Mobile Money platforms’ contribution to the total revenue in the telecommunication sector grew by 4, 9 percent to post an 18 percent increase, compared to 13,1 percent in the previous quarter.
According to the Potraz third quarter report, the rise was on the back of the prevailing cash crunch.
“Mobile money services registered the highest increase (4.9%) in contribution to total revenue to record 18% from the 13.1%contribution recorded in the previous quarter. This is attributable to the increase in mobile money transactions given the current cash shortages,” he said.
As alternative payment options are being developed by mobile telecommunication operators to cushion the cash shortages, mobile money subscriptions increased by 15 percent in the period under review.
“The total number of active mobile money subscriptions increased by 15% to reach 3,867,676 from 3,352,476 active subscriptions recorded in the previous quarter,” Potraz said.
Upon revamping its mobile money platform to One Money, NetOne went on a campaign engaging customers to join the wagon.
This contributed to the rise its One Money subscribers by 219, 6 percent from 13,137 in the second quarter to 51, 440 in the third quarter.