Mobile Money Volumes Dominate National Payment Systems - RBZ
The Reserve Bank of Zimbabwe (RBZ) has released statistics which show that mobile money volumes dominated the country’s National Payment Systems since 27 March.
The trend is expected to continue as the national lockdown is preventing the use of other methods of payment including the use of cash.
Below is a presentation depicting how various payment systems faired during the period under review.
- Mobile money transactions accounted for 83,42 percent
- Point of Sale (POS ) accounted for 15,62 percent
- Automated Teller Machine (ATM) accounted for 0,26 percent
- RTGS dollars (cash) accounted for 0,69 percent
- Cheques accounted for 0,01 percent.
Although Zimbabwe’s mobile money platform is dominated by three players, Econet, NetOne and Telecel, Econet’s EcoCash platform currently dominates that market.
The rise in the use of mobile money for transactions may be a boost to the country’s financial inclusion drive since it allows even people from the remotest parts of the country to transact.
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