More people embrace mobile banking: BAZ

Mobile banking makes it possible to engage in banking activities without banking accounts.
The country’s three mobile phone service providers, NetOne, Econet and Telecel, are reaching out to Zimbabwe’s unbanked population, whom they say make a huge percentage of the population.
BAZ president Mr John Mushayavanhu told New Ziana that many people were now responding to the use of mobile banking.
“Many people are now reacting well to the use of mobile banking, including those from rural areas,” he said.
Mr Mushayavanhu said he expected everyone to use mobile banking this year.
“Everyone has the capacity of using mobile banking even those with small amounts of money,” he said.
He, however, said it was too early to determine the rate of mobile banking penetration.
“It is early to tell the rate of mobile banking dispersion although 70 percentage of the population are using cell phones.
“As time goes on we expect the number of mobile banking users to increase,” said Mr Mushayavanhu.
According to the Reserve Bank of Zimbabwe, during the period January to August last year, the financial sector recorded electronic transactions worth a cumulative $21 billion.
This represents a 62 percent increase from the $13 billion recorded during the same period in 2010.
Analysts assert that the launch of mobile banking services in Zimbabwe has charted a new era in delivery of banking products to the public.
According to BAZ, the introduction of mobile banking services will enable banks to attract the $2,5 billion circulating outside the banking system. – New Ziana.