‘Swiping’ payments reach P120bn despite tight economy

The local economy contracted by three percent last year, with the diamond downturn squeezing government revenues and triggering structural liquidity in the financial sector, a situation that has seen banks increasing their lending rates.

However, according to latest data released by the Bank of Botswana, the value of Electronic Funds Transfer (EFT) at Point of Sale (POS) was on a steady increase from the beginning of 2024 with the first quarter seeing total transactions reaching P21.4 billion rising to P33.5 billion in the last quarter of the year.