adminthe banking sector by the transacting public.
According to the Reserve Bank of Zimbabwe Governor Dr Gideon Gono, during the period January to August this year, the financial sector recorded electronic transactions worth a cumulative US$21 billion.
This represents a 62 percent increase from the US$13 billion recorded during the same period last year.
“Without doubt this upward trend should continue, as our banks together with their strategic technological partners, continue to unveil innovative financial products and services such as EcoCash,” he said during the launch of ecocash recently.
Several financial institutions in Zimbabwe have launched a variety of mobile money brands to supply the consumer cash market with what is considered as smart money transfer technology via the mobile phone.
Dr Gono also said the central bank would continue to provide a supportive and enabling environment through which electronic banking platform would thrive.
“The continued growth of ICT infrastructure locally is commendable, given that global trends have shown how such a progress has a positive impact on the performance of a country’s economy,” he said.
Through the mobile banking scheme, money can be transferred from one part of Zimbabwe to any other in seconds, making it easy for urbanities, to send money to their villages and reduce queuing at banks for hours to pay bills or school fees.
Other African countries that have developed mobile-based payment initiatives include M-Pesa in Kenya, which was launched in 2007, and G-Cash in Philippines.
“From where we stand as Central bank, we are encouraged that Zimbabwe is now geared than ever before, to capitalise on ICT developments for the benefit of its own people and the economy at large,” he said
It is projected that by 2015, the value of mobile money transfer will reach 8 percent of Africa’s GDP. Mobile money services are set to transform the way we send and receive money with projected statistics showing that mobile phones outnumber Automated Teller Machines by 2 000 to 1.
Econet wireless is one of the telecommunications giants that have jostled for a portion of the market share of the mobile money craze, whilst Central Africa Building Society was not to be outdone as they have entered the race by introducing “texta cash” brand.
Several other financial institutions such as ZB Bank (E-wallet), Tetrad bank (E-Mali), Kingdom bank (cell-Card) have launched similar initiatives.
Online Reporter