RBZ orders full ZiG cash roll-out via ATMs

STAFF WRITER

The Reserve Bank of Zimbabwe (RBZ) has instructed all banks to complete the roll-out of Zimbabwe Gold (ZiG) cash through automated teller machines (ATMs) by 30 September 2025, as demand for the local currency surges.

In the 2025 Mid-Term Monetary Policy Statement released last Thursday, RBZ Governor Dr. John Mushayavanhu reported a sharp rise in ZiG usage, with electronic transactions climbing from 26% in April 2024 to over 40% by June 2025 — an increase of 14 percentage points.

“The improved macroeconomic stability has seen increased usage of ZiG as reflected by the rise in the proportion of electronic ZiG in the National Payments System from 26% in April 2024 to over 40% in June 2025,” Dr. Mushayavanhu said.

He noted that uptake has been steady despite early volatility, prompting the RBZ to intensify efforts to make ZiG available in both digital and physical form.

“The increase in the usage of ZiG has also been accompanied by an increase in the demand for ZiG cash. The Reserve Bank has been ensuring issuance of ZiG in line with optimal requirements in the market… banking institutions [must] ensure that at least three percent of their ZiG deposits… are held and available for distribution as cash.”

The central bank’s latest directive requires that all banks not yet dispensing ZiG via ATMs must do so by September, with branches also expected to ensure adequate cash availability in banking halls.

Currently, banks are holding over ZiG200 million in vaults awaiting distribution.

Alongside improving access, the RBZ is working to modernise ZiG banknotes.

“The re-design and production process of the improved ZiG banknotes is progressing very well and is at an advanced stage. The public will be advised of the expected roll-out at the appropriate time,” Dr. Mushayavanhu said.

During recent policy consultations, stakeholders urged the RBZ to strengthen measures for promoting ZiG acceptance and called for clarity on the country’s de-dollarisation roadmap — especially regarding foreign currency deposits and contracts after the 2030 expiry of the multi-currency system.

“The roadmap will undoubtedly encapsulate the need to maintain the current stability, preserve the foreign currency accounts and the existing USD denominated contracts… ensuring business continuity and certainty,” Dr. Mushayavanhu assured.