Mobile penetration has made great strides in curbing inaccessibility of information, mobile and internet banking in the rural areas thereby reducing financial inequality between urban and rural areas as well as between men and women.
Minister of Information Communication and Technology (ICT) Tatenda Mavetera said the increase in mobile phones has resulted in the country being able to bank more in the past decade.
” The technology of mobile phone has acted as a leveller in the income distribution spectrum reducing the gap between urban and rural populations”, she said.
According to the Reserve Bank of Zimbabwe (RBZ) uptake of banking products increased from 33 percent (men) and 27 percent (women) in 2014 to 50 percent (men) and 43 percent women while uptake of other non-bank formal financial products remained relatively stable.
Rural communities used to face challenges in accessing financial services but mobile money bridged the gap emancipating rural households to engage in formal financial activities.