's economic and financial stability.
The Reserve Bank has incorporated digital transformation into the National Development Strategy and is working with stakeholders, including ZimSwitch, to modernise the payments ecosystem.
"The digital economy is not only about adopting technology but about resilience, collaboration and innovation," Mr Chitsva said.
He identified several barriers to adoption: uneven access to technology, limited digital literacy, cybersecurity risks, weak data protection, and a persistent cultural preference for cash.
Transaction fees were also cited as a major disincentive.
"To unlock a bolder digital economy," he said, "it requires a shared vision, strategic alignment, and unwavering commitment from all stakeholders."
The central bank intends to provide appropriate regulation that encourages innovation while maintaining financial stability. Transaction fees, he noted, remain a significant deterrent for citizens.
Both speakers emphasised the need for co-operation between regulators, banks and fintechs.
Mr Masona stressed the importance of creating digital platforms that meet citizens' everyday needs, including transport payments, airtime, pensions and healthcare services.
"Unless we deliver real value and build trust, digital adoption will remain low," he said.
Mr Chitsva reiterated that achieving a bold digital economy requires a shared vision, strategic alignment, and unwavering commitment from all stakeholders.
The Reserve Bank plans to continue supporting infrastructure, interoperability and consumer protection.
The symposium highlighted both progress and challenges. Zimbabwe has the infrastructure, mobile reach and regulatory alignment to grow its digital economy. Yet cash dominance persists, and low adoption continues to limit the potential for financial inclusion and innovation.
Industry experts warn that without immediate action to address fees, trust and usability, Zimbabwe risks falling behind regional and global peers in the digital payments revolution.