Zimbabwe: Mobile Money Continues to Gain Traction

Jul 12, 2019 | The Herald; All Africa

Zimbabwe continues to record a steady increase in mobile money usage, with latest official statistics showing that mobile money use grew by 5 percent in the first quarter of this year.

Mobile money is particularly important in countries such as Zimbabwe where the authorities are trying to drive financial inclusion to previously marginalised communities as most of the available mobile wallets now have the capacity to allow for transfer of funds, bill payments, savings and even borrowing.

According to the Postal Telecommunications Regulatory Authority of Zimbabwe's (Potraz) first quarter 2019 report, mobile money subscriptions across the country's three mobile telecommunications providers -- NetOne, Econet Wireless Zimbabwe and Telecel Zimbabwe -- was positive with an overall increase of 5,2 percent from the last quarter of 2018.

As at the end of the latest quarter under review, Zimbabwe had 6,67 million mobile money subscribers up from 6,35 million subscribers in the previous quarter.

The numbers show that during the period under review, NetOne's mobile wallet -- One Money -- recorded the biggest gain of 29,2 percent to 312 223 subscribers from 241 566 subscribers in the fourth quarter of last year.

Despite recording a 4,2 percent jump in subscribers, Econet Wireless' Ecocash remains the flag bearer among the telcos with 6,31 million mobile money subscribers in the period under review from 6 million subscribers in the previous quarter.

Ecocash currently processes around 99,4 percent of all mobile money transactions... Read more on All Africa 

Source: All Africa