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Zimbabwe mobile money cash-in services surge

Zimbabwe regulator Postal and Telecommunications Regulatory Authority of Zimbabwe (Potraz) stated mobile money cash-in services doubled sequentially to $2.4 billion in Q2, as use of the services in the country continued to rise.

Active mobile money accounts grew from a then record 6.7 million in Q1 to more than 7 million, with cash-out transactions up 63 per cent to $1.3 billion. Meanwhile, mobile money transactions grew 21.8 per cent to $477.8 million

All mobile money providers except Telecash experienced growth in active subscriptions. EcoCash, the country’s largest provider, ended Q2 with 6.64 million active users, delivering a marginal 0.8 per cent rise in its market share to 95.4 per cent.

Second is OneMoney from NetOne, which increased its share from 3.8 per cent to 4.7 per cent, serving 335,000 customers, while Telecash maintained its 0.8 per cent share, with 54,000 users.

Portraz placed mobile subscriptions at 12.35 million at end Q2: the World Health Organisation stated the population stood at 16 million by that point.

The Reserve bank of Zimbabwe banned buying and selling cash last week, but switfly reversed the decision due to a backlash.

Source: Mobile Work Live

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