Zimbabwe’s best way of transacting: Mobile Money

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Mobile Money
Image: ZimbabweInvestor

The Rise of Mobile penetration has also influenced the growth of mobile money in the country. Subscribers find transacting through their mobile phones easily and convenient. Since 2013 the sector has been growing due to the cash crisis prevailing in the country.

Mobile money has also become a safe way to keep your money even if you lose your mobile phone your account will remain as solid as it was before. Subscribers should always have to take note that they shouldn’t give strangers their Personal Identity Number (PIN).

An increase in active mobile money subscriptions was recorded to 42.5% to reach 4,706,778 in 2017 from 3,303,188 recorded in 2016. The increase was made due to Mobile Network Operators who are improving their services and coverage in the country.

As of 31st December 2017, Base stations in the country recorded, 2G had 4,804, 3G closed the year with 2,643 and LTE softened at 931. This increase was mostly influenced by mobile networks which added more base stations, especially in the rural areas. Telecel had to upgrade to grab a 1% market share on LTE nodes whereas Netone and Econet had 31% and 68% respectively.

Netone was the top gainer with a growth of 542.9% to reach 52,940 from 8,234 Active mobile money subscribers, followed by Telecel with 60.3% growth with 79,429 from 49,549. Econet less performed with a growth of 41.1% although the company have the biggest client base of 4,574,409 from 3,245,405.

“97.6% of mobile money transactions were made on the Ecocash platform whereas Telecash and OneMoney had 1.6% and 0.8% respectively.” Noted Potraz.

Mobile Money Agents, both rural and urban areas increased to 27,284 in the year under review (2017). The increase in Mobile Money Agents was mainly caused by agents charging extra fees for cash-out transactions this also came to as a source of living for other people.

According to Potraz, 97.6% of mobile money transactions that is Airtime, Bill and Merchant Payments were made on the Ecocash platform whereas Telecash and OneMoney had 1.6% and 0.8% respectively. The Mobile Money Transactions (MMT) totalled to $1,623,469,563.

In the 3rd quarter of 2017 report by National Payment System (NPS) it showed that Mobile money had the biggest transactions in volumes with amounted to 215,237,008. The PAYMENT STREAM of Mobile Money in values came second with $5,537,075,471.55, with a growth of 96% from the Q1-2017,  from RTGS which had $16,161,604,631.40.

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