Zimbabwe mobile transactions process US$11bn

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HARARE – Zimbabwe continues to witness a growth in mobile financial services with the latest figures from the Reserve Bank of Zimbabwe (RBZ) showing that transactions worth US$11 billion were processed during the nine months to 30 September 2017.

During the period January to September 2017, a total of 485 million transactions worth US$11 billion were processed on mobile platforms in the country according to figures from the central bank.

The statistics show that the value of mobile transactions surged by 62 percent compared to the same period in 2016.

In view of the growth in financial technology products, RBZ Deputy Governor Dr Jesimen Chipika said the apex bank will continue to promote efficiency, effectiveness and stability of the electronic payment systems.

According to the Postal and Telecommunications Regulatory Authority of Zimbabwe second quarter report, mobile money has become a popular and convenient method of paying for goods and services in the face of the current cash shortages.

In 2016, mobile money payments accounted for 81.2 percent of all electronic payment transactions.

While mobile transactions have been embraced as an alternative payment option, concerns continue to be raised over the high electronic transaction charges.