Zim mobile money exceeds USD 2billion in 5 months

The value of transactions processed through mobile platforms in Zimbabwe surpassed USD 2 billion in the first five months of the year, the Herald reported. A January-May report from the Reserve Bank of Zimbabwe shows that mobile-based transactions were valued at USD 2.35 billion,. The service has become important, taking into account the fact that the country now has a thriving SME and informal sector (shadow economy) which is estimated to hold around USD 7 billion.

Mobile money transfers have created a vast opportunity for employment, in addition to convenience in the payment system and improved trade facilitation, which is critical for economic development. The mobile payments market has also grown from traditional money transfer services and now includes various forms of payments including bill payments. During the last three-and-a-half years, Econet moved USD 11 billion through Ecocash.

Source:http://www.telecompaper.com