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Charity Ruzvidzo Business Reporter
THE perception that banks and mobile network operators have conflicts is misguided as these two complement each other, an official has said. Of late, there have been reports that banks and mobile money operators were in fallout following the introduction of mobile money transfer service such as EcoCash, which have created competition on the market.
Addressing delegates during a Mobile Market and Telecoms forum in Bulawayo last week, senior executive of National Payment Systems at the Reserve Bank of Zimbabwe Josephat Mutepfa said mobile money operators could not operate in isolation of banks.
“For mobile money operators to make their transactions they open an account with a bank, which is called a “trustee”. This trustee facilitates payment systems such as cash in and cash out.
“There have been huge speculations especially in the media that banks and mobile money operators are at loggerheads but in actual fact they work together,” he said.
Mutepfa said the Reserve Bank was regulating mobile money operators towards creating financial inclusion and a cash lite society.
“Zimbabwe is slowly moving towards a medium modern community, mobile money operators are being regulated to enable the goal of creating a cash lite society. Indeed a total cashless society is not achievable but we want to encourage cashless transactions especially on retail payments towards economic development,” he said.
He said mobile money operators had revived a saving culture which was long lost over the years.
“People had lost the culture of saving, largely due to the fact that they could not afford to open savings accounts with the banks but mobile money operators have enabled the underprivileged to create savings accounts,” he said.
Speaking at the same occasion, Telecel Zimbabwe regional manager Nelson Chipangamate said mobile money operators have a huge socio-economic impact.
“Less developed countries have been presented with the opportunity to access micro credit, micro health, micro insurance, purchasing through the mobile phone and money transfers,” he said.
Consumer Council of Zimbabwe regional manager Comfort Muchekeza urged mobile network operators to protect subscribers against misleading advertisements and promotions.
“Mobile money operators should protect their customers especially against misleading advertisements and promotions. It is their responsibility to protect them rather than cause harm,” he said.
The two-day conference which was organised by Innotec (Pvt) Ltd ended on Friday.
Online Reporter