Mobile Money Rules The Roost In Zimbabwe As Cash Goes Scarce

Image Credit: The Chronicle

The number of active mobile money subscriptions increased by 3.4% to reach 3,352,476 from 3,251,784 active subscriptions recorded in the previous quarter as financial shortage continues in the country Postal and Telecommunications Regulatory Authority of Zimbabwe (POTRAZ) second-quarter abridged postal and telecommunications sector performance report has revealed.

Th telecommunications report shows that all the mobile operators experienced an increase in active mobile money subscriptions with the highest increase registered on One Wallet (30.1%) followed by Telecel’s Telecash (5%) and lastly Econet’s Ecocash (3.3%).

“Mobile money has become a popular and convenient method of paying for goods and services amidst cash shortages. The introduction of bank to mobile wallet transfers has also contributed to the growth in mobile money transactions,” states the POTRAZ report.

“Mobile money services registered the highest increase in contribution to total revenue by 2.9% to record 13.1% from 10.2% recorded in the previous quarter.”

POTRAZ also revealed that three mobile operators generated a total of $185.6million in the second quarter representing a 3.2% increase from $179.8 million recorded in the previous quarter of 2017.

“Total operating costs declined by 3.3% to $131.5million from $135.8million recorded in the previous quarter,” the report reads.

“Investment by the mobile operators increased by 382.6% to record $50,489,313 compared to $10,461,052 in the previous quarter.”

Total voice traffic increased by 6.3% to record 1,055,844,283 minutes from 993,582,256 minutes recorded in the previous quarter while Mobile Internet data usage went up by 15.8% to record 3,112,416GB from 2,688,410GB recorded in the previous quarter.

Zimbabwe’s mobile three mobile companies have been going well despite challenges in the economy.

The country recently added a ministry of Cybersecurity headed by the shuffled former Minister of Finance Patrick Chinamasa.

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