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NetOne has signed up a total of six banks in its quest to advance national financial inclusion and improve the ease of doing business, as its mobile money unit continues to strengthen its position in Zimbabwe’s digital financial services sector.
OneMoney is currently partnered with six banks ; AFC Commercial Bank, POSB, NBS Bank, BancABC, FBC Bank and Crown Bank through seamless Bank to Wallet and Wallet to Bank integrations. The partnerships are expected to expand access to financial services, particularly in underserved communities, while creating new economic opportunities through an extensive distribution network.
The mobile money platform’s reach is being enhanced by the physical presence of its banking partners. POSB operates 45 branches across the country, while AFC Commercial Bank has 34 branches, many of them strategically located in growth points and rural agricultural centres. Combined, the two institutions provide 79 branch locations that support OneMoney’s digital financial services ecosystem.
In addition, NBS Bank and POSB offer branch-based account linking services, allowing customers without smartphones or internet access to connect to the platform and access digital financial services.
OneMoney has also deployed hundreds of Point of Sale (POS) machines at retail outlets and service providers nationwide, enabling customers to make payments directly from their mobile wallets. The service is further supported by NetOne shops located across the country, where customers can access cash deposits, school fee payments and selected banking services.
The expanded distribution network has significantly increased access to financial services. Customers in urban centres can transact through POS machines at retail outlets, while those in rural communities can access services through nearby bank branches, NetOne shops and authorised agents.
The growth of the network has also created employment opportunities through agency banking. Agents earn commissions from cash in and cash out transactions, bill payments and money transfers. With agent interoperability now in place, POSB and AFC agents can provide OneMoney services, while OneMoney agents can facilitate selected POSB and AFC transactions, expanding the number of service points available to customers.
Speaking on the development, OneMoney Head of Sales and Marketing, Tracy Madziwa, said the initiative was helping to drive both financial inclusion and job creation.
“This initiative is not just about transactions; it is about empowering communities. Every branch we connect and every agent we onboard creates opportunities for local economic participation while bringing financial services closer to the people,” she said.
NetOne Financial Services General Manager and Acting Chief Commercial Officer, Joseph Machiva, said the integration of banking services with mobile money was helping remove barriers that have traditionally limited access to formal financial services.
“Our mission is financial inclusion for all. By combining the credibility of banks with the agility of mobile money, supported by an extensive branch and agent network, we are making financial services more accessible while creating employment opportunities across the country,” he said.
The platform enables customers to move funds instantly between bank accounts and OneMoney wallets. Users can transfer money from participating banks into their wallets and send funds to recipients who can withdraw cash through bank branches, NetOne shops or authorised agents.
According to NetOne Financial Services Head of Operations, Edmore Makanha, the integration has reduced the need for customers to travel long distances or spend time queuing at banking halls.
“Customers can now fund wallets from home and access cash or banking services at locations close to where they live and work. This convenience supports greater participation in economic activities for families, farmers and small businesses,” he said.
To support the growing network, OneMoney has also introduced a float rebalancing framework with POSB and AFC Commercial Bank acting as Super Agents, ensuring adequate liquidity across service points.
The company said it plans to onboard additional banking partners and expand its agent network as it seeks to deepen financial inclusion and broaden access to digital financial services across Zimbabwe.
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