Mobile banking an innovation for Zimbabwe, the Standard claims
Mobile banking is an "innovation" that has now found its way to Zimbabwe, the Standard has claimed.According to the newspaper, mobile communication providers are increasingly looking to extend their reach and provide access to finance for those living in unbanked areas of the country.
Net One, Econet and Telecel all claim to have diversified in an attempt to offer an improved service to individuals in rural locations.
While Telecel has teamed up with ZimSwitch to introduce mobile banking services across its network, Econet has launched a mobile money transfer system called EcoCash.
"EcoCash is extremely convenient and a well thought out initiative," Harare resident Lizwe Chitanganya stated. "People hate the inconvenience of banks so it might be a success story."
Earlier this month, Mobile Money Africa reported that the use of mobile phones now stands at 66 per cent of Zimbabwe's population, behind Botswana with a penetration rate of 125 per cent and South Africa with 105 per cent.