Globally the banking industry is changing every day due to technology. Payments nowadays are done through mobile phones and computers, as a way to reduce movements of large sums of hard cash. Zimbabwe also is moving with the times joining the band of electronic banking, mobile banking and other forms of technological banking.
Given a sustainable economy, Zimbabwe can follow suit the developed nations that are using these types of payment systems. Though this is vital around the globe, Zimbabwe still has a huge gap that needs to be covered. The electricity cut-offs are a major problem because for these forms of payments to be processed the internet should be up and running. The systems within banks should always be online. In Zimbabwe, it is now compulsory that you should have an Ecocash account.
The shortage of cash within banks has forced millions to transact day to day transactions through mobile phones or on computers. A recent survey has proved that the Ecocash usage has grown hugely because of the shortage of adequate cash within the banking system. Many banks have signed deals with mobile network providers (MNO) to ease the pressure of cash shortages. Instead of banks enjoying huge profits they are now sharing another piece of the cake with these mobile network providers.
The government should address the issue of cash shortage also around the nation. ZESA, on the other hand, should always be providing adequate electricity to support the internet, so that this will ease the flow of mobile and internet transactions. Banks should also prioritize investing in technology, for us to be par with the developed nations.
The Zimbabwean banks should also boost the confidence of consumers towards them since the banking services have declined within the few previous years.
Banks should have reliable mobile and internet banking platforms to attract a huge number of users. With the pressures of cash shortages, the payments can be done electronically and reduce the long queues within banking halls and in retail shops.
