Zimbabwe: Paperless transactions reach $1.3 billion

Jun 01, 2015

This represents a year-on-year increase of $930 million.

Paperless transactions through mobile devices and the internet reached $1.3 billion (€1.2 billion) in the first quarter of the year, according to statistics from the Reserve Bank of Zimbabwe.

This represents a year-on-year increase of $930 million, as Zimbabwean increasingly adopt mobile banking.

"People now understand the convenience of mobile payments and internet transactions and the market is set to continue growing," economist Dr Gift Mugano told the Herald.

"It is quite exciting to see mobile service providers coming in with this new innovation which helped to kind of bank the unbanked which the traditional banks have failed to take care of," he added.

The volume of money transfers through mobile phones in Zimbabwe increased by 80 per cent in 2014.

The number of mobile phone owners also increased by 3.5 per cent over the last quarter. Mobile phone penetration is at the new record level of 90.3 per cent.

However, mobile network operators' revenues are down 18 per cent, as revealed by Potraz, the Postal and Telecommunications Regulatory Authority of Zimbabwe.