The growth of mobile banking in Zimbabwe

According to the Financial Gazette (Harare), mobile-based money transactions have increased substantially in Zimbabwe, from US$639 million in June to US$709.2 million during the month of July. Zimbabwe is experiencing liquidity shortages which have forced consumers to move from traditional cash transactions to electronic transactions. 

 

The central bank has promoted electronic and mobile-based transactions in order to stop an economic implosion. Banks have run out of US Dollar notes, and most companies are struggling to access cash. "Cash shortages have accelerated the use of electronic transactions", economic analyst Kingstone Kanyile said.

 

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