Zim Records A Meager 2.8% Mobile Money Growth.

The Reserve Bank of Zimbabwe (RBZ) Governor Dr Mangudya presented his Mid-Term Monetary Policy statement recently which is issued in terms of Section 46 of the Reserve Bank of Zimbabwe Act [Chapter 22:15], showing a slight growth in the mobile money ecosystem.

The current statistics show that the number of mobile money subscribers increased by only 2.8% a figure which is a slight switch though the market is now being driven by mobile money transfers. The mobile money market is predominantly occupied by three MNOs, Econet (Ecocash), Telecel (Telecash) and OneWallet a product of NetOne. The three have failed to make a meaningful impact in terms of growth and that has resulted in another player Nettcash, capitalizing the same market.

By Tongai Mwenje

However, a significant increase of 18.2% was noted in the number of agents, the last figure was 25 618 and now is on 30 274. The loss of debit cards and prepaid cards is also another area of concern regardless of Telecash and Ecocash introducing Gold Card and Debit Card respectively. The effect saw a 36.1% reduction from 3 613 781 to 2 309 402 and 10.8% from 28,881 to 25,763 respectively.

The introduction of the enhanced policy on international remittances through the Authorised Dealer with Limited Authority (ADLA) in April 2015 resulted in the registration of 30 Money Transfer Agencies. The new policy improved confidence in the use of formal channels to transfer remittances, resulting in the processing of more applications to provide remittance services.

Importantly, the ADLA framework encourages financial inclusion by embracing electronic money transfers into electronic depositories like the e-wallet and debit cards.

This development has helped to increase accessibility of remittances and banking, even to the rural areas. In this regard, the Reserve Bank is currently working on a centralised payment gateway system for the Money Transfer Agencies to facilitate formalisation of remittance inflows and effective accounting and monitoring of Diaspora remittance inflows.

For full detail download here RBZ-Mid-Term-Monetary-Policy-2015(1)

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